NuLegacy Gold Corporation (TSXV: NUG | OTC: NULGF) has completed the first two reverse circulation (RC) drill holes of its five-hole fall 2023/winter 2024 drilling programme, with the sample chips shipped to the assay lab for prep and assaying.
The assay results for MR23-01 (drilled 11 to 21 November) are expected in mid-December, and results for IS23-02 (drilled 22 November 22 to 6 December) with the intervening Christmas break are expected in late January 2024.
Weather conditions in Nevada have made drilling conditions hazardous and more expensive. As a result, the company has agreed with the drilling contractor for an early Christmas break for equipment repairs and maintenance with a resumption in the New Year when the frost has gone deep enough to freeze the roads solid.
As reported 27 November, due to the trading price of the company’s shares having exceeded the C$0.025 offering price of the recent non-brokered unit private placement, the TSX Venture Exchange would not accept the company’s request for a further ‘extension’ to complete the balance of the offering. Market conditions permitting, NuLegacy intends to initiate a new offering of additional units in the New Year, priced in the context of the market at that time.
NuLegacy is a Canadian company focused on exploring for high-grade Carlin-style gold deposits on its premier district scale Red Hill property. Red Hill is on trend and adjacent to three of Nevada Gold Mines’ most profitable multi-million-ounce Carlin-type gold mines; the Pipeline, Cortez, and Goldrush mines with their +50Moz gold endowment.
These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold.
For further information, please visit: www.nulegacygold.com
To read more articles like this, please visit: www.theassay.com
