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Newrange raises money to progress high-grade Pamlico gold in Nevada

Posted on 20 Oct 2018

Newrange Gold Corp has closed a $900,600.00 non-brokered private placement. Proceeds will be used to advance the company’s high-grade Pamlico gold project in Nevada and for general and working capital.

Newrange is an exploration and development company focused on near to intermediate term production opportunities in favourable jurisdictions including Nevada, and Colombia. With numerous drill intercepts of high-grade, near surface, oxide gold mineralization, its Pamlico project is poised to become a significant new Nevada discovery.

The Pamlico project is a high-grade epithermal gold system hosted in Jurassic to Tertiary age volcanic and sedimentary rocks. Located in pro-mining Mineral County, Nevada, Pamlico is situated in the western Great Basin within the NW trending Walker Lane structural zone along the intersecting EW trending Pancake Range Lineament. A modern 183 m decline has been completed to develop a high-grade, drill delineated gold mineralization zone for test mining and recovery of gold. Two previously unidentified, coarse gold bearing structures were discovered in the decline and remain to be defined and explored.

The project covers the historic Pamlico Mines on Pamlico Ridge, together with the Central, Sunset, Good Hope, Gold Bar and various unnamed mines and prospects. Discovered about 1884, reports indicate that by 1886 the district was shipping ore to custom mills, most likely at the Aurora and Comstock (Virginia) Districts. A 20 stamp mill was constructed in 1888/1889 and operated through 1931. Drilling by the previous operators and owners intersected very high-grade mineralization as indicated by hole 99-3 that intercepted 4.6 m grading 239.7 g/t Au and included 0.8 m assaying 702.5 g/t Au in the Merritt Zone. Check assays of representative intervals by an independent laboratory were reviewed and it corroborated reported grades.

The project is underexplored in terms of modern exploration with no property wide geology, geochemistry or geophysics done and with only 103 shallow holes drilled on the entire property when acquired in July 2016 by Newrange. Some 300 separate, historic mine workings mostly developed during the late 1800s explore up to 100 individual veins. Pamlico’s history mimics the early history at currently producing high-grade gold mines in Nevada including the Ken Snyder (Midas) and nearby Fire Creek mines, both operated by Klondex Mines Ltd.

Based on the extent and the high grade of the gold mineralization in historic surface and underground samples, the high-grade nature of historic gold production and available drill results, the Pamlico project represents an opportunity to explore and develop a district scale, near surface, potentially high-grade gold deposit in multiple target areas across the property with small scale gold recovery potential from the current permits in place for test mining from the Merritt Decline.