Newrange Gold shares tick higher as Pamlico project in Nevada progresses

Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) shares ticked higher Thursday as it announced the next step in the evolution of the Pamlico project in Nevada.

The Vancouver-based firm has submitted all required documents to the US Bureau of Land Management (BLM) so that the existing Pamlico permits for underground development and bulk sampling go under the company’s name.

Shares on the OTC Markets added 1.9% to US$0.11. They traded at C$0.14 in Canada.

READ: Newrange Gold reports encouraging assay results, expands gold footprint at Pamlico project

“Securing these permits in the company’s name will be an important step forward, paving the way for Newrange to complete the 1,000 ton bulk sample and test mining later in 2019 or early in 2020,” CEO Robert Archer said in a statement. “The bulk sample will yield additional metallurgical information once processed, and geotechnical data compiled during the test mining will provide very important data on rock mechanics, potential for environmental impacts and other geotechnical data that will be needed in future resource estimates and mine planning.”

Newrange’s US subsidiary, NR Gold LLC, will hold the permits, including those for the 200-meter-long, partially completed Merritt decline, surface infrastructure and the yet-to-be-completed, 1,000-tonne test mining and bulk sample.

The bulk sample will inform future resource estimates, reserve definition and the eventual mine design, said the firm.
Information gathered from the work will include gold distribution as well as average grade, rock mechanics and metallurgical information.

The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Gold Bar and Sunset mines.

Discovered in 1884, the district rapidly gained a reputation as being one of Nevada’s highest-grade districts.

Underexplored property

Held by private interests for most of its history, the property remains underexplored. 

Earlier this month, the company released promising results from ongoing underground channel sampling program at the property.

“The underground sampling at Pamlico Ridge is starting to bear fruit in expanding the footprint of the gold mineralization at Pamlico,” Archer had said in a statement. “One can think of the mine workings as horizontal drill holes that provide us with low-cost information over a significant area. These initial results are a good indication that we will be able to systematically expand the individual zones of gold mineralization in a cost-effective manner while defining precise targets for follow-up drilling.” 

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Story by ProactiveInvestors