Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) has identified a new zone of high-grade gold mineralization at its Good Hope Mine project in Nevada.
The mineralization, which was found as part of the Vancouver-based company’s underground channel sampling program, came in at an average grade of 12.9 grams per ton (g/t) gold and 27.1 g/t silver.
At an average width of 0.4 metres, the area is contained within a halo-type mineralization ranging anywhere from 5 to 9.4 metres wide at an average grade of 3.8 g/t gold and 5.6 g/t silver. The open-ended zone is more than 39 metres long.
Defined by 115 channel samples, this mineralization occurs in the interconnecting 5710 and 5718 levels of the Good Hope Mine, the highest elevation workings sampled to date on the Pamlico project, Newrange said in a statement Tuesday.
"With only a small number of assays pending, we are very pleased with the outcome of the underground work at the Good Hope Mine," said Robert Archer, Newrange’s CEO.
The area is effectively ready to be drilled, Archer told shareholders. Newrange’s crew has moved to the adjacent Gold Bar Mine, where it found visible gold in the historic dumps outside the portals and will prepare the area in a similar fashion.
Together with others from the Good Hope Mine, the results identify high-grade mineralization with a combined strike length of more than 80 metres and more than 61 metres of vertical development, according to Newrange.
The junior has successfully sampled all major mine workings in the Good Hope Mine, with only the results for the 5609 level still pending.
Shares of Newrange jumped 12.5% on Tuesday afternoon in Toronto at C$0.14 and traded at US$0.09 over the counter.
Contact Angela at email@example.com
Follow her on Twitter @AHarmantas