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Nulegacy Gold Corp
Symbol NUG
Shares Issued 482,840,470
Close 2020-07-27 C$ 0.14
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Nulegacy acquires conservation credits for Red Hill

2020-07-28 09:45 ET - News Release

Mr. Albert Matter reports


Nulegacy Gold Corp. has provided updates on the permitting and exploration progress on its flagship 108-square-kilometre Red Hill property located in Nevada's Cortez trend, which is host to multiple large high-grade Carlin-type gold deposits in one of the world's premier gold-mining jurisdictions.

Permitting Update: In June of this year Nulegacy successfully acquired 44 preapproved Greater Sage-Grouse conservation credits in order to fully satisfy Nulegacy's compensatory mitigation obligations for its US$500,000 modified Plan of Operations (POP) over the Red Hill project as noted in our news release of June 16, 2020.

Nulegacy's CEO, Albert Matter, comments "We are pleased to be the first exploration company to work with the State's Sagebrush Ecosystem Program to purchase credits from the Nevada Conservation Credit System. This transaction demonstrates our commitment to conserving Nevada's wildlife."

Permitting for Nulegacy's modified POP at Red Hill is on schedule with the submission of the new environmental baseline studies to the Bureau of Land Management ("BLM") completed during July (view June 16, 2020 news release).

Pending BLM's approval, Nulegacy plans to drill three to five deep holes in the most developed targets this fall (with a mid-October 2020 start) before winter shut down, with the balance of the initial 16 hole US$3.5 million program scheduled to start up in the spring of 2021.

Nulegacy has retained Ms. Debra Struhsacker, a well-known hard-rock mining policy expert and permitting and government relations consultant, to assist in completing the modification of the POP and securing the BLM's approval, anticipated for mid-September 2020.

"We are delighted to add Ms. Struhsacker to our professional team," said Nulegacy CEO, Albert Matter. "Debra has a proven track record of effectively advocating for her clients and the mining industry and successfully securing project permits for exploration and mining projects in Nevada and elsewhere. Debra's addition to our team provides immediate in-house environmental permitting capability allowing Mark Bradley, our VP, Exploration to pivot his focus entirely onto the planned drilling program in the target rich Rift Anticline."

Geo-modeling update: Nulegacy has completed its preliminary structural model for the Rift Anticline targeting utilizing the results of recent drill holes (see February 8, 2020 news release), and the data from the numerous CSAMT (Controlled Source Audio-frequency Magnetotellurics) and gravity surveys focusing on known mineralized controlling structures (i.e. Long Fault).

Nulegacy has identified three high-priority targets in the northern half of the Rift Anticline and three additional targets extending to the south along the anticline trend covering approximately 4.5 km (and open on both ends) with an indicated width varying from 700 to 1,450 meters. Detailed drill plans are being developed for the initial 16 deep hole drill program (US$ 3.5 million) to comprehensively test the targets, commencing with the more developed northern targets.

Mark Bradley, Nulegacy's Vice-President, Exploration comments, "The new structural model for the Rift Anticline is a powerful exploration tool, allowing us to prioritize our initial drilling efforts within the large (5-6 sq. km) Rift Anticline target area and optimize the chances for early discovery."

Dr. Roger Steininger, a Director of Nulegacy, is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, responsible for approving the scientific and technical information contained in this news release.

"The trend is our friend" -- Nulegacy Gold is focused on confirming high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The Red Hill Property 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 and the world's largest, lowest cost and politically safest gold mines II .

I The similarity and proximity of these deposits in the Cortez Trend including Goldrush is not necessarily indicative of the gold mineralization in Nulegacy's Red Hill Property.

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.

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