I recently was quoted in this interview with The Gold Report about Nulegacy Gold.
"I recently visited NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCPK). The company is sitting next to Barrick's Goldrush deposit, probably one of the best discoveries in the world at 15.6 million ounces (15.6 Moz) gold in all categories. The company partnered with Barrick, which is rare in the junior sector and only happened because of NuLegacy's management's team. COO Roger Steininger was one of the people who discovered the Pipeline gold deposit in Nevada's Cortez Trend for Royal Gold Inc. (RGL:TSX; RGLD:NASDAQ); the project has since been purchased by Barrick. NuLegacy is beginning to outline a deposit in an area of Nevada where there are potential elephants. I'm excited to see the results of its exploration program, especially the Avocado Anomaly, throughout the summer and fall."
A few weeks ago I travelled to Elko, NV to visit Nulegacy Gold's (NUG.V or NULGF) Iceberg Project on the famous Cortez Trend and Gold Standard Ventures (GSV) Railroad and Pinion Deposit on the Carlin Trend. Two legendary mining explorers led the tour Dave Mathewson and Roger Steininger. Below is a picture of me with Dr. Roger Steininger outside Barrick's Cortez Property.
Both Dave and Roger are well known in the Nevada gold community as they both have around forty years of exploration experience in Nevada. Both of these geologists have track records of finding large and profitable mines.
I feel really blessed to spend time learning about these deposits from the best. Dave is well known for directing Newmont's exploration programs where he found more than 25 million ounces of gold under his leadership. Roger was instrumental in discovering many Nevada gold deposits. The most significant was the Pipeline Deposit on the Cortez Trend. Roger was critical in discovering the Cortez Trend and is one of the foremost experts on the geology.
The Cortez District now hosts Barrick's most profitable mines and exploration growth. Barrick has recently made a huge discovery called Goldrush which is only about a mile from their 1 millon ounce producer Cortez Mine. Goldrush has grown to become a 15.6 million ounce deposit.
Barrick is quickly realizing that this district is where it can make the most money and should focus investment on this area.
Barrick believes in the future growth of this district and is partnering with juniors such as Nulegacy which is managed by Roger to find additional deposits. Nulegacy's property lies next to Goldrush on the Cortez Trend. I recently went to the property and was amazed to see their land package so close to Goldrush. This is "goldfront property". Smart money believes they may be onto something big with Barrick as their JV Partner.
Nulegacy just announced an all equity $3.5 million financing with no warrants or fees with a private equity firm. One of the unknowns with Nulegacy was the ability to fund their portion of the partnership. Now this financing provides Nulegacy with more than enough funds to earn their 70% interest with Barrick and to expand their search for the high grade which is characteristic of these Cortez Trend Mines.
Now with this strengthened balance sheet Nulegacy can expand their exploration efforts. I believe NuLegacy is a very interesting buy as they are confirming new areas of mineralization and they are filling in the gaps between zones.
This is elephant country with deposits with 10-20 million ounces of gold. Remember Barrick produces over 1 million ounces of gold annually from the nearby Cortez Mine at an extremely low cash cost. Gold deposits are extremely profitable in this part of the world.
Barrick’s 10+ million ounce Goldrush Discovery on the Cortez Trend is literally a short walk from Iceberg.
I expect further activity and upward price movement on exploration news from the Avocado Anomaly along with a better environment for junior gold miners in the Fall. Listen to my interview with Nulegacy's CEO James Anderson from earlier this year by clicking here...
Disclosure: I own Nulegacy and the company is a website sponsor.
Sign up for my free newsletter by clicking here…
Please see my disclaimer and full list of sponsor companies by clicking here…
Accredited investors looking for relevant news click here…
To send feedback or to contact me click here...
Please forward this article to a friend or share the link on Facebook, Twitter or Linkedin.