In a news release, Vancouver-based precious metals exploration and development company Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced "the first results from the ongoing reverse circulation (RC) drilling program at the Pamlico Gold project in Nevada."
The firm noted that 25 holes totaling of 2,505 meters have been drilled to date and that the 14 holes reported herein cover around 450 meters of strike length along the central part of Pamlico Ridge. The company indicated that gold-silver mineralization consists of higher grade structures up to 9.51 g/t gold in the area between the Pamlico and Gold Bar mines.
The company's CEO Robert Archer commented, "We are making good progress in our understanding of the geological setting along Pamlico Ridge...These first results are helping to define the continuity of mineralized zones and areas of better grade. We have only just started to drill the Gold Bar and Good Hope Mines and anticipate drilling at least 3,000 meters in 25 additional holes that are already permitted in this initial part of the program."
"Importantly, we have also tested several shallow Induced Polarization (IP) targets and in every case have intersected disseminated pyrite or the oxidized remnants of sulphide mineralization. Once we have assay results from these, we will have a better idea of the gold-pyrite association, which will, in turn, assist in targeting the deeper IP anomalies," Archer added.
Newrange Gold reported that the permitting process is still ongoing for some sites and roads beyond the next 25 holes. The firm expects the entire drill program will include up to 10,000 meters of both RC and diamond drilling over the next several months.
The company advised it has begun monetizing its former non-core assets in Colombia and generated about $1 million from the first half of shares in GoldMining Inc. that it received from the sale of the Yarumalito property and sold in the open market. The firm added that the remaining shares will be delivered out of escrow when the Yarumalito license is transferred to GoldMining's Colombian subsidiary.
The firm further advised that some shareholders have been exercising their warrants and options to take advantage of the recently higher share price, which should generate another $800,000 in the next few months that could be used to finance ongoing drilling operations.
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