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Saturday, Jun 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

NuLegacy Gold suspends Nevada exploration program over poor results and low funds

The company’s second drill hole of the 2023 program yielded almost no gold whatsoever

NuLegacy Gold suspends Nevada exploration program over poor results and low funds
NuLegacy's Drilling Supervisor Bill Mounts at the Red Hill project. Photo via NuLegacy Gold Corporation

NuLegacy Gold Corporation’s (TSX-V: NUG) (OTC: NULGF) Nevada exploration program didn’t go very smoothly last year.

The junior announced Thursday that it was suspending operations at its Red Hill property over a lack of feasibility and investor support. The last hole drilled there in 2023 yielded no significant intervals of gold.

NuLegacy’s shares took a sharp decline Friday following the news and are worth C$0.015. The miner currently has a C$5 million market cap, approximately.

The company paid Proactive Investors North America C$44,100 for one year of media coverage in October last year. NuLegacy hopes to increase trading volume as a result of the publicity.

Red Hill spans 108 square kilometres and is situated next to Carlin-style deposits being developed by Nevada Gold Mines (NGM).

Read more: Calibre Mining’s merger with Marathon Gold deemed ‘tremendous opportunity’

Read more: Calibre Mining joins Mining Association of Canada

Nevada’s mining industry stimulates the broader economy

The NGM joint venture run by Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and Newmont Corporation (NYSE: NEM) (TSX: NGT) is the state’s top gold miner. The company just received approval from the U.S. Bureau of Land Management to start operations at the Goldrush underground mine in Eureka County.

Kinross Gold Corporation (TSX: K) (NYSE: KGC) is the other major operating in Nevada.

Mid-tier gold producers in the state include Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) and SSR Mining Inc. (TSX: SSRM) (NYSE: SSRM).

Nevada’s mining industry is primarily known for gold, silver and copper production. The state also produces significant quantities of lithium, molybdenum, iron and other minerals needed for various goods.

For each of the approximately 12,000 mining jobs in Nevada, there are about four jobs in other industries that help provide goods and services used by the state’s mining sector.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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rowan@mugglehead.com

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