Red Hill Carlin Gold Project Thick Section Identified At Wenban5

RENO, NV - NuLegacy Gold Corporation reported that a very thick package (~175 meters) of the favorable Wenban5 stratigraphic unit has been confirmed by the first two drill holes targeting the ~6 sq. km Rift Anticline target on our Red Hill Carlin Gold project, Nevada. The 108 sq. km, 100% owned Red Hill property is adjacent to and on trend with the three high-grade Carlin-type gold deposits in Nevada’s Cortez gold-trend.

The presence of a thick section of Wenban5 underneath Miocene basalt cover was predicted by NuLegacy’s geologic team. This discovery confirms the Rift Anticline target has the potential to host a very large Carlin-type gold system. The Wenban5 is similar to that of NuLegacy’s Serena and North Iceberg deposits approximately 2,500 meters to the east where high-grade gold (9.6 to 16.9 grams/tonne) in albeit thinner intercepts (5 to 12 meters) was encountered in prior drilling.

A comprehensive geologic review and geophysical studies of the project over the past eighteen months resulted in the hypothesis that a thicker package of possibly gold-bearing Wenban5 underlay the covered Rift Anticline target 2,500 meters west of the Serena and Iceberg deposits. Initial logging of the core from the two just completed holes has identified favorable hydrothermal alteration consistent with a Carlin-type gold system being hosted in the Wenban5 of the Rift Anticline target.

Geological model confirmed: The first two holes completed into the Rift Anticline target validate our exploration team’s expertise and geo-modeling capability in having correctly projected and targeted the favorable Wenban5 horizon, and the presence of a Carlin-type gold system which was intercepted at a depth of approximately 350 meters with a thickness of ~175 meters. RA20-01C (-72 degrees, azimuth 70 degrees) which commenced drilling on Oct 15th took 16 days to complete to a depth of 585 meters (1918 ft) and intercepted 178 meters (580 ft) of Wenban5 starting at a depth of 324 meters; the core was logged and then shipped for assaying on November 6th: https://nulegacygold.com/site/assets/files/6789/slide25.jpg

RA20-02C (-84 degrees, azimuth 160 degrees) which commenced drilling on Nov 2nd, approximately 300 meters to the northeast of RA20-01, intercepted 169 meters (555 ft) of Wenban5 starting at a depth of 340 meters and was terminated at a depth of 630 meters (2068 ft); the hole has just been completed and once initially logged the core will be shipped for assaying.

As a result of the COVID-19 pandemic much of Nevada’s 2020 spring and early summer drilling programs were deferred to the late summer and fall and as such the assay labs are reporting five to six weeks turn arounds for assay results; we anticipate the analytical results for these two holes in late December.