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 early August 2021, Newrange signed a definitive agreement to acquire a 100% interest in the past-producing, high-grade Argosy Gold Mine in the Red Lake Mining Division of northwestern Ontario. The Argosy Gold Mine is described as the most significant past-producer in the Birch-Uchi Greenstone Belt, having produced 101,875 ounces of gold and 9,788 ounces of silver at a gold grade of 0.37 ounces per ton or 12.7 grams per ton.   Operations at the Argosy mine ceased in 1952 due to high operating costs and a $35 an ounce gold price.  Past production came from only four veins, although 12 are now known, and only to a depth of 900 feet (270 meters).  The property consists of 43 patented claims and 17 Mining Licences of Occupation comprising 604 hectares. 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 August 06, 2021 Noble Capital analysts repeated an 'Outperform' stance on the stock, citing the new acquisition of the Argosy mine bolsters the company portfolio through its “unrealized potential.” “It offers significant potential to extend the mineralization to depth and to discover new vein systems. The property is comprised of 43 patented claims and 17 mining licenses encompassing 604 hectares,’ read the analyst note. “While 12 vein systems are known, past production focused on four to a depth of only 270 meters. The mine is only 10 kilometers northwest of the Springpole Gold Project, the largest gold deposit in the Birch Uchi Belt, and less than a kilometer from Newrange Gold’s North Birch project.” The purchase is also viewed as complementary to the company’s North Birch project which is also located near Red Lake, Ontario, an area well known to Newrange CEO Robert Archer. “In our view, the Pamlico project in Nevada and North Birch project in Ontario both represent significant value creation potential for investors,” read the analysts coverage. “The addition of Argosy strengthens the appeal of the company’s land position within the Red Lake area.” What the boss says: In the latest announcement regarding the acquisition of Argosy, CEO  Robert Archer  said in a statement: "The acquisition of a past-producing, high-grade mine in an area of active exploration presents a unique opportunity to increase shareholder value. The Argosy Mine has seen minimal exploration below the old mine workings and there is excellent potential to extend the mineralization to depth and to discover new veins elsewhere on the property." He continued: "The Argosy Mine is approximately 10 kilometers northwest of the Springpole Deposit being advanced by First Mining Gold Corp and less than a kilometer from our North Birch Project. We look forward to commencing the first exploration on the property since 2004.” Contact the writer at georgia@proactiveinvestors.com