- Pamlico is new gold discovery in virtually unexplored area of Nevada
- Nevada rated fifth-largest gold producer and number one mining destination in the world
- Exciting ground in Ontario too
What Newrange Gold does:
Newrange Gold Corp's (CVE:NRG) flagship project is the high-grade, near-surface gold discovery at Pamlico in mining-friendly Nevada, US.
The company boasts a large footprint, covering 2,548 hectares, which also encompasses a past gold producing area (with old mine workings) but has been unexplored and in private hands (three families) since 1896 so it has seen almost no modern exploration techniques.
Newrange is earning into 100% of Pamlico, which lies along US Highway 95, via staged annual payments up to 2044. There are around 8,000 meters (m) of tunnels scattered throughout the district and 300 adits (entrances) in the old workings but no maps and data. The Pamlico group of mines includes the Good Hope, Gold Bar and Sunset mines.
The state of Nevada is a well-known mining hotspot and the world's fifth-largest producer of the yellow metal, with an eye-watering 169.1 million ounces having been generated from the state between 1835 and 2018.
In late 2019, it emerged that a subsidiary of GoldMining Inc (CVE:GOLD) would buy Newrange's Yarumalito gold project in central Colombia for $1.2million in shares and cash ($200,000 in cash). The asset covers 1,456 hectares of highly prospective ground a few kilometres north of the famed Marmato district. Newrange retains a 1% net smelter returns (NSR) royalty, which can be bought by GoldMining at any time before the completion of a feasibility study for $1 million.
Newrange also holds the 3,850 hectare North Birch Gold project (the new name for its optioned Western Fold Property and H Lake property. The ground lies around 100 kilometers (km) northeast of the town of Red Lake, Ontario.
How is it doing:
On December 1 last year, significantly, Newrange announced the discovery of a new gold zone at Pamlico, around 1,300m north-northeast of the Pamlico Ridge area.
Most notable was one hole, which intersected 0.7 grams per ton (g/t) gold over 18.3 metres (m) within a larger envelope of 0.4 g/t gold over 51.8m.
Newrange CEO Robert Archer called it a “very exciting” discovery but added that it would need more drilling to confirm the group's theory.
"...we are currently interpreting this new discovery to represent distal mineralization related to a large porphyry system, reflected by the main IP anomaly that is up to one kilometer across and open to the north and south," he said.
And on January 12 this year, reported that reverse circulation (RC) drilling in the Gold Box Canyon, Merritt, and Good Hope Mine areas had revealed shallow oxide gold mineralization that covers an area of approximately 0.75 square kilometers.
The company noted that these drill results, which included 3.05m averaging 4.3 grams per tonne (g/t) gold, together with all its previous drilling and underground sampling, continued to indicate that oxide gold mineralization at Pamlico occurs in a large, near surface, shallow-dipping to nearly flat, laterally-extensive structural zone.
- More exporation results from Pamlico and North Birch
- Gold price moves
What the broker says:
In January, 2021, broker Noble Capital Markets repeated an 'Outperform' rating on the stock, It noted that drilling had resumed at Pamlico following the holiday break and the work was following up on intrusive-related gold mineralization hit last year.
"Discrete chargeability anomalies are being targeted with a reverse circulation (RC) drill to help in targeting deeper holes with a diamond drill," the broker said, adding that Newrange was set to commission an IP survey across the property this month to better outline the extent of the larger anomaly.
At North Birch in Ontario, a winter exploration program began this month, also highlighted Noble, with an induced polarization (IP) survey being conducted to detect areas of sulphide enrichment and to generate targets for diamond drilling.
"With the drilling program at Pamlico gaining traction, the company commissioned an IP survey at the North Birch project in January to be followed by a drilling program. We expect progress to accelerate at both projects in 2021," said the broker.
What the boss says:
Speaking to Proactive on January 12 this year, following the results from ongoing reverse circulation (RC) drilling in the Gold Box Canyon, Merritt, and Good Hope Mine areas at Pamlico, chief executive Robert Archer, told Steve Darling:
"We're getting a much better understanding of the overall mineralization in the district. The drilling has expanded the footprint of the gold mineralization in that district and so now we're looking at an area that's somewhere around 850 metres in diameter so it's quite widespread."
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