NuLegacy Gold Corporation (OTCMKTS:NULGF) did not have a particularly great time in the markets yesterday as it saw its stock fall by as much as 8% following an important development. Yesterday it emerged that the company had received the assays from three out of eight holes that have been completed this year so far as part of the diamond drilling initiative.
The company also announced that the drilling activities are currently restricted to the northwest quadrant of the Rift Anticline target that spans over an area of 10 square kilometres. The target is a part of the Red Hill exploration property that is 100% owned by the company.
While the receipts of the assays is an important thing for NuLegacy, it does not seem that investors were particularly thrilled with the development and that possibly explains the decline in the stock yesterday.
The company did note that no gold of any economic value was discovered in these holes however there were significant intervals of anomalous gold, which perhaps gives an indication about the presence of a major hydrothermal system in the holes. Investors could consider keeping an eye on the NuLegacy stock today and see if it can actually make a recovery.