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VANCOUVER, BRITISH COLUMBIA TheNewswire - January 25, 2021 (TSXV:NRG ) US (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") is pleased to announce that the Company has initiated a 52 line kilometer IP and Resistivity survey being conducted by Géophysique TMC of Val-d'Or, Quebec at the Company's Pamlico project in Nevada.
The survey is designed to expand and increase resolution of the large "Line 5" chargeability anomaly and a separate but potentially related anomaly in the area termed the "Skarn Zone", more than 3.8 kilometers to the SE, both discovered in the Company's 2019/20 IP-Resistivity survey. The Line 5 anomaly is roughly 1,000 meters wide, more than 1,000 meters long and remains open to expansion along trend to the north and south. The current high-resolution survey is designed to penetrate to depths of 500 meters and will be merged with data from the earlier survey to provide near property-wide coverage.
Recent drilling, announced by the Company on December 1, 2020, intersected significant lengths of gold mineralization proximal to the Line 5 anomaly in a sequence of sericitized and chloritized volcano-sedimentary rocks (see map here ). As indicated in that press release, the Company considers it likely that observed alteration and gold mineralization throughout the district are related to fluids emanating from a buried intrusive and that a related sulfide rich "skarn" system is the cause of the large Line 5 chargeability anomaly. Gold bearing skarn systems form some of the largest and most important deposits in the world and are found throughout Nevada including the Carlin, Cove-McCoy, Battle Mountain and many other districts.
"The initial IP survey at Pamlico was highly successful in detecting buried sulfides, some of which show a direct relationship to gold mineralization," stated Robert Archer, Newrange's CEO. "In combination with what we are learning from our ongoing drilling program, we are redefining the geological model on the project to enhance the probability of finding a significant deposit. Exploration is a dynamic process and the expansion of the IP survey across the property will allow us to better interpret the geological environment and improve our targeting for the upcoming diamond drilling program."
About Pamlico
Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project enjoys 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, Gold Bar and Sunset mines.
Discovered in 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 underexplored in terms of modern exploration.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Ontario and Colorado. With locally high-grade, near surface oxide gold mineralization, the Company's flagship 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 .
Signed: "Robert Archer"
CEO & Director
For further information contact :
| Sharon Fleming | Dave Cross |
| Corporate Communications | Chief Financial Officer and Corporate Secretary |
| Phone: 760-898-9129 Email: info@newrangegold.com | Phone: 604-669-0868 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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