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Pamlico Project

Pamlico Summary Tabulation of All Drill Intercepts Phase II RC Drilling - Merritt Area
(*to convert grams per metric tonne (g/T Au) to troy ounces per short ton (oz/t Au): multiply g/T Au by 0.029167)

Phase II Assay Table: Summary Drill Results -- Holes P17-20 to P17-40
Hole From
(m)
To
(m)
Length
(m)
Avg. Au
g/T
Initial
Azim.
Initial
Inclin.
TD
(m)
Notes
P17-20 56.4 64.0 7.6 1.71 215 85 80.8 Stockwork like zone
P17-21 9.1 30.5 21.3 4.19 120 85 76.2  
including 25.9 27.4 1.5 45.97       New "N-Zone" indicated
P17-22 10.7 13.7 3.0 1.51 120 85 76.2 Mineralized interval in upper
rhyolite
P17-23 54.9 65.5 10.7 1.83 210 85 76.2  
P17-24 24.4 42.7 18.3 1.31 153 85 76.2 Expansion and definition of
"J-Zone"
P17-25 13.7 50.3 36.6 3.69 150 80 76.2 Expansion and definition of
"J-Zone"
including 32.0 33.5 1.5 64.88        
P17-26 19.8 48.0 28.2 4.54 165 80 61.0 Expansion and definition of
"J-Zone"
including 32.8 48.0 15.2 8.13        
with 46.5 48.0 1.5 44.41        
P17-27 12.2 21.3 9.1 2.11 210 85 342.9 Stratigraphic test hole to
342.9 m
including 16.8 18.3 1.5 12.20        
and 54.9 77.7 22.9 3.16        
including 70.1 77.7 7.6 7.32        
P17-28 53.3 62.5 9.1 2.12 215 85 76.2 New "N-Zone" indicated
including 59.4 61.0 1.5 8.99        
P17-29 25.9 29.0 3.0 12.60 215 85 76.2 New "N-Zone" indicated
P17-30 10.7 12.2 1.5 11.56 195 85 365.8 Stratigraphic test hole to
365.8 m
and 17.5 23.6 6.1 3.92        
P17-31 0.0 2.3 2.3 12.51 192 85 76.2 New "K-Zone" indicated
and 14.5 41.9 27.4 1.39        
including 27.4 29.0 1.5 13.23        
P17-32 7.6 10.7 3.0 1.88 195 85 76.2 New "K-Zone" indicated
and 14.5 16.0 1.5 6.23        
and 26.7 39.6 13.0 2.13        
and 48.0 52.6 4.6 16.87        
and 64.0 66.3 2.3 8.07        
P17-33 0.0 53.4 53.4 2.36 196 85 76.1 Expansion and definition of
K-Zone
Including 19.0 23.6 4.6 8.30        
And 34.3 37.4 3.1 18.08        
P17-34 13.7 31.2 17.5 0.71 195 85 76.1 Expansion and definition of
K-Zone
Including 16.8 18.3 1.5 6.77        
P17-35 24.4 42.7 18.3 2.51 195 85 76.1 Expansion and definition of
J-Zone
Including 32.0 33.5 1.5 26.10        
P17-36 39.6 48.8 9.2 0.74 195 85 76.1  
P17-37 38.1 50.3 12.2 0.61 195 70 91.3  
P17-38 28.9 35.1 6.2 1.10 195 70 152.2  
P17-39 No significant mineralization Step-out S-W of J-Zone
P17-40 No significant mineralization Missed M-Zone target
All results reported are length-weighted averages with no grade capping applied. Drill intercepts are for the actual drilled intercept length and may not represent true widths. Insufficient data currently exists to estimate true width. Note, From, To, and Length reported in meters, but converted from feet.

