Newrange Gold Corp's (CVE:NRG) (OTCMKTS:NRGOF) drill results from Pamlico in Nevada over coming months could act as positive catalysts, says Noble Capital Markets, which repeated an 'outperform' rating on the shares.
On April 30, Newrange outlined its exploration plans for the project, where it is planning a 5,000 to 10,000 meter drill program.
Newrange expects to begin road work and site preparation at Pamlico within the next two weeks. Reverse circulation (RC) drilling will be used initially, with diamond drilling expected on some targets later in the program.
In a note to clients, Noble said that after recent exploration, including LiDAR (Light Detection and Ranging) scans, channel sampling and a Induced Polarization and Resistivity (IP) survey that generated several targets, exploration efforts at the Pamlico project were "poised to accelerate".
"Drilling could commence in mid-May," said Noble. "Drilling at the Gold Bar mine is expected to begin as early as mid-May. Drilling at Gold Bar will be part of a planned 5,000 to 10,000-meter drilling program conducted in the vicinity of Pamlico Ridge, including the Gold Bar, Good Hope and Pamlico mines."
Meanwhile, at the North Birch project in Ontario, Noble noted that while exploration permits have been applied for, the Ontario Mining Lands Administration has placed a hold on all applications until coronavirus (COVID-19) restrictions end.
"Upon receipt of permits, the company will complete geological mapping and sampling and an IP survey. Although the timing and scope is still to be determined, management contemplates a diamond drilling program at North Birch," said Noble.
The broker maintained a target of US$0.14 on the shares, against a current price of US$0.09.
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