- Pamlico is a new gold discovery in virtually unexplored area of Nevada
- Nevada is rated fifth-largest gold producer and number one mining destination in the world
- Exciting ground in Ontario too
What Newrange Gold does:
Newrange Gold Corp's (CVE:NRG) flagship project is the high-grade, near-surface gold discovery at Pamlico in mining-friendly Nevada, US.
The company boasts a large footprint, covering 2,548 hectares, which also encompasses a past gold producing area (with old mine workings) but has been unexplored and in private hands (three families) since 1896 so it has seen almost no modern exploration techniques.
Newrange is earning-in /to 100% of Pamlico, which lies along US Highway 95, via staged annual payments up to 2044. There are around 8,000 meters (m) of tunnels scattered throughout the district and 300 adits (entrances) in the old workings but no maps and data. The Pamlico group of mines includes the Good Hope, Gold Bar and Sunset mines.
The state of Nevada is a well-known mining hotspot and the world's fifth-largest producer of the yellow metal, with an eye-watering 169.1 million ounces having been generated from the state between 1835 and 2018.
Newrange also holds the 3,850 hectare North Birch Gold project (the new name for its optioned Western Fold Property and H Lake property. The ground lies around 100 kilometers (km) northeast of the town of Red Lake, Ontario.
How is it doing:
On February 23 this year, the company revealed that it had discovered high-grade oxide mineralization around 85 metres east of the Merritt Zone at Pamlico, representing a new gold zone.
Results from reverse circulation (RC) drilling included 4.38 grams per ton (g/t) gold over 13.7 meters (m) and 22.4 g/t gold from a depth of 94.5 to 96m, and 13 g/t gold over 1.5m from 123.5 to 125m.
All mineralization is within 117m of the surface and Newrange said it was planning a follow-up drill program to help determine if the new zone is continuous with the Merritt Zone.
In addition, it said, diamond drilling is anticipated to begin in around three weeks and will likely entail a minimum of five holes to test a deep chargeability anomaly and to test a new anomaly in the Skarn area.
In December, last year, the group announced a further discovery of a new gold zone at Pamlico, around 1,300m north-northeast of the Pamlico Ridge area. Most notable was one hole, which intersected 0.7 grams per ton (g/t) gold over 18.3 metres (m) within a larger envelope of 0.4 g/t gold over 51.8m.
And on January 12 this year. Newrange reported that reverse circulation (RC) drilling in the Gold Box Canyon, Merritt, and Good Hope Mine areas had revealed shallow oxide gold mineralization that covers an area of approximately 0.75 square kilometers.
The company noted that these drill results, which included 3.05m averaging 4.3 grams per tonne (g/t) gold, together with all its previous drilling and underground sampling, continued to indicate that oxide gold mineralization at Pamlico occurs in a large, near-surface, shallow-dipping to nearly flat, laterally-extensive structural zone.
This month, the company also announced that line cutting, the first step of exploration, had begun at its North Birch Project east of Red Lake, Ontario. An Induced Polarization (IP) geophysical survey comprising approximately 90 line kilometres will follow within about 10-14 days, the company said, and the results will be used to generate targets for follow up diamond drilling.
- More exporation results from Pamlico
- Gold price moves
- More news from North Birch project
What the broker says:
On February 24, broker Noble Capital Markets issued a note, rating Newrange shares as 'Outperform'.
"Newrange has made significant progress with its exploration and drilling program at Pamlico," Noble's analysts said.
"The recent results are very encouraging and are helping management's understanding of the geological environment at Pamlico. In our view, the diamond drilling program could provide a leap forward in management's identification of the source of mineralization throughout the Pamlico district," they added.
What the boss says:
Newrange CEO Robert Archer said in a recent statement: "The discovery of more high-grade gold mineralization close to the Merritt Zone is an exciting development and appears to validate our hypothesis that multiple high-grade zones surrounded by halos of lower grade exist over a much broader area.
"While historic mining may have removed some gold from the hills, we are confident that other, buried zones remain to be found.
"Our new, intrusive-related exploration model is being validated by drill-testing of induced polarization (IP) targets and the extension of the geophysical survey to cover the entire property is indicating that the entire system may be several kilometers in size."
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