Mr. Albert Matter reports

NULEGACY SELECTS PRIORITY DRILL TARGETS

NuLegacy Gold Corp.'s geological team of Dr. Roger Steininger (director, and co-founder) and Charles Weakly (exploration manager), together with recently enrolled key members of Barrick's former Goldrush discovery team, Nancy Richter (joined NuLegacy's team as of Feb. 22, 2023) Michael Penick (March 21, 2023), and Robert Leonardson (April 11, 2023), have completed their in-depth global review and analysis of the Carlin-style gold mineralizing systems at NuLegacy's Red Hill property and have agreed on the top five priority drill targets for the 2023 drill program.

The review of NuLegacy's flagship 108-square-kilometre Red Hill property in the Cortez gold-trend approximately seven km south of Nevada Gold Mines' multimillion-ounce Tier 1 Goldrush gold deposit (1) concluded that the Cortez-Goldrush-Red Hill block is unique, with continuous deposition of favourable slope facies carbonate rocks from the Roberts Mountains through the Wenban formations. As well, the large displacement (over 300 metres) north-northwest-trending steep-dipping faults with proximal gold mineralization can be traced from the Cortez mine area through NuLegacy's Red Hill property, providing an additional link between the two properties.

The gold mineralization found to date at Red Hill is similar to that of the high-grade Cortez Fourmile deposit area, localized at the intersections of high- and low-angle faults with associated metamorphic alteration and local to moderate-scale folding.

The host rocks for the Carlin-type gold mineralization include the Devonian Wenban Unit 5, Devonian Horse Canyon and Devonian-Silurian Roberts Mountains formations. Prior drilling has shown an approximate three-kilometre-wide zone of Carlin-type alteration and local gold mineralization under the volcanic cover rocks of the Northern Nevada rift.

The link between gold mineralization and metamorphic alteration is encouraging, as very high grades can occur in this setting as at the Cortez Fourmile and the southern margins of the Goldstrike Betze-Post gold deposits (1). At Red Hill, a Cretaceous diorite intrusive is associated with metamorphic alteration, with dike zones known to occur along the Iceberg corridor, the Mid Rift target area, and are inferred from surface mapped metamorphic alteration to the east of the Iceberg fault.

The larger bodies of these favourable Cretaceous diorites are interpreted at depth based on strong resistive zones in controlled-source audio-frequency magnetotellurics geophysics, and coincident zones of stronger metamorphic alteration mapped at surface and intercepted in drilling. The major drill targets are focused proximally to or above these larger bodies where all other positive target elements intersect.

Although both epithermal and Carlin-style mineralization have been identified at Red Hill, NuLegacy's exploration focus has been on Carlin-style mineralization which presents the opportunity for the larger prize. Gold mineralization occurs along both low- and high-angle faults, most often at fault intersections, with the best grade closely associated with altered lamprophyre dikes.

Some of the more robust intercepts drilled in the deposit areas include 41.2 metres at 3.91 grams per tonne including 12.2 m at 10.95 g/t and 4.6 m at 25.21 g/t and 35.1 m at 3.41 g/t including 21.3 m at 5.31 g/t in the North zone (RHB40 and RHB58) (2) and 22.1 m at 6.59 g/t including 8.7 m at 16.92 g/t in the Serena zone (SR18-02C) (3).

While there are numerous drill target areas at Red Hill, the five highest priority targets are in the Mid Rift, South Iceberg and West Rift determined by geochemical vectoring from existing results and focused along sets of north-northwest-trending, steep-dipping faults associated with metamorphic and metasomatic alteration at intersections with low-angle west-dipping fault zones as areas likely to have thick potentially gold-bearing host rock sequences and near-vertical bedding within the best host rock sequences. Pending financing the proposed five-hole phase 1 2023 drill program is approximately 3,000 metres (about 10,000 feet) of reverse circulation holes with average depths of 600 metres (2,000 feet) focused on the Mid-Rift, South-West Rift and South Iceberg target areas.

The global review has improved NuLegacy's confidence in the continuity of major structures between Cortez mine and the Red Hill property and the potential for a large Carlin-type gold deposit at Red Hill.

NuLegacy will seek financing for the 2023 program over the next several weeks while continuing its efforts to market either the Red Hill property directly, or its wholly owned subsidiary NuLegacy Gold Corp. NV, to a suitable third party producer with a view to financing the further exploration of Red Hill to finally discover an elephant-sized Carlin-style gold deposit like its neighbours to the northeast.

NuLegacy Gold is focused on confirming potential high-grade Carlin-style gold deposits within its flagship 108 square km (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) Currently structured as an underground mine Goldrush contains proven and probable: 7.8 million ounces at 7.29 g/t; measured and indicated: 8.5 million oz at 7.07 g/t (inclusive of P&P); and inferred: 4.5 million oz at 6.0 g/t (as of Dec. 31, 2021). Source: Corporate presentation of Nevada Gold Mines -- Goldrush underground dated Sept. 22, 2022.

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.

(1) The close proximity of the Goldrush deposit and the link between gold mineralization and metamorphic alteration at Cortez Fourmile and Goldstrike Betze-Post deposits to NuLegacy's Red Hill property are not necessarily indicative of the gold mineralization at Red Hill.

(2) These assays are historic in nature, have not been verified by NuLegacy and should not be relied upon. They are presented as an indication of the potential gold mineralization in the North zone of the Red Hill property and as a guide to future exploration.

(3) As announced by NuLegacy on Aug. 27, 2018. These intercepts are not necessarily true widths as there is currently insufficient data to calculate true orientation.

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