NEWRANGE GOLD DRILLS 6.1 METERS OF 98 G/T AU, DISCOVERS NEW ZONE AT PAMLICO GOLD PROJECT, NEVADA
Newrange Gold Corp. has released drilling results for the first 10 holes of the recently completed 19-hole reverse circulation (RC) phase I drilling program focused on the Merritt zone of the Pamlico gold project.
Highlights for these results
Results from the first 10 holes were highly successful, supporting the continuity of gold mineralization in the vicinity of the Merritt decline (see prior news releases on underground channel sampling results by Newrange Gold) and historical high-grade drill intercepts in the Merritt zone by prior operators. Work to date in the Merritt area indicate a mineralized zone approximately 100 metres to 130 metres wide that is presently open ended along strike.
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 metres of 51 grams gold per tonne.
Holes P17-04 and P17-05 were drilled in a fan to confirm the presence of high-grade gold mineralization and test lateral and updip projections of mineralization reported in historical holes PRC36, M10-04 and M10-17. Hole P17-04 intersected 1.5 metres of near-surface mineralization assaying 9.40 grams per tonne gold. Hole P17-05 intersected 1.6 metres assaying 17.9 grams per tonne gold. 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, P17-09 and P17-10 are interpreted to have discovered a new zone of near-surface high-grade gold mineralization approximately 50 metres south of the end of the decline. Drilling tested favourable structural projections beneath an area of shallow alluvial cover. Holes P17-08 and P17-09 were drilled from the same site, and P17-10 was drilled approximately 15 metres to the northwest. P17-08 intersected a mineralized zone averaging 13.67 grams per tonne gold over 21.3 metres, including a higher-grade subzone averaging 27.8 grams per tonne gold over 9.1 metres with a high-grade interval averaging 84.9 grams per tonne gold over 1.5 metres. Hole P17-09 is interpreted to have been drilled over the top of, and subparallel to, the structure intersected in P17-08 and returned 9.5 grams per tonne gold over 1.5 metres and 6.82 grams per tonne gold over 1.5 metres. Hole P17-10 intersected 49.49 grams per tonne gold over 12.2 metres with a higher-grade subzone averaging 97.94 grams per tonne gold over 6.1 metres, including an interval of 340.9 grams per tonne gold over 1.5 metres.
Robert G. Carrington, chief executive officer, made the following comments: "These initial results indicate that Pamlico is a unique high-potential opportunity for Newrange Gold. The extremely rich Merritt zone, where we are focusing our initial exploration efforts right now, is one of five similar target areas, covering only one-half of 1 per cent of this property and less than one-10th of 1 per cent of the combined strike extent of the more than 300 known veins and mineralized structures on the property. The knowledge gained in this area will guide future exploration for several similar target areas elsewhere on the property, including the Gold Box, Central and Sunset mine zones. I look forward to the receipt of assays for the remaining nine holes of the phase I drill program and for more information that will come from ongoing exploration work under way at Pamlico. We are truly excited by what we are seeing develop here."
PHASE I DRILL RESULTS -- FIRST 10 HOLES
Hole Total depth From To Length Au
(m) (m) (m) (m) (g/t)
P17-02 122.0 21.3 25.9 4.6 1.91
And 42.7 64.0 21.3 1.27
Including 61.0 64.0 3.0 6.27
P17-03 106.7 62.5 64.0 1.5 51.00
P17-04 106.7 7.6 16.8 9.2 1.89
Including 9.2 10.7 1.5 9.40
P17-05 112.8 21.3 22.8 1.5 17.90
P17-08 106.7 30.5 51.8 21.3 13.67
Including 30.5 39.6 9.1 27.80
Including 35.1 36.6 1.5 84.90
P17-09 122.0 16.8 50.3 33.5 1.10
Including 18.3 19.8 1.5 4.23
Including 39.6 41.1 1.5 9.50
And 65.6 67.1 1.5 6.82
P17-10 61.0 18.3 19.8 1.5 6.44
And 25.9 38.1 12.2 49.49
Including 27.4 33.5 6.1 97.94
Including 27.4 8.9 1.5 340.90
All results reported are length-weighted averages with no
grade capping applied. Lengths of drill intercepts are for
the actual drilled intercept length and may not represent
true widths. Insufficient data currently exist to
estimate true width.
The company plans to aggressively pursue exploration at Pamlico during the coming months.
Planned work will include:
Continuation of the continuing program of surface and underground mapping and sampling currently under way;
Finalizing arrangements to complete a property-wide airborne geophysical survey consisting of high-resolution airborne magnetometry and radiometrics;
Selection of suitable composite sample for preliminary metallurgical study once the company has the results for all 19 holes of the current phase I drilling program;
Finalizing plans for a large-diameter PQ-core diamond drilling program;
Expanding program of RC drilling;
Assessing potential to initiate program of bulk sampling/test mining utilizing the existing decline and infrastructure.
Great anticipation on the halted trading. How long can a company keep a stock halted, with no news yet?
It reached a high of $.55 on May 12, I think, before pulling back to as low as $.32. I do not know the significance of it showing a present bid of $.47 on Interactive Brokers, no ask. I guess that means nothing.
Exciting to see Newrange hitting new highs. $.53 is the highest in five years, up $.03 today. Focus for many of us has been on Zonte, and with good reason, but NewRange is presently the attention getter on the upside ! It is probably a good buy on what seems to be a breakout. There is great anticipation as drilling is all ready to begin, with permits in hand and drilling equipment on site ready to go.
NEWRANGE GOLD TO START DRILLING AT PAMLICO GOLD PROJECT, NEVADA
Newrange Gold Corp. has received all necessary drilling permits from the Bureau of Land Management and has posted the required reclamation bond. The drill, support vehicles and equipment are on site, and drilling is scheduled to commence in the coming days at the Pamlico gold project.
Objectives of this first phase of drilling are:
Drill test and expand recently discovered high-grade and disseminated gold mineralization sampled in the Merritt decline (in the Merritt Zone) as discussed in the Company's News Releases of March 2 and April 11, 2017.
Confirm and expand high-grade and disseminated gold mineralization in the Merritt Zone.
Explore and establish continuity of mineralization between the Merritt Zone and the mineralization sampled in the Merritt decline.
Explore up and down dip extensions of mineralization previously identified in the Merritt Zone and the Merritt decline. Explore along strike as well.
Generate sufficient material for preliminary metallurgical testing.
Phase I drilling at Pamlico is focused on testing the postulated continuity of mineralization between that sampled in the Merritt decline and the high-grade intercepts from drilling in Merritt Zone by previous operators. This would indicate a mineralized zone approximately 100 to 130 meters wide that is presently open ended along strike.
Importantly, the knowledge gained focusing on the Merritt decline -- Merritt Zone area will guide exploration for several similar target areas on the property including the Gold Box, Central and Sunset Mine zones.
It seems with the nearly 22% rise on the news today for Newrange, a discussion board here is needed. With three significant projects, one apparently very significant, and a market cap of just $16 million, even after this dramatic rise ($22 million fully diluted), it sounds to me like we need to help each other know what they have. The news release came with a strong buy recommendation from Ron Struthers. Hopefully he will give more insight as he learns it. Newrange will be at PDAC.