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Nulegacy is exploring the Cortez Trend with its partner Barrick and has attracted Alex Davidson as an advisor.
Alex was the VP of Exploration and Corporate Development for Barrick and was instrumental in acquiring Pipeline, Cortez and Goldrush from Placer Dome in 2005. These mines are some of the best low cost producers in the World. Alex is a great geologist who is a Cortex Trend expert.
He will be assisting Dr. Steininger, Nulegacy's chief operating officer who discovered the first Cortez Trend deposit, on the next major drill program. ?
Those are two of the best Cortez Trend geologists working on this exploration program. Barrick knows this is the best area to find low cost gold deposits that are located in a politically stable jurisdiction. These Cortez Trend mines can become huge 20+ million ounce deposits with very low cash costs. Barrick is writing down losses and looking for low cost growth.
Barrick is aware that Nulegacy may be just scratching the surface of a potential world class mine and may be one of the best options for acquisition. Nulegacy just announced a $2 million financing and is getting closer to spending the $2.9 million required to earn a 70% interest in the property. After the next round of drilling, I believe Barrick will most likely acquire this asset for a hefty premium rather than support Nulegacy until production.
Disclosure: I am a shareholder of NuLegacy and they are a sponsor on my website.
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