15:25:27 EDT Thu 28 Mar 2024
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Newrange Gold Corp
Symbol NRG
Shares Issued 96,978,482
Close 2019-10-30 C$ 0.15
Market Cap C$ 14,546,772
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Newrange Gold samples up to 68 g/t Au at Pamlico

2019-10-30 10:27 ET - News Release

Mr. Robert Archer reports

NEWRANGE GOLD EXPANDS AND ESTABLISHES CONTINUITY OF MINERALIZATION AT GOOD HOPE MINE

Newrange Gold Corp.'s continuing underground channel sampling at the company's Pamlico project has confirmed continuous gold and silver mineralization between the 5570 and 5518 levels of the Good Hope mine. Results of sampling in stopes and raises between the two levels show a higher-grade core of mineralization, averaging 4.08 grams gold per metric tonne and 51.5 grams silver per metric tonne and ranging from 0.3 to one metre wide, with an average width of 0.7 metre, within a larger mineralized envelope that averages 1.2 g/t Au and 21.8 g/t Ag. The mineralization is defined by 58 samples ranging in grade from 0.017 to 68.0 g/t Au.

Combined with results from the 5570 level (see Newrange press release dated Aug. 6, 2019), which averaged 12.48 g/t Au and 49.55 g/t Ag over a 24-metre strike length, within a larger zone averaging 1.15 g/t Au and 20.48 g/t Ag over a strike length of 144 metres, and separate results for the 5690 level (see Newrange press release dated May 14, 2019), which averaged 13.89 g/t Au and 71.19 g/t Ag over 40 metres, the current results indicate a zone of mineralization with a strike length ranging from 40 metres to more than 144 metres and a dip extent in excess of 99 metres that remains open to expansion. Sample lengths for the larger zones are controlled by stope widths that typically vary from one metre to 2.2 metres in this area. Historically, stopes were selectively developed on the higher-grade mineralization, and the extent of "halo" mineralization may be wider than the sampled width. A map and cross-section may be viewed by visiting the company's website.

"Our underground sampling program at Pamlico is continuing to provide valuable information in an extremely cost-effective manner," commented Robert Archer, Newrange's chief executive officer. "The Good Hope mine is the southernmost of, and on trend with, the principal past-producing mines along the 1.5-kilometre-long Pamlico Ridge. Although there are results still to come in from this mine, our crew has moved to the adjacent Gold Bar mine, where we have found visible gold in the historic dumps outside the portals. In addition to the geological information being obtained, the lidar [light detection and ranging] surveying of the underground workings is providing accurate geospatial information that will help guide future drilling in this area."

Mineralization in the Good Hope mine forms a near-surface dip slope zone within 25 to 50 metres of the surface. It appears to be controlled by a system of undulating, curvilinear, east-northeast-to-east-southeast-trending, low-angle structures with gentle southerly to southwesterly dips. It is centred slightly more than one kilometre southeast of the Merritt decline, where previous channel sampling by the company obtained results averaging 2.92 g/t Au over 75.5 metres, as announced in the company's press release dated April 11, 2017.

Work program and timeline

To date, the company has completed lidar scans of all accessible workings in the Merritt decline, the Good Hope mine and the Gold Bar mine, as well as the lower levels in the Pamlico mine. The upper levels of the Pamlico mine and an area of mine workings referred to as the West zone remain to be surveyed. Channel sampling has been completed in the Merritt decline, the Good Hope mine and most of the lower levels of the Pamlico mine, with assays pending from several of the upper levels of the Good Hope mine. In addition, the entire trend of mineralization along the subparallel Gold Box Canyon has yet to be surveyed and sampled.

The company has contracted Zonge Geophysics to conduct an induced polarization/resistivity survey of select areas of the property, which is currently scheduled to take place in December, subject to Zonge's availability.

Quality assurance/quality control and methodology

Samples for assay were securely delivered to American Assay in Sparks, Nev., for sample preparation and analysis. Samples were dried, then stage crushed to 80 per cent passing 10 mesh. A 1,000-gram subsample was then split out and pulverized to 140 mesh, from which 50-gram samples were split for analysis by fire assay with atomic absorption finish. All samples assaying more than 10 grams per tonne gold are checked and reassayed using 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 (CRM) at a rate of one in 20.

Robert G. Carrington, professional geoscientist, 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

Located 12 miles southeast of Hawthorne, Nev., along U.S. 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. 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. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.

About Newrange Gold Corp.

Newrange is an aggressive exploration and development company focused on near-to-intermediate-term production opportunities in favourable jurisdictions, including Nevada, Colorado and Colombia. With numerous drill intercepts of near-surface oxide gold mineralization to 340 grams gold per tonne, 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.

We seek Safe Harbor.

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