Toward the end of the financial collapse of 2009 parcels of claims came available for option in Nevada that would never come available under normal circumstances.
Roger Steininger and Albert Matter seized the opportunity to acquire the Red Hill property from Barrick Gold.
Roger, the discoverer of the giant Pipeline mine (20 million ounce and counting) picked the Red Hill property, on trend with three of the largest gold mines in the world (Pipeline, Cortez and Goldrush) as the best opportunity.
Within 10 days of the lows in the financial collapse, Albert, the indefatigable salesman, had raised the first $1.0 million towards the exploration of the 108 sq km Red Hill property.
Nine years and fifty million dollars later, and with the guidance of six of Barrick Gold’s best explorationists who Albert and Ed Cope (former VP Exploration of Barrick) attracted to NuLegacy, the chase has narrowed to the 7 sq km known as the Rift Anticline, considered by all to be an analogue to the 10 million, 10 gram/ton adjacent Goldrush deposit.
The highly prospective Rift Anticline drill target has uniquely favorable Carlin-system geology located within Nevada’s Cortez gold complex adjacent to three of Barrick Gold’s most profitable multi-billion-dollar, multi-million-ounce Tier 1 Carlin-type gold deposits.
With NuLegacy’s industry leading management and exploration teams’ track record of discovering and developing world class gold mines, the Rift Anticline represents an opportunity to add the fourth high-grade “elephant sized” Carlin-style gold deposit in the Cortez cluster.
With a well-funded treasury and a major deep drilling program scheduled to commence this fall, management expects to realize on the significant value of its enterprise during 2021-22.
-Red Hill Zones:
Drilling programs at Avocado and Serena in 2017 – 18 intersected strong Carlin-type alteration in favorable units of the Wenban Formation, and Serena holes SR17-02 and SR18- 02 intersected high-grade (>9 g/t) gold values in narrow (5 – 10m thick) intervals of favorable Wenban Unit 5; overall trends suggest that strong mineralization continues to the west of Serena. Hole WS18-01, drilled ~ 500m west of Serena intersected a 90 meter thickness of Wenban Unit 5, showing that thicker sequences of favorable host rock exist to the west. The hole also returned a low-grade gold value associated with a low-angle structure in lower Wenban, indicating that low-angle faults may be important fluid conduits for mineralization.
The results of WS18-01, coupled with interpretations from >60 line-km of CSAMT surveys, gravity data, comprehensive drill hole relogging and the overall trend of gold and trace-element values in historic drilling suggested that a large anticlinal structure occurs under relatively shallow (250 – 300m) volcanic and gravel cover ~700 meters west of the Serena and Western Slope targets. This newly-defined and recently drilled “Rift Anticline” structure contains much thicker sequences of favorable Wenban Unit 5 host rock (please see news release dated Nov 25th.) than seen to the east, and offers target potential for a large Carlin-type system analogous to Nevada Gold Mines’ Goldrush deposit 10 km to the northwest. Initial drill testing focused on the target zone to the north, which is best-defined from existing data; during 2021 the drill campaign will expand to testing of the entire 4 – 5 km strike length of the target zone.
In 2012 an IP survey discovered a chargeability anomaly, which was avocado shaped in plan view, under pediment cover approximately 2 kilometers north of the then recently discovered Iceberg gold deposit. Since 2012, Avocado has grown into one of NuLegacy’s most exciting discoveries. Avocado represents the northern extent of mineralization discovered thus far on the Red Hill property, and is an example of the successful application of NuLegacy’s old-school/new-school exploration philosophy, and the payoff that results from perseverance in pursuing a target. The first test hole drilled in 2014 had only anomalous gold. However, the second test hole (AV-02) drilled over 200 meters of 0.25 g/t gold mineralization. Follow-up drilling in 2016 and 2017 has subsequently identified mineralization exceeding 8 gram/t gold over narrow widths, as well as large zones of Carlin-style alteration and trace elements indicating a powerful gold system is in place at Avocado.
The Serena Zone is NuLegacy’s most recent discovery of Carlin-type mineralization on the Red Hill property. The discovery of Serena represents another successful application of combining geophysical and geochemical data with bold step-outs from known mineralization. The success of our exploration approach at Serena has validated our exploration model and created the basis for pursuing similar targets elsewhere in the district.
The stratigraphy of the Serena Zone consists of a ~100-200 m thick package of Tertiary volcanics, sediments, and tuffaceous volcaniclastics. These Tertiary rocks unconformably overlie the silty Devonian carbonates of the Horse Canyon Formation, which overlie the more massive carbonates of the Devonian Wenban Formation. The Serena Zone is understood to exist at the structural intersection of the Long Fault, also associated with mineralization in NuLegacy’s North Iceberg Deposit, and the West Iceberg fault, which was identified in a CSAMT geophysical study in early 2017. The Carlin-type mineralization in the Serena Zone is associated with fine-grained pyrite and is hosted in silicified breccias and jasperoids at the base of the Horse Canyon at the Horse Canyon-Wenban contact.
-The company's shareholder base is made up by many institutional shareholders including Barrick:
Institutional and Industry Ownership Summary
Barrick Gold 6.6%
Sprott Gold Equity Fund 7.8%
Mackenzie Investment Funds 6.3%
Commodity Capital Global Mining Fund 4.1%
Davenport LLC 3.0%
Crescat Global Macro Fund 2.7%
Ingalls & Snyder 1.2%
NuLegacy Gold Corp. is traded on the OTCQX under the ticker symbol NULGF. This is not investment advice. Please view the disclaimer found on this website.