NuLegacy Gold Corporation was formed in the spring of 2009 with the objective of discovering a Carlin-type gold deposit (the 'elephants' of gold deposits) in Nevada, and vending it for cash or stock to an intermediate or major gold producer to bring it to production.
NuLegacy was founded by Dr. Roger Steininger, a renowned Nevada exploration geologist with several gold discoveries to his credit, particularly the 21 million ounce Pipeline deposit in the Cortez trend of Nevada, and Mr. Albert Matter, a well-known financier and founding partner of numerous enterprises including Alamos Gold Inc. and Gryphon Gold Corp in the gold mining industry. Mr. James Anderson, a founding investor in the company, joined as CEO to lead the financing and development of the expansion of the Iceberg gold deposit.
The business model was simple:
- In the aftermath of the Crash of Q4 - '08 opportunistically secure several highly prospective and favourably located geological projects in Nevada's prolific gold trends.
- Systematically explore and develop those that provide discovery success.
- Eliminate those that do not.
In four years NuLegacy has:
- Secured two highly prospective projects (comprised of five properties) in Nevada's 'elephant country'. As anticipated by Dr. Roger Steininger, who is responsible for selection and exploration, both projects proved to be next to major gold multi-million ounce gold discoveries.
- Systematically accumulated and reviewed all previous exploration data, commissioned numerous geophysical and geochemical surveys and drill programs in exploring these properties.
- Discovered a gold deposit on the Red Hills Project optioned from Barrick Gold and eliminated the others.
Next two years:
As well we have enrolled a well-respected management, corporate governance and professional services
with reputations for successfully identifying, financing and discovering gold resources and 'partnered' with one of Nevada's best known and successful mining companies.
- Focus on expanding the near-surface high-grade oxide Iceberg gold deposit to the north, and determine its deeper sulphide gold potential.
- Develop a near-surface oxide gold resource sufficient to support:
- A Barrick Gold decision to earn-back to 70% and 'carry' NuLegacy's 30% to production, or
- Attract a buy-out for NuLegacy Gold's 70% working interest.
- Secure another similarly prospective property during the current malaise in the markets.