SOURCE: Newrange Gold Corp.

Newrange Gold Corp.

June 19, 2017 13:37 ET

Newrange Gold Drills 6.1 meters of 98 g/T Au, Discovers New Zone At Pamlico Gold Project, Nevada

VANCOUVER, BC--(Marketwired - June 19, 2017) - Newrange Gold Corp. ("Newrange" or the "Company") (TSX VENTURE: NRG) (OTC PINK: CMBPF) (FRANKFURT: X6C) is pleased to report drilling results for the first 10 holes of the recently completed 19 hole Reverse Circulation (RC) Phase I drilling program focused on the Merritt Zone of the Pamlico gold project.

Highlights for these results:

  • Results from the first 10 holes were highly successful, supporting the continuity of gold mineralization in the vicinity of the Merritt decline (see prior news releases on underground channel sampling results by Newrange Gold) and historic high-grade drill intercepts in the Merritt Zone by prior operators. Work to date in the Merritt area indicate a mineralized zone approximately 100 to 130 meters wide that is presently open ended along strike.
  • Hole P17-03 drill tested the projection of high-grade gold mineralization east of the decline and south of the Merritt Zone intersecting 1.5 meters of 51 grams gold per metric tonne (g/T Au).
  • Holes P17-04 and P17-05 were drilled in a fan to confirm the presence of high-grade gold mineralization and test lateral and up dip projections of mineralization reported in historic holes PRC36, M10-04 and M10-17. Hole P17-04 intersected 1.5 meters of near surface mineralization assaying 9.40 g/T Au. Hole P17-05 intersected 1.6 meters assaying 17.9 g/T Au. Importantly, these holes confirm the presence of high-grade gold bearing structures and indicate good lateral and vertical continuity of mineralization near the surface in this area.
  • Holes P17-08, 09 and 10 are interpreted to have discovered a new zone of near surface high-grade gold mineralization approximately 50 meters south of the end of the decline. Drilling tested favorable structural projections beneath an area of shallow alluvial cover. Holes P17-08 and 09 were drilled from the same site and P17-10 was drilled approximately 15 meters to the northwest. P17-08 intersected a mineralized zone averaging 13.67 g/T Au over 21.3 meters, including a higher grade sub-zone averaging 27.8 g/T Au over 9.1 meters with a high-grade interval averaging 84.90 g/T Au over 1.5 meters. Hole P17-09 is interpreted to have been drilled over the top of, and sub-parallel to the structure intersected in P17-08 and returned 9.5 g/T Au over 1.5 meters and 6.82 g/T Au over 1.5 meters. Hole P17-10 intersected 49.49 g/T Au over 12.2 meters with a higher grade sub-zone averaging 97.94 g/T Au over 6.1 meters including an interval of 340.9 g/T Au over 1.5 meters.

Robert G. Carrington, CEO made the following comments: "These initial results indicate that Pamlico is a unique high potential opportunity for Newrange Gold. The extremely rich Merritt Zone where we are focusing our initial exploration efforts right now is one of five similar target areas, covering only ½ of 1% of this property and less than 1/10 of 1% of the combined strike extent of the more than 300 known veins and mineralized structures on the property. The knowledge gained in this area will guide future exploration for several similar target areas elsewhere on the property including the Gold Box, Central and Sunset Mine Zones. I look forward to the receipt of assays for the remaining 9 holes of the Phase I Drill Program and for more information that will come from ongoing exploration work underway at Pamlico. We are truly excited by what we are seeing develop here."

Phase I Drill Results -- First 10 holes

Hole Inclination/Azimuth Total Depth (m) From (m) To (m) Length (m) g/T Au
P17-02 -90°/0° 122.0 21.3 25.9 4.6 1.91
 And     42.7 64.0 21.3 1.27
 Incl.     61.0 64.0 3.0 6.27
P17-03 -90°/0° 106.7 62.5 64.0 1.5 51.00
P17-04 -85°/5° 106.7 7.6 16.8 9.2 1.89
 Incl.     9.2 10.7 1.5 9.40
P17-05 -65°/5° 112.8 21.3 22.8 1.5 17.90
P17-08 -85°/0° 106.7 30.5 51.8 21.3 13.67
 Incl.     30.5 39.6 9.1 27.80
 Incl.     35.1 36.6 1.5 84.90
P17-09 -50°/0° 122.0 16.8 50.3 33.5 1.10
 Incl.     18.3 19.8 1.5 4.23
 Incl.     39.6 41.1 1.5 9.50
 And     65.6 67.1 1.5 6.82
P17-10 -85°/170° 61.0 18.3 19.8 1.5 6.44
 And     25.9 38.1 12.2 49.49
 Incl.     27.4 33.5 6.1 97.94
 Incl.     27.4 28.9 1.5 340.90

All results reported are length-weighted averages with no grade capping applied. Lengths of drill intercepts are for the actual drilled intercept length and may not represent true widths. Insufficient data currently exists to estimate true width.

Exploration Guidance

The Company plans to aggressively pursue exploration at Pamlico during the coming months.

Planned work will include:

  • Continuation of the ongoing program of surface and underground mapping and sampling currently underway.
  • Finalizing arrangements to complete a property-wide airborne geophysical survey consisting of high resolution airborne magnetometry and radiometrics.
  • Selection of suitable composite sample for preliminary metallurgical study once the Company has the results for all 19 holes of the current Phase I drilling program.
  • Finalizing plans for a large diameter PQ diamond core drilling program.
  • Expanding program of RC drilling.
  • Assessing potential to initiate program of bulk sampling / test mining utilizing the existing decline and infrastructure.

Terms of Reference

In this release, all references to grams per tonne (denoted g/T Au) are grams per metric ton of 1,000 kilograms (2,204.62 pounds). All references to ounces per ton (denoted oz/t Au) are troy ounces per short ton of 2,000 pounds.

Quality Assurance/Quality Control

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. All drilling was by Reverse Circulation (RC) methods using a six inch diameter center recovery bit. All drilling was supervised by professional geologists. Drill samples were collected on 1.5 meter intervals, and riffel split in a three tiered jones type splitter generating an average sample weight of approximately 4.9 kilograms per meter. Samples were then securely delivered to Inspectorate -- Bureau Veritas in Sparks, Nevada for sample preparation and analysis. Samples are stage crushed to 80% passing 10 mesh. A 1,000 gram sub-sample was then split out and pulverized to 140 mesh from which 50 gram samples were split for analysis by fire assay (FA) with a gravimetric finish. All samples assaying more than 10 grams are checked and re-assayed using 50 gram FA with gravimetric finish. In addition to the QA -- QC included by the laboratory, the Company inserts blanks, standards and certified reference material (CRM) at a rate of not less than 1 in 30.

About Pamlico

Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project has excellent access and infrastructure, a 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 covers the historic Pamlico group of mines, as well as the nearby Good Hope, Central, Gold Bar and Sunset mines.

Discovered about 1884, the district rapidly gained a reputation as being one of Nevada's highest grade districts. Held by private interests for most of its history, the property remains very underexplored in terms of modern exploration.

About Newrange Gold Corp.

Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia. 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.

Signed: "Robert G. Carrington"

President & CEO

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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