"We see the Western Fold property option as a low cost and potentially high reward opportunity for the company while we continue to advance our flagship Pamlico project," Newrange CEO Robert Archer said in the release.
For Western Fold, Newrange will pay a total of $200,000 and issue 1 million common shares, both in tranches, over a two-year period. AurCrest will retain a 2% net smelter return royalty, but Newrange may purchase half of it for $1 million.
The Western Fold prospect, 12 kilometers northwest of the Springpole gold deposit, is considered to be highly prospective for gold mineralization, but it has not been explored through drilling. The property features a magnetic signature indicative of a "strongly folded iron formation" similar to that hosting the Musselwhite gold nine in Northwestern Ontario, the release noted.
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