~ Geophysics defines new drill targets ~
RENO, Nev., Aug. 01, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports the results of a just completed
Induced Polarization (IP) gradient-array survey over the VIO discovery target (NR dated Sept. 13, 2017) on NuLegacy’s 100% controlled 38 sq. mile Cortez gold-trend Red Hill property in Nevada.
NuLegacy director, Ed Cope, comments, “With the Red Hill property at the juncture of the ‘Cortez gold-trend’ and
the sub-parallel ‘Northern Nevada-rift’ (as illustrated below), we have the good fortune (and attendant complexity) of having both
a younger prospective epithermal-type target on the western end of Red Hill, (analogous to the Midas and Mule Canyon mines just to
the north) occurring in conjunction with older Carlin-type gold systems (analogous to the Pipeline, Cortez Hills and
Goldrush-type mines just to the north-west) in the central portion of the property where we have to date discovered the Iceberg and
Serena deposits and Avocado targeti.”
Derick Unger, NuLegacy’s Chief Geologist, and former Project Geologist at Newmont’s Midas epithermal mine
comments that, “IP gradient-array surveys successfully delineated the gold and silver mineralization at Newmont’s Mule Canyon
epithermal mine some 60 km to the north of the VIO and also on the Northern Nevada Rift, where
the geology is similar to VIO’s mineralization.”
Geophysics on the VIO epithermal target: The IP survey was conducted over 2 square
kilometers starting just west of drill hole VIO17-01 (9.1m of 1.8 g/t gold and 17.6 g/t silver) and extending east. It was
conducted by Zonge International and interpreted by James Wright of JL Wright Geophysics from Spring Creek, Nevada, a highly
regarded geophysicist, who conducted and wrote the reports on the gradient array surveys that assisted in the Mule Canyon
exploration program. Mr. Wright’s analysis shows four distinct lines of chargeability highs. These are interpreted to
be areas of pyrite deposition that are coincident with both magnetic lows and mapped structures with potential for bonanza grade
gold and silver enrichment.
Prospecting is completed over two of these four lines and shows abundant areas of clay and opaline alteration.
We anticipate that more “boots on the ground” sampling, mapping, modeling and interpretation will culminate in highly
prospective follow-up drill targets.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused
on discovering additional Carlin-style gold deposits on its premier district scale 98 sq. km (38 sq. mile) Red Hill Project in the
prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg and Serena Carlin-style gold deposits and has identified several
more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and
adjacenti to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and
Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold
minesii.
i The similarity and proximity of these deposits in the Cortez Trend is not necessarily
indicative of the gold mineralization in NuLegacy’s Red Hill Project.
ii As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource
contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6
million tonnes grading ~9.0 g/t.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact Albert Matter (Chairman) at albert@nuggold.com, James Anderson (CEO) at james@nuggold.com, Derick Unger, (CG) at derick@nuggold.com, or Frank Lagiglia (Investor Com Mgr)
at frank@nuggold.com or visit www.nulegacygold.com.
Derick Unger, NuLegacy’s Chief Geologist is a Certified Professional Geologist (CPG 11927) and the qualified
person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the
scientific and technical information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance
and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current
beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that
these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause
future results to differ materially from those expected. There are no known resources or reserves on the Red Hill Project
and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of
gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the
Red Hill Project. All the forward-looking statements made in this news release are qualified by these cautionary statements
and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management’s discussion and analysis dated July 24, 2018 for the year
ended March 31, 2018. These forward-looking statements are made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or circumstances save as required under applicable securities
legislation.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6bd53136-0c01-45b0-ac65-183309729ca0
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fa44f5f5-8550-4ae3-9fb1-bb3b91dbe047