Mr. Albert Matter reports

NULEGACY COMMENCES DRILLING

NuLegacy Gold Corp. has commenced phase 1 of its summer-fall 2022 drilling program on its 100-per-cent-controlled 108-square-kilometre flagship Red Hill exploration property located in the prolific Cortez gold trend of north-central Nevada, directly adjacent to, and on trend with, three of Barrick Gold's six top Tier 1 mines (I).

Initially, it will drill six reverse circulation (RC) holes varying in depth from 1,400 to 2,000 feet (phase 1), and pause for assays and analysis to guide the choice of the next holes and conserve cash during the current hiatus in the precious metal financing market.

Phase 1: Six RC holes (totalling approximately 10,400 feet of RC drilling) with one in the Mid Rift and five in the Serena extension program.

The phase 1 Serena extension drilling (holes SR22-01 to 05) is designed to fill in several 100-metre gaps in the Serena-North zone, and, particularly, the westernmost of these five holes will determine if the highest-grade drill hole intercept on the property to date (16.9 grams gold per tonne over 8.7 metres -- Serena 18-02 -- see news release dated Aug. 27, 2018) has continuity to the west along the Long fault, and test for a deeper gold zone along the Long fault in the anticipated Roberts Mountains formation around a 425-metre depth.

The Mid Rift target (hole MR22-01) is within an apparent narrow uplifted corridor of Paleozoic rocks defined by CSAMT geophysics. It correlates directly with a 150-metre-wide zone of north-northwest-trending, steep-dipping faults that are parallel to the Iceberg fault and anticipated to be a steep feeder fault for gold mineralization.

This fault should intersect the low-angle west-dipping gold-controlling Central mineralized zone (CMZ) fault that mineralized the Iceberg corridor and several other similar related faults at depth. The existing Iceberg (to the east) and Rift drilling (to the west) to date suggests that moderate to thick sequences of the favourable Wenban Unit 5 and Roberts Mountains host rocks will be present along this target zone.

NuLegacy is focused on confirming potential high-grade Carlin-style gold deposits within its flagship 108-square-kilometre (42-square-mile) district-scale Red Hill property in the Cortez gold trend of Nevada. The targets are on trend and adjacent (I) to three, multimillion-ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits), which are ranked amongst the world's 30 largest, lowest-cost and politically safest gold mines, and are three of Nevada Gold Mines' most profitable mines (II).

(I) The similarity and proximity of these deposits in the Cortez trend, including Goldrush, are not necessarily indicative of the gold mineralization in NuLegacy's Red Hill property.

(II) As extracted from Barrick's fourth quarter 2013 and first quarter 2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading approximately 10.57 grams per tonne and 1.65 million inferred ounces within 5.6 million tonnes grading approximately 9.0 grams per tonne.

Dr. Roger Steininger, a director of NuLegacy, is a certified professional geologist (CPG 7417) and the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), responsible for approving the scientific and technical information contained in this news release.

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