Newrange Gold advancing highly prospective assets in Nevada and Ontario

Pamlico is a new gold discovery in virtually unexplored area of Nevada Nevada is rated the fifth-largest gold producer and number one mining destination in the world Company has exciting ground in Ontario too What Newrange Gold does: Newrange Gold Corp's (CVE:NRG) flagship project is the high-grade, near-surface gold discovery at Pamlico in mining-friendly Nevada, USA. The company boasts a large footprint, covering nearly 6,000 hectares, which also encompasses a past gold producing area (with old mine workings) but has been unexplored and in private hands (three families) since 1896 so it has seen almost no modern exploration techniques. Newrange is earning-in to 100% of Pamlico, which lies along US Highway 95, via staged annual payments up to 2044. There are around 8,000 meters (m) of tunnels scattered throughout the district and 300 adits (entrances) in the old workings but no maps and data. The Pamlico group of mines includes the Good Hope, Gold Bar, and Sunset mines. The state of Nevada is a well-known mining hotspot and the world's fifth-largest producer of the yellow metal, with an eye-watering 169.1 million ounces having been generated from the state between 1835 and 2018. Newrange also holds the 3,850 hectare North Birch Gold project (the new name for its optioned Western Fold Property and H Lake property) which lies around 100 kilometers (km) northeast of the town of Red Lake, Ontario, Canada. How is it doing: In May this year, Newrange reported that drilling had started again at its Pamlico project in a bid to delineate a high-grade zone. The company said it had hired American Drilling Corp for one, possibly two, core rigs, and the first had already started on a series of follow-ups around a reverse circulation (RC) hole that discovered shallow, high-grade, oxide gold mineralization 85 meters east of the Merritt Zone. And on June 14, the company revealed that widespread gold mineralization and local concentrations of copper, lead and zinc associated with a skarn alteration, had been identified at the McGill Canyon area. According to Newrange, the skarn-hosted mineralization is coincident with a much larger induced polarization chargeability anomaly interpreted to be at least 5.5 kilometers long and, in the area sampled, more than 1.5 kilometers wide. An area of particular interest is an altered porphyry dike with weak to moderate potassic alteration, evidenced by abundant secondary biotite, grading 2.994 grams per ton gold (g/t Au) and 0.115% copper (Cu), the company said. In March this year, the company revealed preliminary results from the ongoing induced polarization survey that prompted the precious metals explorer to expand the Pamlico property through 419 additional lode claims covering more than 3,200 hectares. The new property size now totals more than 5,700 hectares. A month later, the firm announced the completion of an induced polarization (IP) survey at the  North Birch Project in Red Lake, Ontario, which successfully outlined “a number of high priority targets” for the company’s upcoming summer drill program. Exploration at North Birch is modeled after the Musselwhite Mine in northwestern Ontario, owned and operated by Newmont-Goldcorp, where gold is hosted in a folded and sheared iron formation. Newrange added that it was preparing to "establish a camp in late May to be manned by a geological field crew for the summer". On the financing front, in late April, it announced the closing of the second and final tranche of a non-brokered private placement for proceeds of $1,351,991.60 - to be used to advance Pamlico and for general working capital. Inflection points: More exporation results from Pamlico  Gold price moves More news from North Birch project What the broker says: On June 15, Noble Capital analysts repeated an 'Outperform' stance on the stock and targeted C$0.20 each (current price: C$0.17). The company has made "significant progress in advancing its exploration programs at Pamlico and North Birch," they said "The company's geophysical and drilling programs continue to affirm Pamlico's expanding mineral potential. An additional 419 lode claims covering more than 3,200 hectares have been registered, more than doubling the initial property size to more than 5,700 hectares." Analysts added: "With drilling along Pamlico Ridge affirming high-grade zones surrounded by halos of lower grade material, the McGill Canyon area represents another high potential area for drilling." Noble said that at North Birch, drilling would commence shortly. "During the summer months, mapping and sampling will be conducted across most of the 3,850-hectare property. Diamond drilling is expected to begin in late June or early July and will consist of approximately 2,500 meters of drilling. A recent induced polarization survey revealed several well-defined anomalies to target for the summer drilling program." What the boss says: In the latest announcement on the findings at the McGill Canyon area, CEO  Robert Archer  said in a statement: "These results from reconnaissance sampling are extremely encouraging. We had previously identified this area as having potential to host skarn type mineralization and the completion of the recent, expanded IP survey showing a strong chargeability anomaly here underscores this potential. "The identification of a mineralized and altered porphyry dike is also the first direct indication we have seen of a possible porphyry relationship. With Kennecott drilling a porphyry target just 30 kilometers east of us and the Yerington Mine approximately 90 kilometers to the northwest, we are certainly in the right geological environment." Contact the writer at giles@proactiveinvestors.com