NuLegacy Gold Suspends Exploration After Unsuccessful Drill

NuLegacy Gold will no longer be exploring its Red Hill Property.

Image Credit: Red Ivory/

This suspension is the result of both the September 2023 common share offering, which sought C$ 2.5 million, not being fully completed, and the lack of any noteworthy outcomes in the second hole of the 2023 program. NuLegacy is going to investigate other options regarding the Red Hill Property.

In the main target zone beneath the CMZ-G fault, the second hole, IS23-02, a vertical hole 2,000 feet deep, intercepted 365 feet, or 111 m, of Wenban Unit 5. (745-1110 ft). There were many faults and a continuous 100-foot-thick breccia zone, but no significant Carlin-type alteration was found above or below the primary target, and as a result, there was no significant geochemical signature to direct additional targeting.

There were no significant gold intervals in the hole, defined as 10 feet or more of 0.1 g/t Au or higher.

Additionally, NuLegacy Gold Corporation reports that a total of 200.8 million common shares, or roughly 32.41% of the Company’s issued and outstanding shares, were represented at its annual general meeting held on December 29th, 2023.

All business before the meeting was approved by the shareholders, including the election of Albert Matter, Alex Davidson, John Budreski, and Roger Steininger as directors for the next year and the appointment of DeVisser Gray LLP as the company’s auditor.

The Company also reports that the Corporate Secretary has changed. Since the company’s founding, Mr Gregory Chu has served as corporate secretary; Chu recently retired from the legal profession. The Company expresses its gratitude to Chu for many years of superb legal counsel and corporate secretary services provided to NuLegacy. The Chief Financial Officer of NuLegacy, Mr Xavier Wenzel, CPA, CA, will take over as Corporate Secretary.


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