NuLegacy Gold Corp (TSX-V:NUG) told investors it has completed the first two reverse circulation (RC) drill holes of its five-hole fall 2023/winter 2024 drilling program on its flagship Red Hill property in Nevada’s Cortez gold trend.
The company said in a statement that sample chips have been shipped to the assay lab for prep and assay, with results from the first hole, MR23-01, expected in mid-December and for the second hole, IS23-01, expected in late January 2024 due to the Christmas break.
Due to weather conditions that have made drilling conditions hazardous and more expensive, NuLegacy said it agreed to an early Christmas break with the drilling contractor for equipment repairs and maintenance, with a resumption in the New Year when the frost has gone deep enough to freeze the roads solid.
The company also noted its recent announcement that the TSX Venture Exchange declined to extend a private placement of its shares after its share price rose above the $0.025 offering price. Market conditions permitting, it said it intends to initiate a new offering of additional units in the New Year, priced in the context of the market at that time.
NuLegacy Gold is focused on exploring for high-grade Carlin-style gold deposits on its premier 108 square km district-scale Red Hill property.
Red Hill is on trend/adjacent to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and GoldrushII with their massive 50-plus million ounces gold endowment. These are three of the world’s 30 largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold.
Contact the author at stephen.gunnion@proactiveinvestors.com