NULEGACY GOLD

Nulegacy Gold Corp. (TSXV:NUG; OTC:NULGF), whose market cap has soared to CAD $103M in recent months. The company holds a 100% interest in the Red Hill project, located on the prolific Cortez Trend, which hosts three of Barrick Gold’s largest and highest-grade Tier 1 Gold deposits: Pipeline with 21M oz. at 2.5 grams/tonne, Cortez Hills with 15M oz. at 4.1 grams/tonne, and Goldrush with 10M oz. at 10 g/tonne.

Red Hill is a highly prospective 108 square kilometer property on the southern end of the Cortez Trend, in close proximity to the cluster of Pipeline, Cortez Hills and Goldrush. Nulegacy boasts a strong technical team and institutional ownership. Oceana Gold owns 10.3%, Barrick owns 6.6%, and Sprott Gold Equity Fund holds 6.4%.

Source: May 2020 company presentation

Its nine-member technical team, most of whom worked at Barrick, have all made significant direct contributions of some kind towards the discovery of over 50 million ounces in Nevada’s Carlin and Cortez Trends.

Red Hill could turn out to be an elephant. This summer the company performed a CSAMT survey to help measure the Rift Anticline. Drill intercepts over the last couple of years have produced 9.6 g/t gold over 5.1m, within 20.8m of 2.7 g/t gold at Western Slope, and 16.9 g/t gold over 8.7m within 22.1m of 6.6 g/t gold. That’s high-grade rock which looks a lot like Barrick’s Goldrush deposit of 10M ounces at 10.2 g/t gold.

An initial 16 hole – 11,500 meter drill program on the Rift Anticline this fall, followed by 4-5 holes in the winter and more in the spring should produce some steady news flow.

Nulegacy is aiming to prove up a Tier 1 asset, then look to a merger or JV to develop towards production.

This is elephant country, and that’s what Nulegacy is hunting for.