Phase II RC Drilling Program Highlights

  • The exploration results to date strongly support the presence of a NW-oriented gold corridor comprising 6 newly discovered high-grade gold Zones: J,K,L,M,N and O with a width of approximately 65 meters (~220 ft) within a broader corridor that, as indicated by historic mining and recent mapping, may have a width of over 245 meters (~800 ft). Mapping along trend to the south east of the current drill area (Merritt Area) indicates that the same NW-oriented structures are still present for at least 365 meters (~1,200 ft) in historic workings and other exposures. Strike potential to the NW is covered and unknown at this time.
  • Drilling continues to suggest that the bulk of the gold mineralization is in iron oxide dominated structures and stockwork veining.
  • No visible gold has been observed in the Company’s drill logging and underground sampling, indicating a fine grained gold distribution. As well, all mineralized intervals are completely oxidized and within 75 meters (~250 ft) of the surface.
  • Drilling in the J-Zone indicates the presence of additional mineralized structures, increasing the potential width of this high-grade area.
  • Holes P17-25 and P17-26 better define and expand the J-Zone with intercepts of 3.69 g/T Au over 36.6 meters, including 64.88 g/T Au over 1.5 meters in hole P17-25 and 4.54 g/T Au over 28.2 meters, including 44.4 g/T Au over 1.5 meters in hole P17-26.
  • Hole P17-32 delineates the new K-Zone with an intercept of 16.87 g/T Au over 4.6 meters. In addition, assay results for holes P17-21, 28 and 29 indicate the N-Zone is parallel to the adjacent M- Zone, with results of 12.60 g/T Au over 3.0 meters in P17-29 and 4.19 g/T Au over 21.3 meters in P17-21.
  • Holes P17-33 and P17-34 offset high-grade drill holes P17-31 and P17-32. Drill hole P17-33 extends the K Zone to the northwest, while hole P17-34, drilled on the same line extends gold mineralization to the southeast. Holes P17-33 and P17-34 both intersected high-grade gold mineralization within broad “halos” of web- like, stockwork style mineralization, similar to that encountered in holes P17-18, 31 and 32.
  • Hole P17-35 provides additional infill and extension of the J-Zone to the northwest with selective high-grade iron oxide style gold veining within a broader lower grade halo.
  • Hole P17-36 appears to have been collared too close to the edge of the J-Zone and overshot the target, however a 9.2 meter intercept of 0.74 g/T Au suggests that additional favorable structure and stratigraphy are present in the footwall of this zone.
  • Holes P17-37 and P17-38 were drilled roughly along trend from the K-Zone area, but encountered dramatically different host rocks and structure than expected. Although the targeted host rock sequence is much thinner in this immediate area due to faulting or stratigraphic variation, both holes produced significant intercepts. Significantly, these intercepts plus broader zones of lower grade mineralization, suggest the gold system is still present in this area as it continues to the northwest.
  • Holes P17-27 and P17-30 were two deep (350 m) successful stratigraphic test holes that identified multiple new rock units favorable for hosting gold mineralization at Pamlico.

Pamlico Summary Tabulation of All Drill Intercepts Phase I RC Drilling - Merritt Decline Area
(*to convert grams per metric tonne (g/T Au) to troy ounces per short ton (oz/t Au): multiply g/T Au by 0.029167)


Hole From
(meters)
To
(meters)
Intercept length
(meters)
Gold grams per tonne
(g/T Au)
P17-02 21.3 25.9 4.57 1.91
And 42.7 64.0 21.34 1.27
Including 61.0 64.0 3.05 6.27
P17-03 62.5 64.0 1.52 51.00
P17-04 7.6 16.8 9.15 1.89
Including 9.2 10.7 1.52 9.40
P17-05 21.3 22.8 1.50 17.90
P17-08 30.5 51.8 21.34 13.67
Including 30.5 39.6 9.15 27.80
Including 35.1 39.6 4.57 44.90
Including 35.1 36.6 1.53 84.90
P17-09 16.8 50.3 33.54 1.10
Including 18.3 19.8 1.53 4.23
Including 39.6 41.2 1.53 9.50
And 65.6 67.1 1.52 6.82
P17-10 18.3 19.8 1.53 6.44
And 25.9 38.1 12.20 49.49
Including 27.4 33.5 6.10 97.94
Including 27.4 29.0 1.52 340.90
P17-12 25.9 27.4 1.52 6.95
And 56.4 70.1 13.72 5.99
Including 57.9 62.5 4.57 14.52
P17-13 50.3 61.0 10.67 0.81
P17-14 9.1 35.1 25.91 0.46
P17-15 51.8 73.2 21.34 0.88
P17-17 1.5 72.4 70.88 3.57
Including 8.4 13.0 4.57 43.80
Including 10.7 11.4 0.76 244.30
And 22.9 23.6 0.76 35.40
P17-18 54.1 64.0 9.91 15.27
Including 56.4 58.7 2.29 58.50

All results reported are length-weighted averages with no grade capping applied. Drill intercepts are for the actual drilled intercept length and may not represent true widths. Insufficient data currently exists to estimate true width.


Phase I RC Drilling Program Highlights

  • These latest drill results continue to define and expand the presence of high-grade gold mineralization in the vicinity of the Merritt Zone and Merritt Decline (see prior news releases on previous underground channel sampling and drill results by Newrange). Notably, this drilling intersected high-grade, oxide mineralization above the Merritt Zone, expanding the zone's shallow potential. This potential was previously overlooked because historic drilling was not assayed from the surface to a depth of 55 meters.

