SOURCE: Newrange Gold Corp.

Newrange Gold

July 05, 2017 09:11 ET

Newrange Gold Drills Near Surface, High-Grade Gold, Including 4.6 meters of 43.8 g/T Au at the Pamlico Gold Project, Nevada

VANCOUVER, BC--(Marketwired - July 05, 2017) - Newrange Gold Corp. (TSX VENTURE: NRG) (OTC PINK: CMBPF) (FRANKFURT: X6C) ("Newrange" or the "Company") is pleased to announce the Phase I drilling continued to intersect multiple zones of high-grade, oxide gold mineralization, including 244.3 grams gold per metric tonne (g/T Au) over 0.8 meter, within 4.6 meters averaging 43.8 g/T Au, at its Pamlico gold project in Nevada. Importantly, this shallow intercept is within 13 meters of the surface.

These results are part of a fully funded program of Reverse Circulation (RC) and core drilling, trenching, mapping, geochemical sampling, geophysical surveys, and metallurgical work that will extend throughout 2017.

Key Highlights:

  • These latest drill results continue to define and expand the presence of high-grade gold mineralization in the vicinity of the Merritt Zone and Merritt Decline (see prior news releases on previous underground channel sampling and drill results by Newrange). Notably, this drilling intersected high-grade, oxide mineralization above the Merritt Zone, expanding the zone's shallow potential. This potential was previously overlooked because historic drilling was not assayed from the surface to a depth of 55 meters.
  • Hole P17-17 intersected 0.8 meter assaying 244.3 g/T Au from 10.6 to 11.4 meters. This is the Company's second highest grade drill intercept to date, and is included within a broader interval of 4.6 meters averaging 43.8 g/T Au from 8.4 to 13.0 meters. Hole 17 also intersected a second high-grade zone assaying 35.4 g/T Au over 0.8 meter from 22.8 to 23.6 meters.
  • Hole P17-12 intersected 4.6 meters averaging 14.5 g/T Au, within a broader interval of 13.7 meters averaging 6.0 g/T Au. This intercept is at an approximate vertical depth of 40 meters from the surface (58 meters down-hole), and extends the known limits of high-grade gold mineralization more than 35 meters to the west of previous drilling.
  • Hole P17-18 intersected 2.3 meters averaging 58.5 g/T Au from 56.4 to 58.7 meters, within 9.9 meters averaging 15.27 g/T Au from 54.1 to 64 meters.
  • Holes P17-13, 14 and 15 all contain significant intercepts of disseminated, lower grade mineralization, confirming and expanding the extent of "halo" gold mineralization more than 30 meters south of the decline.

Select High-Grade Drill Intercepts From Phase 1 Program (last 9 drill holes):

                   
Hole  Az / Incl.  TD (m)  From (m)  To (m)  L (m)  Au g/T
P17-12  106° / -56°  106.7  25.91  27.44  1.52  6.95
 And        56.40  70.10  13.70  5.99
 Including        57.93  62.50  4.57  14.52
P17-13  125°/-45°  61.0  50.30  60.98  10.67  0.81
P17-14  125°/-45°  114.3  9.15  35.06  25.91  0.46
P17-15  106°/-45°  91.5  51.83  73.17  21.34  0.88
P17-17  0° / -90°  76.2  1.52  72.41  70.89  3.57
 Including        8.38  12.96  4.58  43.80
 Including        10.67  11.43  0.76  244.30
 And        22.87  23.63  0.76  35.40
P17-18  18° / -77°  76.2  54.12  64.02  9.90  15.27
 Including        56.40  58.69  2.29  58.50
             

All results reported are length-weighted averages with no grade capping applied. Drill intercepts are for the actual drilled intercept length and may not represent true widths. Insufficient data currently exists to estimate true width. For brevity, all values in the text of this release are rounded to one significant decimal, while the table above reports all values to 2 significant decimal places.

The Company is currently in the process of completing detailed down hole surveys and structural analyses of its drill holes utilizing the OBI Down Hole Televiewer. This state of the art, high resolution, down hole imagery provides detailed, oriented structural data from RC holes that is equal to or better than that from oriented core. This additional data will improve the interpretation of the structurally controlled gold mineralization at Pamlico and will help to better define the geological model resulting from the Company's drilling to date which will be published as modeling allows.

A complete tabulation of all Phase I drill intercepts is available on the Company's website at http://www.newrangegold.com.

Robert Carrington, President and CEO, commented that: "These results, combined with those previously reported for holes 1-10, continue to demonstrate that Pamlico is an exceptional opportunity for Newrange Gold. The high-grade, near-surface, oxide gold mineralization drilled to date is located in Nevada, a premier mining jurisdiction, and allows the Company tremendous future flexibility."

Terms of Reference

In this news release, all references to grams per tonne (denoted g/T Au) are grams per metric ton of 1,000 kilograms (2,204.62 pounds). To convert grams per metric tonne to troy ounces per short ton of 2,000 pounds or oz/t Au, multiply g/T Au by 0.029167.

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 five inch diameter center recovery bit. All drilling was supervised by professional geologists. Drill samples were collected on 1.5 meter intervals for holes 11 through 16 and on 0.8 meter intervals for holes 17, 18 and 19. Drill cuttings were captured in a closed system cyclone, then riffle split in a three tiered Jones-type splitter, generating an average sample weight of 5.6 kilograms. Samples were then securely delivered to Inspectorate - Bureau Veritas in Sparks, Nevada for sample preparation and analysis. Samples were dried then 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 g/T Au are checked and re-assayed. In addition to the QA - QC conducted 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 historic mines.

Discovered in 1884, Pamlico rapidly gained a reputation as being one of Nevada's highest grade gold districts. Held by private interests for most of its history, the property remains 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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