Mr. Robert Archer reports
NEWRANGE GOLD PROVIDES FIRST RESULTS FROM DRILL PROGRAM AT PAMLICO
Newrange Gold Corp.
has provided the first results from the continuing reverse circulation drilling program at the Pamlico gold project in Nevada. Employees and the drill crew are successfully working under a strict COVID-19 protocol, both on and off site, to ensure the health and safety of all. Mineral county, in which Pamlico is situated, has had only 11 confirmed cases of COVID-19 to date, all with full recoveries.
A total of 2,505 metres have been drilled in 25 holes to date and the 14 holes reported herein cover approximately 450 m of strike length along the central part of Pamlico Ridge, between the historic Pamlico and Gold Bar mines. Gold-silver mineralization consists of higher-grade structures, up to 9.51 grams per tonne gold, surrounded by an envelope of lower-grade material as has been observed in previous drilling and in underground workings. Mineralization drilled to date is oxide in nature, mostly within 100 m of the surface and remains open in all directions.
"We are making good progress in our understanding of the geological setting along Pamlico Ridge," stated Robert Archer, Newrange's chief executive officer. "These first results are helping to define the continuity of mineralized zones and areas of better grade. We have only just started to drill the Gold Bar and Good Hope mines, and anticipate drilling at least 3,000 metres in 25 additional holes that are already permitted in this initial part of the program. Importantly, we have also tested several shallow induced polarization targets and in every case have intersected disseminated pyrite or the oxidized remnants of sulphide mineralization. Once we have assay results from these, we will have a better idea of the gold-pyrite association, which will, in turn, assist in targeting the deeper IP anomalies."
In the results to date, oxide gold-silver mineralization is contained within a broad and laterally continuous package of receptive volcanic rocks consisting predominantly of latite to rhyolite lithic tuffs and rhyolite flows. Current field observations indicate three or more separate mineralized structural trends consisting, from oldest to youngest, north-northeast striking structures with moderate dips cut by northwest structures dipping moderately to the northeast and southwest, which are in turn cut by east-northeast structures with moderate southerly dips. The northwest striking structures have the greatest lateral extent and commonly form near surface, dip slope mineralized zones.
TABLE OF DRILLING RESULTS
Hole Depth (m) From (m) To (m) Length (m) Gold (g/t) Silver (g/t)
P20-48 76.2 44.2 64.0 19.8 0.408 8.46
Including 53.4 64.0 10.7 0.516 5.43
P20-49 106.7 38.1 73.2 35.1 0.104 6.91
P20-50 106.7 44.2 51.8 7.6 0.487 12.80
Including 45.7 51.8 6.1 0.581 14.25
P20-51 137.2 15.2 16.8 1.5 0.497 <5
80.8 93.0 12.2 0.112 6.94
P20-52 137.2 13.7 19.8 6.1 1.094 17.50
118.9 122.0 3.0 5.262 17.00
Including 120.4 122.0 1.5 9.507 20.00
131.1 137.2 6.1 2.195 3.88
Note: P20-52 bottomed in 0.632 g/t Au at 137.2 m
P20-53 106.7 56.4 71.6 15.2 1.194 7.90
Including 61.0 62.5 1.5 5.271 14.00
P20-54 106.7 42.7 54.9 12.2 0.008 5.44
P20-55 106.7 24.4 29.0 4.6 0.547 10.17
59.5 71.6 12.2 0.654 6.13
83.8 86.9 3.0 1.163 15.00
P20-56 173.7 41.2 44.2 3.0 1.338 10.00
93.0 96.0 3.0 0.700 5.25
P20-57 106.7 30.5 71.6 41.2 0.459 5.87
Including 67.1 71.6 4.6 3.642 5.17
Including 67.1 68.6 1.5 7.632 6.00
P20-58 91.4 29.0 32.0 3.0 0.891 20.00
59.5 67.1 7.6 0.667 12.40
P20-59 91.4 0.0 6.1 6.1 0.301 14.50
42.7 44.2 1.5 2.269 13.00
P20-60 106.7 0.0 4.6 4.6 0.608 12.00
P20-61 91.4 16.8 21.3 4.6 0.434 11.33
Permitting is still pending for some sites and roads beyond the next 25 holes, and, once those are completed, drilling will continue with a combination of RC and diamond drilling as some targets are deeper and beyond the depth capability of the RC drill. In other instances, diamond drilling will be used to gain geological information that will be important for the interpretation of the controls on mineralization. Ultimately, the drilling program is anticipated to entail up to 10,000 m over the next several months.
As previously announced, the company has commenced the monetization of its former non-core assets in Colombia in order to provide non-dilutive financing for the drill program. The first half of the shares of GoldMining Inc. that were received from the sale of the Yarumalito property have been sold in the open market, generating just over $1-million. The remaining half of the shares will be delivered out of escrow when the Yarumalito licence is transferred to GoldMining's Colombian subsidiary; however, the time frame for this is unknown as the Colombian government is still shutdown due to COVID-19 restrictions. A $750,000 (U.S.) payment is due to the company in February, 2021, from the sale of Newrange's Colombian subsidiary and remaining projects.
In addition, some shareholders have been taking advantage of the increased trading volume and higher share price to exercise their warrants and options, yielding additional finances for the company. There are still more than seven million warrants outstanding that expire in October and this should generate approximately $800,000 over the next few months to finance the continuation of drilling.
Quality assurance/quality control
Robert G. Carrington, PGeo, a qualified person as defined by National Instrument 43-101, the president and chariman of the company, has reviewed, verified and approved for disclosure the technical information contained in this news release. All drilling was conducted by reverse circulation methods using a five-inch-diameter centre recovery bit. All drilling was supervised by professional geologists. Samples were collected on 1.5 m (five-foot) intervals. Drill cuttings were captured in a closed system cyclone, then riffle split in a three-tiered Jones-type splitter. Samples were then securely
stored and delivered to Paragon Geochemical Laboratories in Sparks, Nev., for sample preparation
and analysis. Samples were dried then stage crushed to 80 per cent passing 10 mesh. A 500-gram subsample was then split out and pulverized to 90 per cent passing 140 mesh from which one assay ton, approximately 30-gram samples, were split for analysis by fire assay with an optical emission spectrometry finish. Samples assaying in excess of five g/t Au were reassayed by fire assay with a gravimetric finish. Silver was determined by fire assay with a gravimetric finish. In addition to the quality assurance/quality control conducted by the laboratory, the company inserts blanks, standards and certified reference material at a rate of not less than one in 20.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near- to intermediate-term production opportunities in favourable jurisdictions including Nevada, Ontario and Colorado. 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.
We seek Safe Harbor.
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