NuLegacy Suspends 2024 Exploration Program

~ Explores its options ~

RENO, Nev., Jan. 04, 2024 (GLOBE NEWSWIRE) -- NuLegacy Gold reports that it is suspending further exploration of its Red Hill Property. This suspension is due to the lack of any meaningful results in the second hole of the 2023 program combined with the failure to fully complete the Sept 2023 common share offering which was seeking C$ 2.5 million. NuLegacy will now explore various options for the Red Hill Property.

The second hole, IS23-02 (a vertical hole 2,000 feet deep) intercepted 365 feet, or 111 metres of Wenban Unit 5 in the main target zone below the CMZ-G fault (745-1110 ft). While there were numerous faults and a continuous breccia zone 100 feet thick, there was no strong Carlin-type alteration throughout or below the main target, thus no strong geochemical signature to guide further targeting. Based on significant being 10 feet or more of 0.1 g/t Au or higher, there were no significant intervals of gold in the hole.

NuLegacy Gold Corporation further reports that at its annual general meeting held on December 29, 2023, a total of 200.8 million common shares or approximately 32.41% of the Company’s issued and outstanding shares were represented. Shareholders voted in favor of all items of business before the meeting, including the appointment of DeVisser Gray LLP as the Company’s auditor and the election of the following directors for the ensuing year: Albert Matter, Alex Davidson, John Budreski and Roger Steininger.

The Company also announces a change in Corporate Secretary. Mr. Gregory Chu, who has acted as NuLegacy’s Corporate Secretary since its inception, has recently retired from law practice. The Company would like to thank him for his many years of exceptional service as NuLegacy’s legal counsel and Corporate Secretary. Mr. Xavier Wenzel, CPA, CA, NuLegacy’s Chief Financial Officer, will assume the position of Corporate Secretary.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the independent sample preparation facility, American Assay Labs in Sparks, NV, was continuously monitored. The samples were crushed, pulverized and sample pulps were analysed using industry standard fire assay methods. A blank or certified reference material was inserted approximately every 20^th sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.