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Now With Cash and IP Survey Results, Company Preps for Summer Exploration
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Newrange Gold's recent and next steps at its North Birch project are outlined in a Noble Capital Markets report.

In an April 27 research note, Noble Capital Markets analyst Mark Reichman provided an update on Newrange Gold Corp.'s (NRG:TSX.V; NRGOF:OTCQB) exploration work at its North Birch project in Ontario.

"With the completion of the [induced polarization] (IP) survey and proceeds realized from the sale of flow-through units, the company is poised to accelerate progress at its North Birch property," Reichman wrote.

Newrange completed an IP survey over 73.7 line kilometers of the 3,850-hectare property, the analyst noted. It covered most of the eastern portion of the project, including 7 kilometers of strike length along the main target horizon.

"The survey revealed several well-defined anomalies to target for the summer drilling program," Reichman added.

The mining firm, based in Vancouver, British Columbia, plans more work at North Birch to be done this summer. In late May, it intends to establish a camp and bring in a field crew. Mapping and sampling will be done over most of the property. In late June through early July, the company will commence approximately 2,500 meters of diamond drilling.

To fund efforts at North Birch, Reichman indicated, Newrange will use the proceeds from a recently closed nonbrokered private placement. From the sale of 6,250,000 flow-through units, the company raised CA$1 million.

The mineral explorer also generated CA$705,400 from a different nonbrokered private placement. The monies came from the closed first tranche, in which 5,878,332 non-flow-through units were sold. The second and last tranche was expected to yield CA$1,294,600. [Editor's Note: The second tranche closed on April 28 and yielded $1,351,991.] The company intends to use these funds to advance its Pamlico project in Nevada.

Noble Capital has an Outperform rating and a US$0.20 per share target price on Newrange Gold, the stock of which is currently trading at about US$0.14 per share.


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.
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Disclosures for Noble Capital Markets, Newrange Gold Corp, April 27, 2021
Company Specific Disclosures
The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report.
The Company in this report is a participant in the Company Sponsored Research Program ("CSRP"); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report.
The Company has attended Noble investor conference(s) in the last 12 months. Noble has arranged non-deal roadshow(s) with investors in the last 12 months.
Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months.
Noble is not a market maker in the Company.

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ 'Best on the Street' Analyst and Forbes/StarMine's "Best Brokerage Analyst." FINRA licenses 7, 24, 63, 87.

Independence Of View:
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.
Receipt of Compensation:
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.
Ownership and Material Conflicts of Interest:
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

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