News Release. IP Survey March 23-21https://www.newrangegold.com/news/news-releases/2021/newrange-drilling-expands-mineral-footprint-at-pamlico-5/
My read ot the IP Survey is that the results are highly positive, and exceeded management's already high expectations; it had to go out and stake additional ground, more than doubling the size of the property. This is exploration sure and we'll know more in the coming months but there is the prospect here of a major new mine. Bob Archer thinks that past production on the site may just be the manifestation of a much larger and mostly buried, gold bearing system. That's the theory. The IP Survey results do seem to suggest something major is there but the caution is, it's very early days.
Personally I did expect a reaction in the share price, however modest.