SOURCE: Newrange Gold Corp.

Newrange Gold Corp.

May 10, 2017 11:06 ET

Newrange Gold To Start Drilling At Pamlico Gold Project, Nevada

VANCOUVER, BC--(Marketwired - May 10, 2017) - Newrange Gold Corp. ("Newrange" or the "Company") (TSX VENTURE: NRG) (OTC PINK: CMBPF) (FRANKFURT: X6C) is pleased to announce the Company has received all necessary drilling permits from the Bureau of Land Management (BLM) and has posted the required reclamation bond. The drill, support vehicles and equipment are on site and drilling is scheduled to commence in the coming days at the Pamlico Gold Project.

Objectives of this first phase of drilling are:

  • Drill test and expand recently discovered high-grade and disseminated gold mineralization sampled in the Merritt decline (in the Merritt Zone) as discussed in the Company's News Releases of March 2 and April 11, 2017.
  • Confirm and expand high-grade and disseminated gold mineralization in the Merritt Zone.
  • Explore and establish continuity of mineralization between the Merritt Zone and the mineralization sampled in the Merritt decline.
  • Explore up and down dip extensions of mineralization previously identified in the Merritt Zone and the Merritt decline. Explore along strike as well.
  • Generate sufficient material for preliminary metallurgical testing.

Discussion

Phase I drilling at Pamlico is focused on testing the postulated continuity of mineralization between that sampled in the Merritt decline and the high-grade intercepts from drilling in Merritt Zone by previous operators. This would indicate a mineralized zone approximately 100 to 130 meters wide that is presently open ended along strike.

Importantly, the knowledge gained focusing on the Merritt decline -- Merritt Zone area will guide exploration for several similar target areas on the property including the Gold Box, Central and Sunset Mine zones.

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 with no documented geophysical or soil geochemical surveys and only 103 drill holes totaling 27,838 feet (8,487 meters) scattered across the 1,200 hectare property.

In 2013, the seller permitted and completed a modern, trackless, 188 meter long, 3 X 4 meter decline for test mining of high-grade mineralization they had previously identified by drilling just beyond the current face of the decline. However, they never systematically sampled the decline or drilled in the area of the decline. Newrange Gold acquired the property in July of 2016 when the owner's failing health forced the sale of the project.

Recently announced systematic sampling of the Merritt decline by Newrange identified multiple high-grade structures assaying from 28.90 grams gold per metric tonne (g/T Au) over 1.5 meters to 104.75 g/T Au over 1.5 meters within an extensive zone of disseminated mineralization averaging 2.92 g/T Au over 75.5 meters in the decline. As a result of this work, the interpreted exploration potential of the project has materially increased from that of a strictly narrow high-grade gold vein system to a large disseminated gold system cut by numerous high-grade veins.

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 sample results referenced are diamond saw cut channel samples cut to provide a channel 5 to 7 cm wide and 2 to 3 cm deep with a sample volume designed to replicate that of split HQ diameter diamond drill core. With an average sample weight of 4.5 kg per meter, sampled results provide "drill quality" data. All sampling was conducted under the direct supervision of Mr. Carrington and Mr. Nathan Tewalt, a consultant to the Company and a qualified geologist with more than 30 years of experience. All samples were maintained with a strict chain of custody and were delivered by the Company to American Assay Laboratories of Sparks, Nevada. Standards consisting of Certified Reference Material, blanks and duplicates were incorporated at a rate of not less than 1 in 20.

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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