leadf
logo-loader
viewNewrange Gold Corp.

Newrange Gold finalizes Columbia and Red Lake asset deals to focus solely on Ontario and Nevada

In a statement, the group said it had completed the sale of its Yarumalito property in the South American country

Newrange Gold Corp. -
Newrange 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

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. 

READ: Newrange Gold announces the expansion of gold mineralization at its Pamlico project in Nevada

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.

Contact the author at giles@proactiveinvestors.com

Quick facts: Newrange Gold Corp.

Price: 0.125 CAD

TSX-V:NRG
Market: TSX-V
Market Cap: $15.9 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Newrange Gold Corp. named herein, including the promotion by the Company of Newrange Gold Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Newrange's latest drill results show newly discovered high-grade...

Newrange Gold (CVE: NRG- OTC: NRGOF) CEO Robert Archer joined Steve Darling from Proactive with news the company has discovered high-grade, oxide gold mineralization approximately 85 meters east of the Merritt Zone on their Pamlico Project. Archer telling Proactive it is not yet clear if this...

1 week, 1 day ago

2 min read