Newrange Gold Corp. Confirms Structural Interpretation with First Drill Hole at North Birch Project
VANCOUVER, March 9, 2022 - Newrange Gold Corp. ("Newrange" or the "Company") (TSXV:NRG), (OTC:NRGOF), (Frankfurt: X6C) is pleased to announce that the first diamond drill hole on the Primary Target Horizon ("PTH") at the 100% owned North Birch Project has confirmed the presence of a strong deformation zone, well in excess of 100 metres wide, as originally interpreted from the geophysics (see Figure 1). The sheared and folded basalts and iron formation ("IF") also display moderate to intense carbonate alteration and local quartz veining. Pyrite and pyrrhotite mineralization occur as disseminations, stringers and, locally, as 'clots' within quartz veins and veinlets.
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Figure 1: Airborne magnetic map of the North Birch Property highlighting folded iron formation (in red/purple), gold showings and primary target horizon for the 2022 drilling program
"The first hole is encouraging as it is an important step in confirming our exploration model at North Birch," stated Robert Archer, Newrange's President & CEO. "The structural environment as interpreted from airborne magnetics and LiDAR imagery is the basis for identifying the PTH. In this environment both the IF and the basalts can be mineralized and the presence of strong shearing and carbonate alteration with local quartz veining and sulphides are great indicators that we are on the right track."
Hole NB22001 was designed to provide geological information in the vicinity of an interpreted fold structure. It was drilled first mainly for logistical reasons, being closest to camp and a water source, as the temperature had dropped to -40°C during mobilization and setup. Holes NB22002 to 005 will continue to step out to the north-west along the Primary Target Horizon and test coincident chargeability and magnetic anomalies along a three-kilometre strike length.
The 3,850-hectare North Birch project is located in the Birch-Uchi greenstone belt northeast of Red Lake, Ontario, immediately adjacent to the past-producing Argosy Gold Mine (also owned by Newrange) and 12 kilometres from the Springpole Deposit being developed by First Mining Gold.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by David Hladky, P.Geo., Senior Geologist for Newrange and a Qualified Person as defined under National Instrument 43-101.
About Newrange Gold Corp.
Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The Company's Pamlico Project in Nevada contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares. In the prolific Red Lake District of northwestern Ontario, the past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. 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"
President & CEO
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.