  • Hole P17-03 drill tested the projection of high-grade gold mineralization east of the decline and south of the Merritt Zone intersecting 1.5 meters of 51 grams gold per metric tonne (g/T Au).

  • Holes P17-04 and P17-05 were drilled in a fan to confirm the presence of high-grade gold mineralization and test lateral and up dip projections of mineralization reported in historic holes PRC36, M10-04 and M10-17. Hole P17-04 intersected 1.5 meters of near surface mineralization assaying 9.40 g/T Au. Hole P17-05 intersected 1.6 meters assaying 17.9 g/T Au. Importantly, these holes confirm the presence of high-grade gold bearing structures and indicate good lateral and vertical continuity of mineralization near the surface in this area.

  • Holes P17-08, 09 and 10 are interpreted to have discovered a new zone of near surface high-grade gold mineralization approximately 50 meters south of the end of the decline. Drilling tested favorable structural projections beneath an area of shallow alluvial cover. Holes P17-08 and 09 were drilled from the same site and P17-10 was drilled approximately 15 meters to the northwest. P17-08 intersected a mineralized zone averaging 13.67 g/T Au over 21.3 meters, including a higher grade sub-zone averaging 27.8 g/T Au over 9.1 meters with a highgrade interval averaging 84.90 g/T Au over 1.5 meters. Hole P17-09 is interpreted to have been drilled over the top of, and sub-parallel to the structure intersected in P17-08 and returned 9.5 g/T Au over 1.5 meters and 6.82 g/T Au over 1.5 meters. Hole P17-10 intersected 49.49 g/T Au over 12.2 meters with a higher grade sub-zone averaging 97.94 g/T Au over 6.1 meters including an interval of 340.9 g/T Au over 1.5 meters.

  • Hole P17-12 intersected 4.6 meters averaging 14.5 g/T Au, within a broader interval of 13.7 meters averaging 6.0 g/T Au. This intercept is at an approximate vertical depth of 40 meters from the surface (58 meters down-hole), and extends the known limits of high-grade gold mineralization more than 35 meters to the west of previous drilling.

  • Hole P17-17 intersected 0.8 meter assaying 244.3 g/T Au from 10.6 to 11.4 meters. This is the Company's second highest grade drill intercept to date, and is included within a broader interval of 4.6 meters averaging 43.8 g/T Au from 8.4 to 13.0 meters. Hole 17 also intersected a second high-grade zone assaying 35.4 g/T Au over 0.8 meter from 22.8 to 23.6 meters.

  • Hole P17-18 intersected 2.3 meters averaging 58.5 g/T Au from 56.4 to 58.7 meters, within 9.9 meters averaging 15.27 g/T Au from 54.1 to 64 meters.

  • Holes P17-13, 14 and 15 all contain significant intercepts of disseminated, lower grade mineralization, confirming and expanding the extent of "halo" gold mineralization more than 30 meters south of the decline.

Pamlico Gold Project
Underground Channel Sampling - Newrange Gold
  • Sampling of Merritt decline by Newrange in Feb. 2017. The decline had never been sampled before.
  • 80 meters, continuous interval (saw cut) sampled providing drill quality results.
  • Multiple high-grade gold zones discovered within large widths of disseminated mineralization.
  • Composite average of 75.5 meters @ 2.92 g/T Au.
  • High-grade + disseminated mineralization opens up potential for bulk and/or open pit mining.

Decline Saw Cut Channel Sample Results

  From
(meters)
To
(meters)
Length
(meters)
Average
oz/t gold
Average
g/T gold
Right Rib 0 32.0 32.0 0.205 7.02
Zone 1 9.1 22.9 13.8 0.503 17.25
Incl. 9.1 13.7 4.6 0.772 26.46
Incl. 12.2 13.7 1.5 1.735 59.50
Incl. 19.8 21.3 1.5 1.076 36.90
Zone 2 27.4 32.0 4.6 0.316 10.84
Incl. 30.5 32.0 1.5 0.843 28.90
Zone 3 32.0 76.2 44.2 0.027 0.91
 
Left Rib 0 73.9 73.9 0.076 2.59
Zone 1 9.6 11.1 1.5 3.055 104.75
 
Decline Avg. 0 75.5 75.5 0.085 2.92

Note: Average grades reported are length-weighted average of all assays within the reported interval. No grade capping has been applied. Reported lengths are sampled lengths. Based on available structural information, true widths are estimated to be 90% or greater of these sample intervals.