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Newrange Gold reckons Pamlico project has significant potential to host large gold deposit

The firm has now reviewed all reverse circulation (RC) drill hole assays, it said in a statement

Nevada landscape
Pamlico (not pictured) is in Nevada

Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) is taking steps to develop an exploration model at the Pamlico project in Nevada.

The property, which lies along US Highway 95 and enjoys excellent infrastructure, has the potential to host a large lower-grade gold deposit with excellent metallurgy, the company reckons.

READ: Newrange Gold shares tick higher as Pamlico project in Nevada progresses

Vancouver-based Newrange says it has now reviewed all reverse circulation (RC) drill hole assays and concluded that gold mineralization appears to fall into three broad categories.

These are namely high-grade (greater than 10 g/t) gold mineralization. There is also discontinuous vein-like structures that cut mid-grade (1 to 10 g/t of the yellow metal) and that, in turn, is surrounded by a large 'cloud' of lower-grade (less than 1 g/t gold), said the company. Meanwhile, recent metallurgical work completed on drill hole samples has indicated high recoveries, low reagent consumption and fast leach times.

"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," said Robert Archer, chief executive.

"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."

Old mine workings

The company boss added that the area of drilling extends around 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 and further metallurgical work is underway, and a detailed exploration program is being developed with the goal of establishing a maiden resource.

Newrange Gold Corp added 3.23% in Toronto to stand at $0.16.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Newrange Gold Corp.

Price: 0.125 CAD

TSX-V:NRG
Market: TSX-V
Market Cap: $11.98 m
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Newrange Gold's Bob Archer highlights Pamlico potential in Nevada

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