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Noble repeats 'outperform' on Newrange Gold after it unveils Nevada drill plans

At Pamlico in Nevada, Newrange is planning a 5,000 to 10,000 meter drill program

Newrange Gold Corp. -
Drilling at Pamlico could commence in mid-May, said Roth

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.

READ: Newrange Gold says planning drill program at Pamlico project, Nevada

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.

Contact the author at [email protected]

Quick facts: Newrange Gold Corp.

Price: 0.23 CAD

Market: TSX-V
Market Cap: $26.34 m

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Full interview: Newrange Gold prepares to get drills turning on their...

Newrange Gold (CVE: NRG-OTC: NRGOF) CEO Robert Archer joined Steve Darling from Proactive Vancouver with news the company has started their drilling program at their Pamlico project in Nevada. Archer telling Proactive how big the start of drilling will be and which areas they are going to be...

on 28/5/20

2 min read