Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) (FRA:X6C) is now solely focused on exploration in Nevada and Ontario, the company said Monday, as it concluded the sale of its Colombian assets.
In a statement, the group said it had completed the sale of its Yarumalito property in the South American country and the government had now transferred the title to GoldMining Inc (TSE:GOLD) (NYSEAMERICAN:GLDG) (FRA:BSR). This means 559,179 GoldMining shares held in escrow have now been released to Newrange.
Newrange has also now finalized the sale of its Colombian subsidiary and the El Dovio project to Andean Mining Corp, netting the company US$750,000.
Newrange retains a 1% net smelter return (NSR) royalty on the Yarumalito project and a 2% NSR royalty on the El Dovio project.
Also today, the company said it had now exercised its option to acquire from Bounty Gold Corp a 100% interest in the H Lake property in Red Lake, Ontario. As reported last January, this project is contiguous to the western boundary of Newrange's Western Fold property (now called the North Birch gold project) in the Birch-Uchi greenstone, which Newrange optioned from AurCrest Gold Inc (CVE:AGO) (OTCMKTS:TBMIF) (FRA:TM8A) in late 2019.
Together, these two properties span 3,850 hectares and cover the entire iron formation package. They were given the new name of the North Birch project.
Newrange has now paid $50,000 in cash and issued 400,000 shares to Bounty for H Lake, which is subject to a 2% NSR royalty.
Newrange has also made the first-anniversary cash payment and share issuance on the Western Fold Property that forms the eastern portion of North Birch. There is one year left on the option to acquire a 100% interest in the Western Fold property, also subject to a 2% NSR royalty.
Newrange's flagship project is Pamlico in Nevada, US, which is poised to become a significant new discovery in the US state.
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