Newrange Gold advancing highly prospective assets in Nevada and Ontario

• Pamlico is a new gold discovery in virtually unexplored area of Nevada
• Nevada is rated the fifth-largest gold producer and number one mining destination in the world
• Exciting ground in Ontario as well

What Newrange Gold does:

Newrange Gold Corp’s (CVE:NRG) flagship project is the high-grade, near-surface gold discovery at Pamlico in mining-friendly Nevada.

The company boasts a large footprint, covering 2,548 hectares, which also encompasses a past gold producing area (with old mine workings) but has been unexplored and in private hands (three families) since 1896 so it has seen almost no modern exploration techniques.

Newrange is earning-in to 100% of Pamlico, which lies along US Highway 95, via staged annual payments up to 2044. There are around 8,000 meters (m) of tunnels scattered throughout the district and 300 adits (entrances) in the old workings but no maps and data. The Pamlico group of mines includes the Good Hope, Gold Bar, and Sunset mines.

The state of Nevada is a well-known mining hotspot and the world’s fifth-largest producer of the yellow metal, with an eye-watering 169.1 million ounces having been generated from the state between 1835 and 2018.

Newrange also holds the 3,850 hectare North Birch Gold project (the new name for its optioned Western Fold Property and H Lake property) which lies around 100 kilometers (km) northeast of the town of Red Lake, Ontario, Canada.

How is it doing:

In April, Newrange Gold announced the completion of an induced polarization (IP) survey at the company’s North Birch Project in the Red Lake Mining Division of Ontario, which successfully outlined “a number of high priority targets” for the company’s upcoming summer drill program.

Exploration at North Birch is modeled after the Musselwhite Mine in northwestern Ontario, owned and operated by Newmont-Goldcorp, where gold is hosted in a folded and sheared iron formation.

Newrange added that it is preparing to “establish a camp in late May to be manned by a geological field crew for the summer.”

Meanwhile in late March 2021, Newrange said it had successfully expanded the Induced Polarization (IP) survey on its Pamlico Project in Nevada, as it was “prudent to enlarge the property to cover as much of the new anomalies as possible.” 

Newrange said the new survey comprised 56.35-line kilometers, bringing the total, including the 2019-20 survey, to more than 76.5-line kilometers, covering the entire property. Three large areas of anomalous chargeability were detected, all of which encroached on the property boundary.

The company in February also revealed that it had discovered high-grade oxide mineralization around 85m east of the Merritt Zone at Pamlico, representing a new gold zone.

Results from reverse circulation (RC) drilling included 4.38 grams per ton (g/t) gold over 13.7 meters (m) and 22.4 g/t gold from a depth of 94.5 to 96m, and 13 g/t gold over 1.5m from 123.5 to 125m.

All mineralization is within 117m of the surface and Newrange said it was planning a follow-up drill program to help determine if the new zone is continuous with the Merritt Zone.

In addition, it said, diamond drilling is anticipated to begin in around three weeks and will likely entail a minimum of five holes to test a deep chargeability anomaly and to test a new anomaly in the Skarn area.

On January 12, Newrange had reported that reverse circulation (RC) drilling in the Gold Box Canyon, Merritt, and Good Hope Mine areas had revealed shallow oxide gold mineralization that covers an area of approximately 0.75 square kilometers.

The company noted that these drill results, which included 3.05m averaging 4.3 (g/t) gold, together with all its previous drilling and underground sampling, continued to indicate that oxide gold mineralization at Pamlico occurs in a large, near-surface, shallow-dipping to nearly flat, laterally-extensive structural zone.

In December 2020, the group had announced the further discovery of a new gold zone at Pamlico, around 1,300m north-northeast of the Pamlico Ridge area. Most notable was one hole, which intersected 0.7 grams per ton (g/t) gold over 18.3m within a larger envelope of 0.4 g/t gold over 51.8m.

Away from Pamlico, in February 2021, the company also announced that line cutting, the first step of exploration, had begun at its North Birch Project east of Red Lake, Ontario.  It said an IP geophysical survey comprising approximately 90 line kilometres will follow, and the results will be used to generate targets for follow-up diamond drilling. 

Inflection points:

• More exporation results from Pamlico 
• Gold price moves
• More news from North Birch project

What the broker says:

In an update to clients on April 27, Noble Capital Markets analysts commented on Newrange Gold’s recent induced polarization (IP) survey of its North Birch gold project in Ontario, which they said “revealed several well-defined anomalies to target for the summer drilling program.”

“With the completion of the IP survey and proceeds realized from the sale of flow-though units, the company is poised to accelerate progress at its North Birch property,” the analysts wrote.

They noted that about 2,500 meters of drilling at North Birch is expected to begin in late June through early July following mapping and sampling across most of the 3,850-hectare property.  

The analysts added that Newrange recently raised gross proceeds C$1 million in a flow-through equity financing that will be used to advance the North Birch project.

Newrange Gold also expects to close a C$1.3 million non-flow-through financing shortly, which will be directed towards its Pamlico project in Nevada.  The Noble Capital analysts said Newrange has made “significant progress” in advancing its exploration program at Pamlico.

Noble Capital analysts reiterated their ‘Outperform’ rating on shares of Newrange Gold with a $0.20 target price.  

What the boss says:

“The new IP survey has been highly successful in not only further defining and extending the known anomalies but has identified others of potential significance,” said Newrange CEO Robert Archer, commenting on the Pamlico Project announcement in March.

“All three anomalous zones, the Northwest, East and Southeast Areas, are 2-3 kilometers in size and each contains more than one discrete zone of high chargeability. Collectively, they reflect a district-scale cluster extending approximately five kilometers east-west and more than six kilometers north-south. For this reason, we considered it prudent to enlarge the property to cover as much of the new anomalies as possible.”

Contact Sean at [email protected]

Story by ProactiveInvestors