|October 25, 2018|
Newrange Gold Provides Exploration Plans and Guidance
|VANCOUVER, BRITISH COLUMBIA, October 25, 2018 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) - Newrange Gold Corp. ("Newrange" or the "Company") is pleased to provide guidance for use of proceeds and planned work programs to advance the Company's Pamlico Gold project during the remainder of 2018 and into 2019. The objective of this multi-faceted program, focused on Pamlico Ridge and its immediate area, is to initiate a maiden resource estimate in early H2 2019. |
Robert Carrington, President and CEO of the Company commented, "I am very excited to have the funding for planned work programs, especially the detailed underground mapping and sampling, and look forward to the tremendous value it will add. By spending $300,000 to $400,000 US we will generate data that would conservatively cost $5 to $6 million to generate by drilling with the added benefit of being able to physically walk in, touch it and look at it".
Highlights of Planned Programs:
Discovered in 1884, Pamlico rapidly became known as one of Nevada's highest-grade gold districts. Held by private interests for more than a century until Newrange's acquisition in 2016, the property remained underexplored in terms of modern exploration. Situated within the highly productive Walker Lane mineral belt near Hawthorne, Nevada, Pamlico enjoys excellent access, infrastructure, 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 consolidates multiple historically productive mines with more than 300 individual mine workings on the property.
The table below presents a highlights of select drill intercepts from the Company's previous work on Pamlico. Complete drill intercepts are available on the Company's website.
Select Pamlico Drill Intercepts 2017 - 2018 Drilling (All Previously Announced)
Mineralization and geology at Pamlico exhibit many highly favorable characteristics. The entire mineralized system is thoroughly oxidized to depths of 200 to 300 meters below the surface, essentially eliminating any potential for refractory mineralization due to sulfide encapsulation of the gold. The volcanic hosted mineralization has no potential for 'preg-robbing' carbon and the silica deficient nature of the gold events that occurred very late in the development of the deposit also indicate negligible potential refractory metallurgy related to silica encapsulation of the gold. While very coarse gold does exist in places, the vast majority of the gold is very fine grained with no visible gold found even in the highest-grade samples assaying up to 340 grams per metric tonne. Work to date shows gold occurs as very fine grains, generally less than 20 to 30 microns in diameter, associated with highly friable iron oxide on fracture surfaces and in breccia zones along structures.
Results at mines the world over show that fine grained to micron size gold is highly desirable for modern recovery technologies such as heap leaching and modern mill circuits because the very fine gold goes into solution faster and dissolves more completely than coarse gold.
The highly fractured nature of the rocks at Pamlico and the style of alteration have promoted the very deep levels of oxidation and indicate the rock will also have a low work index.
Newrange Gold's work at Pamlico has identified multiple highly prospective, large, target zones including Pamlico Ridge, Gold Box Canyon, E-W zone, Pediment and the East Zone that indicates one or more highly prospective, large, near surface, oxide gold systems are present across the 1,670 hectare Pamlico property.
About Newrange Gold Corp.
Newrange is an exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, and Colombia. With numerous drill intercepts of high-grade, near surface, oxide gold mineralization, the Company's 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.
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release.
Signed: "Robert G. Carrington"
President & CEO
FOR FURTHER INFORMATION CONTACT:
Chief Financial Officer and Corporate Secretary
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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.
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