(TheNewswire)
VANCOUVER, BRITISH COLUMBIA, October 25, 2018 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) –
Newrange Gold Corp. ("Newrange" or the
“Company") is pleased to provide guidance for use of proceeds and planned work
programs to advance the Company’s Pamlico Gold project during the remainder of 2018 and into 2019. The objective of this
multi-faceted program, focused on Pamlico Ridge and its immediate area, is to initiate a maiden resource estimate in early H2
2019.
Robert Carrington, President and CEO of the Company commented, “I am very excited to have the funding for
planned work programs, especially the detailed underground mapping and sampling, and look forward to the tremendous value it will
add. By spending $300,000 to $400,000 US we will generate data that would conservatively cost $5 to $6 million to generate by
drilling with the added benefit of being able to physically walk in, touch it and look at it”.
Highlights of Planned Programs:
Survey, map and sample an estimated 8,000+ meters of historic underground mine workings to generate
“drill quality” data to be used to assist future drill targeting and resource estimates.
Hydrometallurgy - An ongoing program of preliminary metallurgical testing consisting of cyanide shake assays leading
to bottle roll tests and more advanced column leach and agitated leach tests to evaluate amenability of mineralization to both heap
leaching and conventional cyanide milling.
Complete the ongoing process of assuming all of the permits and bonds related to the Merritt decline
to facilitate future bulk sampling for metallurgical and test mining purposes.
Limited test drilling program of large diameter, 85 mm, “PQ” core in Merritt area of Pamlico Ridge
for continuity, future metallurgical studies and to assess recoverability of mineralization with core and reverse circulation
drilling methods.
Detailed surface geological mapping and sampling will continue and will be expanded to cover the
entire strike length of the highly prospective Pamlico Ridge target zone.
About Pamlico
Discovered in 1884, Pamlico rapidly became known as one of Nevada’s highest-grade gold districts. Held by
private interests for more than a century until Newrange’s acquisition in 2016, the property remained underexplored in terms of
modern exploration. Situated within the highly productive Walker Lane mineral belt near Hawthorne, Nevada, Pamlico enjoys
excellent access, infrastructure, mild, year-round operating climate and strong political support from Mineral County, one of the
most pro-mining counties in the pro-mining state of Nevada. The Pamlico project consolidates multiple historically productive
mines with more than 300 individual mine workings on the property.
The table below presents a highlights of select drill intercepts from the Company’s previous work on Pamlico.
Complete drill intercepts are available on the Company’s website.
Select Pamlico Drill Intercepts 2017 – 2018 Drilling (All Previously Announced)
Hole
|
From (meters)
|
To (meters)
|
Intercept length (meters)
|
Gold g/T
|
P17-03
|
62.50
|
64.00
|
1.52
|
51.00
|
P17-08
|
30.49
|
51.83
|
21.34
|
13.67
|
P17-10
|
27.44
|
33.54
|
6.10
|
97.94
|
P17-17
|
1.52
|
72.41
|
70.88
|
3.57
|
Including
|
8.38
|
12.96
|
4.57
|
43.80
|
P17-18
|
54.12
|
64.02
9.91
|
15.27
|
|
P17?25
|
32.00
|
33.50
|
1.50
|
64.88
|
P17?31
|
0.00
|
2.30
|
2.30
|
12.51
|
And
|
27.40
|
29.00
|
1.50
|
13.23
|
P17?32
|
48.00
|
52.60
|
4.60
|
16.87
|
P17?33
|
0.00
|
53.40
|
53.40
|
2.36
|
Including
|
34.30
|
37.40
|
3.10
|
18.08
|
P18-47
|
9.15
|
18.29
|
9.15
|
1.09
|
And
|
83.84
|
126.52
|
42.68
|
1.43
|
Mineralization and geology at Pamlico exhibit many highly favorable characteristics. The entire
mineralized system is thoroughly oxidized to depths of 200 to 300 meters below the surface, essentially eliminating any potential
for refractory mineralization due to sulfide encapsulation of the gold. The volcanic hosted mineralization has no potential
for ‘preg-robbing’ carbon and the silica deficient nature of the gold events that occurred very late in the development of the
deposit also indicate negligible potential refractory metallurgy related to silica encapsulation of the gold. While very
coarse gold does exist in places, the vast majority of the gold is very fine grained with no visible gold found even in the
highest-grade samples assaying up to 340 grams per metric tonne. Work to date shows gold occurs as very fine
grains, generally less than 20 to 30 microns in diameter, associated with highly friable iron oxide on fracture surfaces and in
breccia zones along structures.
Results at mines the world over show that fine grained to micron size gold is highly desirable for modern
recovery technologies such as heap leaching and modern mill circuits because the very fine gold goes into solution faster and
dissolves more completely than coarse gold.
The highly fractured nature of the rocks at Pamlico and the style of alteration have promoted the very deep levels of
oxidation and indicate the rock will also have a low work index.
Newrange Gold’s work at Pamlico has identified multiple highly prospective, large, target zones including
Pamlico Ridge, Gold Box Canyon, E-W zone, Pediment and the East Zone that indicates one or more highly prospective, large, near
surface, oxide gold systems are present across the 1,670 hectare Pamlico property.
About Newrange Gold Corp.
Newrange is an exploration and development company focused on near to intermediate term production
opportunities in favorable jurisdictions including Nevada, and Colombia. With numerous drill intercepts of high-grade, near
surface, oxide gold mineralization, the Company’s Pamlico Project is poised to become a significant new Nevada discovery.
Focused on developing shareholder value through exploration and development of key projects, the Company is committed to
building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO
of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news
release.
Signed: “Robert G. Carrington”
President & CEO
For further information contact:
Sharon Hebgin Dave Cross
Corporate Communications Chief Financial Officer and Corporate
Secretary
Phone: 760-898-9129
Phone: 604-669-0868
Email: info@newrangegold.com
Email: dcross@crossdavis.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
Some of the statements in this news release contain forward-looking information that involves
inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those
currently anticipated in such statements.
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