Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced in a news release that through drilling, it discovered oxide gold mineralization 85 meters (85m) east of the Merritt zone at its Pamlico project in Nevada.
"It is not yet clear if this new zone is continuous with the Merritt zone, which was previously thought to have been cut off to the east in the direction of hole P20-115," the release noted.
The company is planning follow-up drilling to determine the zone's dimensions.
Newrange Gold highlighted that reverse circulation drilling intersected several high-grade structures in P20-115, which returned up to 22.35 grams per ton gold (22.35 g/t Au) over 1.5m. Lower grade halos, like those seen in Merritt, surrounded these structures.
In general, mineralization began at 15.2 meters downhole, where intercepts included 13.7m of 4.38 g/t Au, including 4.5m of 12.47 g/t Au from 16.77–21.34m downhole.
Other result highlights included 7.62m of 5.52 g/t Au from 92.99–100.61m, including 22.35 g/t Au from 94.51–96.04m, and 1.5m of 13.01 g/t Au from 123.48–125m. "The rocks between these zones are variably mineralized such that the entire 123.5 meter interval averages 1.13 g/t Au," the company noted.
The company noted that all mineralization is contained within 117 meters of surface in this new zone, and it remains open to the north and east and to depth.
"The discovery of more high-grade gold mineralization close to the Merritt Zone is an exciting development and appears to validate our hypothesis that multiple high-grade zones surrounded by halos of lower grade exist over a much broader area," CEO Robert Archer said in the release. "While historic mining may have removed some gold from the hills, we are confident that other buried zones remain to be found. Our new, intrusive-related exploration model is being validated by drill-testing of Induced Polarization (IP) targets and the extension of the geophysical survey to cover the entire property is indicating that the entire system may be several kilometers in size."
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Newrange Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Newrange Gold, a company mentioned in this article.
