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TSXV: PINN
News
Newrange Gold Confirms Additional Continuity of Gold Mineralization and Provides Summary of Results at Good Hope Mine
VANCOUVER, BRITISH COLUMBIA, January 8, 2020 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) – Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to announce that the last of the underground channel sampling of the Good Hope Mine at the Company’s Pamlico project has identified oxide gold mineralization extending from outcrops at the portal of the 5609 level for the entire 51 meter length of the level. Mineralization, as sampled, ranges from 5 to more than 17 meters in width with an average grade of 1.05 grams gold per metric tonne (g/t Au) and 11.2 grams silver per metric tonne (g/t Ag).
The mineralized zone on the 5609 level is well exposed in the complex workings of that level and remains open to the east beyond the workings. Defined by 109 underground channel samples that range from 0.011 to 28.5 g/t Au and 1.5 to 59.5 g/t Ag, this large zone of “halo” mineralization encompasses a higher-grade core that averages 3.25 g/t Au and 11.5 g/t Ag. Importantly, compared to many of the other levels in the Good Hope mine, the 5609 level explores more of the width of the mineralized zone and confirms potential for broad mineralized “halos” surrounding the high-grade mineralization that was the focus of historic mining activities throughout the district. The 5609 level results indicate excellent continuity of mineralization between the adjacent levels where results from the 5570 level (see Newrange press release of August 6, 2019) averaged 12.48 g/t Au and 49.55 g/t Ag over a 24 meter strike length, within a larger zone averaging 1.15 g/t Au and 20.48 g/t Ag over a strike length of 144 meters, and the 5690 level (see Newrange press release of May 14, 2019) averaged 13.89 g/t Au and 71.19 g/t Ag over 40 meters.
“With these final results, we are pleased to see the continuity of gold and silver mineralization throughout the workings at the Good Hope Mine,” stated Robert Archer, CEO. “Now that the Company is well financed, we intend to add at least one more sampling crew to speed up the process. In addition, the IP geophysical crew will be returning to continue that survey and refine additional drill targets to be tested later in this first quarter.”
Good Hope Mine – Results Summary and Overview
The Company’s underground mapping and channel sampling program in the Good Hope Mine has identified a large, northwest striking, southwest dipping zone of highly continuous, near surface, oxide gold mineralization that parallels the surface (dip slope) with a minimum dip extent in excess of 99 meters and remains open to expansion along strike and down dip beyond historic mine workings. Importantly this mineralized structural system appears to continue into the nearby Gold Bar Mine where crews are currently working. Including both mines and exposures in additional artisanal mine workings for more than 700 meters along trend to the southeast, this zone appears to have a strike extent in excess of 1.2 kilometers. A composite map and sections of the Good Hope Mine may be viewed at https://www.newrangegold.com/projects/pamlico-gold-project/maps/.
The character of mineralization in the Good Hope mine is very similar to that seen throughout Pamlico Ridge, and tends to be silica poor, intensely oxidized and hosted in volcanic and volcano-clastic rocks.
Importantly, the dominant mineralized structures in the Good Hope and Gold Bar Mines strike northwesterly like the mineralized structures in the Pamlico Mine, however, structures in the Good Hope and Gold Bar Mines dip predominantly to the southwest while major structures in the Pamlico Mine dip to the northeast. These opposing dip directions develop potential for multiple structural intersections along and within the 1.5 kilometer-long Pamlico Ridge, increasing structural complexity and potential for extensive zones of stockwork “halo” mineralization.
QA – QC and Methodology
Samples were securely delivered to American Assay in Sparks, Nevada for preparation and analysis. Samples were dried then stage crushed to 80% passing 10 mesh. A 1,000 gram sub-sample was then split out and pulverized to 140 mesh from which 50 gram samples were split for analysis by fire assay with atomic absorption finish. All samples assaying more than 10 g/t Au are checked and re-assayed using fire assay (FA) with a gravimetric finish. In addition to the QA – QC conducted by the laboratory, the Company inserts blanks, standards and certified reference material (CRM) at a rate of 1 in 20.
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, Sunset and multiple other mines. Pamlico Ridge, one of the principal targets in the district is primarily explored from northwest to southeast by the Pamlico, Gold Bar and Good Hope 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.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable 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. 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.
Signed: “Robert Archer” CEO & Director
FOR FURTHER INFORMATION CONTACT:
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
info@newrangegold.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
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.
Forward-Looking Statement:
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.