Newrange Gold Corp. Completes IP Survey at Pamlico and Enlarges Property
VANCOUVER, March 23, 2021 - Newrange Gold Corp. ("Newrange" or the "Company") (TSXV:NRG) US (OTC:NRGOF) (Frankfurt:X6C) is pleased to announce that the expanded Induced Polarization (IP) survey on the Pamlico Project in Nevada has been completed and interpreted. 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 such that the Company has staked additional ground, more than doubling the size of the property. The ultimate size will depend upon an ongoing assessment of the new anomalies and the geological setting and prospectivity of each. "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," stated Robert Archer, Newrange's CEO. "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 (see 3D map here). 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.
The Northwest Area contains the previous 'Line 5' anomaly that we have interpreted to be related to gold mineralization in the Merritt and '91' Zones and the historic mines along Pamlico Ridge. The Southeast Area covers our previously identified Skarn Zone, while the East Area is new and may be related to the Southeast Area anomalies. Our new exploration model is being updated to incorporate these results and field work has been expanded to include mapping, prospecting and soil sampling of the anomalous areas."
Given the association of gold mineralization with oxidized fine-grained sulfides at Pamlico, IP has been critical in detecting remnant pyrite below the oxidation level. The identification of several large IP anomalies in the Pamlico area is highly encouraging as these could be the manifestation of extensive pyrite mineralization that, in turn, could be related to the gold mineralization in the district.
Final preparations are being made to recommence the Reverse Circulation (RC) drilling program following up on the discovery of high-grade gold mineralization just east of the Merritt Zone (see Newrange News Release of February 23, 2021) and to initiate a diamond drilling program. The latter will consist of a minimum of 5 holes in approximately 2,500 meters and will initially test the deep chargeability anomalies in the '91' Zone area and the Skarn Zone. It is likely that this program will be expanded.
Quality Assurance - Quality Control
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.
About Pamlico
Discovered in 1884, the Pamlico 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. A new geological model being developed for the Pamlico Project by Newrange suggests that past production may be just the exposed manifestation of a much larger, and mostly buried, gold-bearing system.
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.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Ontario and Colorado. With locally high-grade, near surface oxide gold mineralization, 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
For further information contact:
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
Email: info@newrangegold.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: dcross@crossdavis.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
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.
