Tidbits for NuLegacy Gold Corp. (NUGAlbert Matter's NuLegacy Gold Corp. (NUG) closed unchanged at two cents on 637,000 shares on word it is seeking $2-million to cover drilling at its Red Hill gold project along the Cortez trend in Nevada. The financing, to be completed this fall if all goes well, has NuLegacy offering stock -- or at least one assumes it will be stock as details of the financing are sparse. Mr. Matter, CEO, says the details will be "determined within the context of the market" -- promoterese for "whatever we need to do to get the cash." The cash, if obtained, would cover about $250,000 of general expenses, but the bulk of the raise would cover a proposed $1.75-million drill program on Red Hill. The plan calls for five reverse circulation holes to be completed to an average depth of about 600 metres, hopefully before the end of the year. The sites for the tests have already been selected, Mr. Matter cheers, by his "newly reconstituted geological exploration [and] discovery team."
That team, Mr. Matters blathered, includes Dr. Roger Steininger, a company co-founder, and Roger Weakly, a former regional geologist with Barrick Gold Corp. (ABX: $21.80). The third member of the team is "the famed Mr. William Mounts," upon whom Mr. Matters unabashedly lavished most of his praise. Mr. Mounts, he gushed, "has had the good fortune to be present at more major gold mine discoveries than any other member of the team, quite possibly more than all of them combined!" (While that promotional salvo pumps Mr. Mounts's tires full of hot air, it says little -- or arguably a lot -- about his two apparently far less successful teammates.)
But Mr. Matters was just warming up, as he ponders "possible outcomes" for the drilling planned for the Mid Rift, Southwest Rift and South Iceberg targets. A review by his new team has improved the company's confidence in the continuity of major Carlin-type gold structures between the Pipeline, Cortez Hills and Goldrush deposits onto the Red Hill property, and so he sees the "potential for a large Carlin-style gold deposit at Red Hill."
With that potential outcome assumed to be in hand, Mr. Matters then dashes ahead at the speed of promotion: "If we are successful, after a 13-year pursuit, in discovering a Carlin-style gold deposit at Red Hill like our neighbours to the northeast," Mr. Matters says he and his crew will raise more cash to begin delineation drilling "with a view to optimizing our values." Once those values are suitably optimized, NuLegacy would then "encourage those Nevada-based producers who have expressed some interest to take over" and spend the large sums of cash needed to explore and develop such a deposit.