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Newrange Gold encounters high-grade gold mineralization outside of Merritt Zone on Pamlico project

The company discovered the high-grade oxide mineralization around 85 metres east of the Merritt Zone, representing a new gold zone

Newrange Gold Corp. -
Pamlico is located in the gold-rich state of Nevada

Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) said Tuesday it has intersected high-grade structures assaying up to 22.4 grams per ton (g/t) gold over 1.5 metres at the Pamlico project in Nevada.

The exploration company said that it had discovered the high-grade oxide mineralization around 85 metres east of the Merritt Zone, representing a new gold zone.

Results from a reverse circulation drill program included 4.38 g/t gold over 13.7 meters (m), including 12.5 g/t gold over 4.5m from 16.77 to 21.34m. Other high-grade intervals including 5.5 g/t gold over 7.6m from 93 to 100.6m, including 22.4 g/t gold from 94.5 to 96m, and 13 g/t gold over 1.5m from 123.5 to 125m. 

READ: Newrange Gold kicks off further survey work at Pamlico to better understand the geology

According to Newrange, the rocks between these zones are variably mineralized, meaning the entire 123.5m interval averages 1.1 g/t gold.  All mineralization is within 117m of the surface.

Newrange said it was planning a follow-up drill program to help determine if the new zone is continuous with the Merritt Zone.

“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,” Newrange CEO Robert Archer said in a statement. 

“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.” 

Discovered in 1884, Pamlico is located in the gold-rich state of Nevada. Newrange is developing a new geological model for the project that suggest any past production may be just the exposed manifestation of a much larger, and mostly buried, gold-bearing system.

Shares nudged up around 4% in Toronto to C$0.12 each.

---Updates for share price---

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Newrange Gold Corp.

Price: 0.125 CAD

TSX-V:NRG
Market: TSX-V
Market Cap: $15.9 m
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Newrange's latest drill results show newly discovered high-grade...

Newrange Gold (CVE: NRG- OTC: NRGOF) CEO Robert Archer joined Steve Darling from Proactive with news the company has discovered high-grade, oxide gold mineralization approximately 85 meters east of the Merritt Zone on their Pamlico Project. Archer telling Proactive it is not yet clear if this...

1 week, 1 day ago

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