NuLegacy Gold Corporation (TSX-V: NUG) continues to conduct its summer drill program on its 100% owned 100 km² Red Hill property.
As previously noted, NuLegacy is at a fascinating point in the company’s existence as millions of dollars have already gone into the ground through 3 1/2 years of extensive drilling which means that the exploration program that is currently being conducted is not so much about drilling initial expiration holes.
Previously, NuLegacy has had assays as high as 10, 15 and 25 grams. This summer, the initial 15,000 feet drill program will be targeting the intersection of a particular type of limestone unit called the Devonian Wenban with low angle faults that serve as feeder structures.
Recently the company came out with assay results of the first hole of its seven hole 10,000 ft Phase-1 2018 drilling program with returns of:
- 3.27 grams/ton gold over 15.2 meters (50 ft.), within
- 1.47 grams/ton gold over 51.1 meters (167 ft.).
With NuLegacy’s chief geologist commenting:
We are pleased with the continuation of significantly higher-grade material as we make substantial step-outs to the northwest of the Serena/North Zones and anticipate continued success as we follow up with additional step-out drilling further to the north
The company also recently announced a non-brokered private placement financing up to 15 million units at a price of $0.20 per Unit to raise C$3.0 million. One of NuLegacy’s world-class and long-term shareholders OceanaGold intends to exercise its equity participation right in NuLegacy’s financings by purchasing session number of units as required to maintain its current undiluted equity ownership equity ownership of 16.2%. With the addition of that NuLegacy insiders intend to participate in the financing for a substantial number of units. (For the complete details of the financing, click here)
On a fundamental basis, the company is well positioned for success as:
- Their neighbors with the world’s largest gold producer Barrick Gold: Which is in fact on strike with Barrick ’s three best gold deposits.
- Robust Management and Technical team: numerous former Barrick employees now involved with NuLegacy.
- Extremely Strong Treasury with World-Class Shareholders:such as Oceana Gold, Barrick Gold, and Tocqueville
- Aggressive Exploration Program: discovered Serena and VIO zones in 2017 and is currently conducting an extensive drill program this summer.
Please stay tuned as we will be publishing an in depth report next week on NuLegacy’s progress on its Red Hill Project.
For More Information:
Visit NuLegacy’s Gold Telegraph Page: HERE
Visit NuLegacy’s Previous Article on Gold Telegraph: HERE
Visit the Companies Website: HERE
Full Disclosure: NuLegacy Gold Corp. is a paid client of the Gold Telegraph.