Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) said early results from the induced polarization (IP) survey at its Pamlico project in western Nevada, USA are "extremely encouraging" as they indicate the presence of sulphides at depth.
"The final interpretation will assist in the overall understanding of the geological setting on the project and provide targets for the upcoming drill program," said Robert Archer, CEO.
The processing of the data is potentially expected next week and drilling is expected to begin in the latter half of the first quarter of this year.
"In addition, underground surveying and mapping is now complete and underground sampling is proceeding at the historic Gold Bar Mine with numerous assays pending," added Archer.
"The scanning and surveying have moved to the upper levels of the Pamlico Mine to better define the extent of historic development in that area. With our recent financing, the monetization of our Colombian assets and the potential exercise of warrants, Newrange should be well funded for exploration throughout 2020."
Earlier this month, the firm revealed it had raised a total of C$1.5 million for exploration after it closed the second tranche of a placing.
The IP survey initially focused on four targets: Pamlico Ridge, Pediment, Gold Box, and Skarn zones, but was expanded to cover the historic Central and Sunset Mine zones.
Also in today's statement, Newrange said to preserve the recently completed funding, Carrington Consulting, a company controlled by Newrange Gold's president and chairman, had agreed to accept 685,346 of the firm's shares as settlement for the debt of C$68,534.58 accrued over the last two years.
The TSX Venture Exchange has granted conditional approval for the settlement.
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