Tickers: XTSX:NRG, PINX:NRGOF
VANCOUVER, BRITISH COLUMBIA - TheNewswire - February 17, 2020 (TSXV:NRG) US (OTC:NRGOF) (Frankfurt: 6C) - Newrange Gold Corp. ("Newrange" or the "Company") is pleased to announce that the recently completed and interpreted Induced Polarization and Resistivity (IP) survey at the Company's Pamlico Project in the Walker Lane Trend of western Nevada has successfully generated several targets worthy of drill testing. Given the trend and extent of the IP anomalies, the Company has acquired 105 additional claims, by staking, contiguous with the eastern and northern property boundaries, adding 878 hectares to the property, such that it now covers 2,548 hectares. Maps and cross sections of the IP results and new property boundary can be found on the Company's website at www.newrangegold.com.
"The IP survey was very successful in identifying several anomalies that are interpreted to reflect the presence of sulphide mineralization," stated Robert Archer, CEO. "While the oxidation at Pamlico is intense and deep, there is apparently enough fine grained remnant sulphide to generate a response. We can see several subtle anomalies that correlate well with gold mineralized zones identified by our drilling near the end of the Merritt Decline, and with the Pamlico, Gold Bar and Good Hope mines, leading us to believe that other similar anomalies identified by the survey may represent untested mineralization. These anomalies vary in depth from close to surface to approximately 200 meters and, while it is difficult to say to what extent some of these may be interconnected, we can see pronounced trends that extend several hundred meters with similar attitudes to those observed in mineralized structures.
In addition, a strong anomaly was detected up to 1,000 meters wide and more than 1,000 meters in length with an apparent depth of 150-200 meters and, for this reason, we decided to add more claims to make sure the area was adequately covered. While the broad nature of this anomaly indicates that the source may be lithological, the extremely high chargeability indicates concentrations of sulfide mineralization below the oxide horizon. It is possible that this anomaly may represent a buried intrusive that could be the source of heat and fluids for the gold mineralizing system in the Pamlico District, however, this theory needs to be drill-tested."
The IP survey was carefully designed to penetrate the deep blanket of oxidation at Pamlico and test for indications of sulphide mineralization at depth. Surface oxidation at Pamlico typically extends to depths ranging from 250 to 400 meters and all historic gold production from the district has been contained within this very thick zone of oxidation. The survey covered six targets: Pamlico Ridge, Pediment, Gold Box Canyon, Central and Sunset Mines, and Skarn zone, and comprised 14.8 line kilometers in 9 lines covering an area of more than 10 square kilometers.
The Company is now designing and initiating permitting for a drill program to test the most prospective anomalies identified from the IP survey, in conjunction with drilling from existing permitted sites on and in the vicinity of Pamlico Ridge. Drilling is expected to start in the latter half of Q1 2020.
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
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.
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