Mr. Robert Archer reports
NEWRANGE GOLD ENLARGES PROPERTY HOLDINGS IN RED LAKE MINING DIVISION
Newrange Gold Corp. has signed an option agreement to earn a 100-per-cent interest in the H Lake property from Bounty Gold Corp., subject to a 2-per-cent net smelter return (NSR). The property is contiguous to the western boundary of the Western Fold property in the Birch-Uchi greenstone belt in the Red Lake mining division recently optioned by Newrange (see press release of Dec. 24, 2019).
The H Lake property comprises approximately 1,550 hectares and covers a portion of the same folded iron formation as the Western Fold property. Together, the two properties encompass 3,850 hectares and cover the entire iron formation package. Going forward, the combined properties will be given the new name of the North Birch project. A new project page has been set up on the company's website with information and maps.
"With this second option, we have secured what we believe to be the most favourable geology in the northwestern part of the Birch-Uchi greenstone belt," stated Robert Archer, Newrange's chief executive officer. "Although the main iron formation has never been drill tested, there is gold in the area and this geological setting is considered to be highly prospective for a new discovery. Given that we are now well financed through 2020, this will only add to the company's valuation as we continue to advance our flagship Pamlico project in Nevada."
The terms of the H Lake option agreement call for Newrange to make cash payments totalling $50,000 and issuing an aggregate of 400,000 common shares over a one-year period to earn a 100-per-cent interest in the property, subject to a 2-per-cent net smelter return royalty, half of which can be purchased for $1-million. The option agreement is subject to the approval of the TSX Venture Exchange.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near-term to intermediate-term production opportunities in favourable jurisdictions, including Nevada, Colorado and Ontario. 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.
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