Tickers: XTSX:NRG, PINX:NRGOF
VANCOUVER, BRITISH COLUMBIA - TheNewswire - January 30, 2020 (TSXV:NRG) (OTC:NRGOF) (Frankfurt:X6C) - Newrange Gold Corp. ("Newrange" or the "Company") is pleased to announce that the previously announced Induced Polarization and Resistivity (IP) survey at the Company's Pamlico project in the Walker Lane Trend of western Nevada has been completed.
The survey initially focused on four principal targets: Pamlico Ridge, Pediment, Gold Box, and Skarn zones, and was expanded to cover the historic Central and Sunset Mine zones. Several strong and well-defined anomalies were detected, and additional lines were added, ultimately comprising 14.8 line kilometers in 9 test lines ranging from 1,200 to 2,200 meters long and covering an area of more than 10 square kilometers. Once the data processing is complete, potentially within the next week, the Company's consulting geophysicist will provide a final interpretation.
"The preliminary results of the IP survey are extremely encouraging as they are interpreted to indicate the presence of sulphides at depth," stated Robert Archer, CEO. "The final interpretation will assist in the overall understanding of the geological setting on the project and provide targets for the upcoming drill program. In addition, underground surveying and mapping is now complete and underground sampling is proceeding at the historic Gold Bar Mine with numerous assays pending. The scanning and surveying have moved to the upper levels of the Pamlico Mine to better define the extent of historic development in that area. With our recent financing, the monetization of our Colombian assets and the potential exercise of warrants, Newrange should be well funded for exploration throughout 2020."
The IP survey was designed to penetrate the deep blanket of oxidation at Pamlico and test for indications of sulphide mineralization at depth. Surface oxidation at Pamlico extends to depths ranging from 250 to 400 meters compared with typical 30 to 100 meter depths of oxidation for most precious metals systems in Nevada. Importantly, all historic gold production from the district has been contained within this very thick zone of oxidation. Previous exploration, drilling and development at Pamlico have also been focused exclusively on near surface oxide mineralization, never seeking the presumably deeper sources of this mineralization. The results of the IP survey will help Newrange in evaluating the potential for additional mineralization at depth.
Upon receipt of the interpreted results, the Company will design and initiate permitting for a drill program to test priority targets identified from the survey. This drilling will be conducted in tandem with drilling from existing permitted drill sites on and in the vicinity of Pamlico Ridge. Drilling is expected to start in the latter half of Q1 2020.
To help preserve recently completed funding for operations and exploration, Carrington Consulting LLC, a Company controlled by Newrange Gold's President and Chairman, Robert G. Carrington, has agreed to accept 685,346 shares of the Company's stock as settlement for debt in the amount of $68,534.58 accrued over the last two years. The TSX Venture Exchange has granted conditional approval for the settlement.
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and Chairman of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release.
Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project enjoys excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Gold Bar, Sunset and multiple other mines. Pamlico Ridge, one of the principal targets in the district is primarily explored from northwest to southeast by the Pamlico, Gold Bar and Good Hope Mines.
Discovered in 1884, the district rapidly gained a reputation as being one of Nevada's highest-grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.
Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Ontario. With numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne, the Company's flagship Pamlico Project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.
Signed: "Robert Archer"
CEO & Director
Sharon Fleming Dave Cross
Corporate Communications Chief Financial Officer and Corporate Secretary
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2020 TheNewswire - All rights reserved.