NuLegacy Gold reports that it will cease further exploration at its Red Hill property. The pause was due to the failure to produce meaningful results from a planned second well in 2023 and the inability to fully complete a targeted $2.5 million common stock offering in September 2023. NuLegacy will now explore options for the Red Mountain property.
The second hole, IS23-02 (a 2,000-foot-deep vertical hole), intersects the primary target area, Wenban Unit 5, 365 ft (111 m) below the CMZ-G fault (745-1110 ft). Although there are numerous faults and a 100-foot-thick continuous breccia zone, there is no strong Carlin-type alteration throughout or beneath the primary target, and therefore there is no strong geochemical signature to guide further target location. There was no significant gold intercept in the hole as significant grades were 0.1 g/t gold or higher in 10 feet or above.
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NuLegacy Gold Corporation further reported that the total number of shareholders in attendance at its annual meeting of stockholders on December 29, 2023 was 200.8 million common shares, representing approximately 32.41% of the company’s issued and outstanding shares. Shareholders voted on all items on the agenda before the meeting, including the appointment of DeVisser Gray LLP as the company’s auditor and the election of the following directors for the coming year: Albert Matter, Alex Davidson, John Budreski and Roger Steininger.
The company also announced a change of company secretary. Mr. Gregory Chu, who has served as NuLegacy’s company secretary since its inception, recently retired from the legal profession. The Company expresses its gratitude for his distinguished service over the years as NuLegacy’s legal counsel and corporate secretary. Mr. Xavier Wenzel, CPA, CA, NuLegacy’s Chief Financial Officer, will assume the role of Corporate Secretary.
