VANCOUVER, BC–(Marketwired – April 11, 2017) – Newrange Gold Corp. (TSX VENTURE: NRG) (OTC PINK: CMBPF) (FRANKFURT: X6C)(“Newrange” or the “Company”) is pleased to announce the Company’s ongoing program of diamond saw cut channel sampling at its Pamlico gold project in Nevada has more than doubled the extent of mineralization previously announced on March 2, 2017. The current results, when combined with prior results, define a zone 75.5 meters (247.8 feet) wide, interpreted to represent a true width, with a length-weighted average grade of 2.92 grams gold per metric tonne (g/T Au).
The program of continuous, end to end, diamond saw cut channel samples was expanded such that both walls (ribs) of the decline now have continuous channel samples from the end (face) of the decline for approximately 80 meters back toward the portal. For the first time, the left side rib was continuously sampled from the face, back toward the portal for 80 meters. Additional sampling of the right rib extended the sampled length by 46 meters further up the decline toward the portal. The additional results were composited into length-weighted averages for each rib and combined with the results from the first sampling campaign (reported on March 2, 2017). The left and right rib composites were then combined into a single composite resulting in an average length of 75.5 meters and an overall average grade of 2.92 g/T Au. A map of the decline showing all announced sample intervals to date may be viewed by clicking here, or on the Company’s website at www.newrangegold.com.
Left Rib
Results for samples from the left rib identify a continuous zone 73.9 meters (242.5 feet) long, along the course of the decline, interpreted to approximate true width with a length-weighted average grade of 2.59 g/T Au. Contained within this broad zone is a high-grade vein averaging 104.75 g/T over 1.5 meters (5 feet) which appears to correspond, with a minor offset, to a previously announced similar high-grade zone in the right rib that averages 59.50 g/T Au also for 1.5 meters.
Right Rib
The 46 meters of additional channel sampling in the right rib identified a 44.2 meters long interval of gold mineralization with a length-weighted average grade of 0.91 g/T Au. When combined with previously announced sample results from the first campaign of 32 meters averaging 7.02 g/T Au, the two zones yield a combined interval of 76.2 meters with a weighted average grade of 3.17 g/T Au.
The combined average length for both the mineralized intervals in the decline is 75.5 meters (247.8 feet) with a composite length-weighted average grade of 2.92 g/T Au. Significantly, all of the mineralization is deeply oxidized and near surface, occurring within 60 meters (200 feet) of the existing surface.
Next Exploration Phase
Robert Carrington, CEO of Newrange Gold, commented that; “Pamlico continues to exceed my expectations. The presence of broad zones of near surface disseminated or stockwork style mineralization cut by structurally controlled high-grade gold mineralization introduces potential for large-scale open pit mining at Pamlico and bulk processing.”
With a large mineralized target zone now better defined in the Merritt decline area, the next phase of planned exploration will focus on assessing individual targets by drilling. The Company has applied for all the necessary permits and a first phase drilling program is expected to begin by late April. Surface exploration of many other targets on the property will continue.
Discussion
Recent mapping and sampling at Pamlico suggests the mineralization sampled in the decline to date is contained in the lower portion of a thick volcaniclastic sequence that overlies a brittle rhyolite. This rhyolite, the principal host for high-grade, vein style mineralization at Pamlico, is thought to underlie most of the district. The relatively ductile volcaniclastic sequence is interpreted to have acted as a “dam”, impeding the upward migration of mineralizing fluids passing through open fractures in the brittle rhyolite below, causing these fluids to “pond” in the lower portion of the volcaniclastic rocks developing disseminated mineralization that may be laterally extensive.
The high-grade nature of Pamlico has been well known since the late 1800’s. However, previous workers have not addressed the potential for disseminated mineralization amenable to modern large-scale mining as indicated by these most recent results. While high-grade mineralization remains a primary target for the Company at Pamlico, the potential for large volume, disseminated mineralization will be carefully assessed as the Company advances this highly promising project.
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 samples 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.
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.
About Pamlico
Located 12 miles southeast of Hawthorne, Nevada, 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.
About Newrange Gold Corp.: Newrange Gold 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.
FOR FURTHER INFORMATION CONTACT:
Sharon Hebgin
Corporate Communications
Phone: 760-898-9129
Email: info@newrangegold.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: dcross@crossdavis.com
Website: www.newrangegold.com