Newrange Gold Updates Exploration Model for Pamlico Project
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / March 26, 2019 (TSXV: NRG, OTCQB: NRGOF, Frankfurt: X6C) – Newrange Gold Corp. ("Newrange" or the “Company") is pleased to provide an update on the ongoing geological interpretation and relevance for the exploration model on the Pamlico Project in Mineral County, Nevada. A review of all Reverse Circulation (RC) drill hole assays (highlights of all holes have been previously released and results available on the Company’s website at www.newrangegold.com) has concluded that gold mineralization appears to fall into three broad categories: High-grade (>10 g/t) gold mineralization, locally with coarse visible gold, exists in discontinuous vein-like structures that cut mid-grade (1-10 g/t Au) fracture-controlled gold mineralization that, in turn, is surrounded by a large ‘cloud’ of lower-grade (<1.0 g/t Au) mineralization.
Furthermore, the level of oxidation locally extends for approximately 300 meters beneath the surface and recent metallurgical work completed on drill hole samples has indicated high recoveries, low reagent consumption and fast leach times (See Newrange news releases dated Dec. 11, 2018 and Feb. 5, 2019), all of which are favourable features for heap leaching. Due to the Company’s previous focus on the high-grade zones, samples with fire assay grades less than 0.12 g/t Au had not been reported as containing significant mineralization. However, given the favourable metallurgy and revised geological interpretation, an internal exercise to estimate the grade ranges of the entire assay suite and examine the overall tenor of the system was undertaken. Assays from all 47 RC holes drilled by Newrange were tabulated with the following length weighted results at different potential cut-off grades:
--------------------------------------------------------- |Cutoff (g/t Au)|# Samples|Meters|Average Grade (g/t Au)| |-------------------------------------------------------| |No cut |All– |5,402 |0.581 | | |4,093 | | | |-------------------------------------------------------| |0.01 |2,476 |3,171 |0.986 | |-------------------------------------------------------| |0.05 |1,218 |1,498 |2.063 | ---------------------------------------------------------Note: The reader is cautioned that the above numbers do not represent a resource estimate and do not imply any economics. They are only presented as an indication of the grade distribution within the 47 RC holes drilled to date in order to refine the exploration model for future drill hole targeting. The Company is working towards the completion of a NI 43-101 compliant resource estimate later in 2019.
“The recognition that the high-grade zones we have found may actually represent ‘sweeteners’ within a much larger, lower grade system is a significant step in the development of our exploration model at Pamlico,” stated Robert Archer, CEO. “Not only does it explain the somewhat discontinuous nature of discrete gold veins but it allows us to step back and focus on the potential of the whole system. When the drill results are considered in this context, it validates our premise that Pamlico has significant potential to host a large lower-grade gold deposit with excellent metallurgy. The area of drilling extends approximately 500 by 100 meters, within a 1,500 by 1,000 meter area hosting the old mine workings. Future drilling will take this new model into consideration and will include fill-in holes within the existing drill pattern to demonstrate continuity and step out holes to test the extent of mineralization throughout the area of artisanal mining.”
The program of mapping, sampling and surveying of the underground workings is continuing. New, previously unknown adits and stopes have recently been discovered, expanding the known footprint of the mineralized system and providing additional opportunities for data collection. Additional metallurgical work is underway, and a detailed exploration program is being developed that will allow for the progressive delineation of gold mineralization with the goal of establishing a maiden resource.
Mr. Robert G. Carrington, P. Geo, 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, Nevada, along US 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.
Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia. 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. 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.
CEO & Director
For further information contact:
Sharon Hebgin Dave Cross
Corporate Communications Chief Financial Officer and Corporate Secretary
Phone:
760-898-9129
Phone:
604-669-0868
Email:
info@newrangegold.com
Email: dcross@crossdavis.com
Website: www.newrangegold.com
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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