Mr. Albert Matter reports

NULEGACY REPORTS ON 2022 DRILLING

NuLegacy Gold Corp. has released the results of the fall 2022 drilling program on its 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 gold mines.

As reported in the company's Sept. 20 news release, NuLegacy suspended drilling after completing four of the six planned holes pending assays and an improved financing environment. One hole, MR22-01, was completed into the newly developed Mid-Rift target, and three holes (SR22-01, SR22-02, SR22-04) were completed in the previously drilled Serena/North zone area.

Mid-Rift target: The suspension of drilling was in part due to the first hole into the newly developed Mid-Rift target, MR22-01, going well over budget and intercepting a much thinner section of the favourable Wenban unit 5 than anticipated (the expected host for better gold values). Additional drilling into the Mid-Rift was suspended to allow for reinterpretation/confirmation of the target geology and evaluation of assay results.

Upon reviewing the logs of MR22-01 the variability of the thickness of the Wenban unit 5 is attributed to local folding within west-dipping, low-angle fault blocks. This is difficult to predict, however, similar localized variations between mostly thicker than normal and relatively thin Wenban unit 5 were also seen in the West-Rift target.

On the positive side, half of the 60 feet (18.3 metres) of Wenban unit 5 intercepted in hole MR22-01 has strong silicification with anomalous to weakly anomalous gold mineralization, and the strong alteration continued 55 feet (16.8 metres) into the underlying Wenban unit 4.

There is good evidence in the drill hole for the presence of the anticipated high- and low-angle fault zones important to the development of Carlin deposits, as well as evidence of a deeper structural zone of Cretaceous diorite with associated metamorphic/metasomatic alteration (within the Wenban unit 1). The gold mineralization of the Iceberg corridor just to the east is underlain by similar dike zones of the Cretaceous diorite.

The logs show the older metamorphic/metasomatic alteration appears to enhance the host rock here, as is the case to the north of NuLegacy's Red Hill property at Barrick Gold's recently discovered Cortez Fourmile deposit; this is a common feature associated with the higher-grade gold zones of many Carlin-type deposits.

Thus, the Mid-Rift remains a high-priority target and has been improved by the confirmation of the anticipated presence of the underlying Cretaceous diorite dike zone. The Cretaceous diorite's metamorphic/metasomatic alteration often enhances host lithologies and results in higher-grade gold mineralization. The company's CSAMT (controlled-source audio-magnetotelluric) geophysics show strong resistive zones associated with the confirmed Cretaceous diorite dike zones that are near surface and interpreted larger bodies at depth.

As a consequence of the additional log reviews, the Cretaceous diorite body underlying the Central zone is predicted to extend along the Mid-Rift target to about 740 metres to the south of MR22-01 and can be readily drill tested from existing pads and other approved/permitted sites. Existing drilling in the West-Rift target and the Iceberg corridor shows a thicker-than-normal sequence of Wenban unit 5 to the south which, combined with the probable large buried Cretaceous diorite centre, confirms excellent drill targets along both the Mid-Rift and Iceberg corridor structural zones to the south of MR22-01.

"Although the wide-spaced drilling conducted by NuLegacy to date has yet to discover a significant high-grade, Carlin-type deposit, extensive swaths of the Red Hill property large enough to host a significant discovery remain untested," commented Dr. Quinton Hennigh, representative of one of NuLegacy's largest shareholders, Crescat Capital.

Serena zone target: Contributing to the decision to suspend drilling in September was the Serena offset hole, SR22-01, and a North zone/Serena infill hole, SR22-02, returning only anomalous to low anomalous gold values within otherwise strong alteration zones.

Since the logs of the new Serena holes had geology and alteration consistent with the adjacent well mineralized holes (that is, 16.9 grams gold per tonne over 8.7 metres -- Serena 18-02 -- see news release dated Aug. 27, 2018), NuLegacy submitted the target/strong alteration zones for checking of gold assay at a second laboratory. These check assays added about seven weeks to the company's reporting timeline. The check assays unfortunately confirmed the initial anomalous to low anomalous grades. The second of three planned Serena 100 m offset holes, SR22-04, was the last completed hole for the year and resulted in low anomalous grade within strong silicified breccia of mixed Wenban units 5 and 4.

The Serena zone contains some of the highest gold grades on the property and is open in several directions. It is anticipated that this winter's evaluation will develop additional high-quality targets.

• MR22-01: Five ft at 0.103 part per million Au, 985 to 990 ft (1.5 m at 0.103 ppm Au, 300.2 to 301.7 m);
• SR22-01: 65 ft at 0.411 ppm Au, 960 to 1,025 ft (19.8 m at 0.411 ppm Au, 292.6 to 312.4 m);
• SR22-02:
  • 10 ft at 0.135 ppm Au, 610 to 620 ft (three m at 0.135 ppm Au, 185.9 to 188.9 m);
  • 10 ft at 0.139 ppm Au, 635 to 645 ft (three m at 0.139 ppm Au, 193.5 to 196.5 m);
  • Five ft at 0.112 ppm Au, 710 to 715 ft (1.5 m at 0.112 ppm Au, 216.4 to 217.9 m);
  • Five ft at 0.231 ppm Au, 725 to 730 ft (1.5 m at 0.231 ppm Au, 221 to 222.5 m).
• SR22-04: Five ft at 0.385 ppm Au, 875 to 880 ft (1.5 m at 0.384 ppm Au, 266.7 to 268.2 m).

With 10 to 12 inches of snow, and more expected, there will be no further fieldwork until spring. The Mid-Rift, Serena and other drill targets will be further evaluated during the winter in preparation for the 2023 exploration season pending improved opportunities for financing such a program or engaging a merger/joint venture partner to pursue these exploration opportunities.

Sampling methodology, chain of custody, quality control and quality assurance

All sampling was conducted under the supervision of the company's project geologists and the chain of custody from the project to the sample preparation facility, American Assay Labs in Sparks, Nev., was continuously monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry-standard fire assay methods. A blank or certified reference material was inserted approximately every 20th sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. In addition, check assays of the Serena drill hole samples were conducted at ALS Minerals to confirm the initial analytical results from American Assay Labs.

NuLegacy Gold 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 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.

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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