In a July 7 research note, Noble Capital Markets analyst Mark Reichman reported that all four of Newrange Gold Corp.'s (NRG:TSX.V; NRGOF:OTCQB) follow-up diamond core holes drilled at its Pamlico project helped identify "new zones of mineralization that correlate well with that of the historic Pamlico mine."
Reichman reviewed the results. Newrange drilled holes P21-122 through P21-125 around hole P21-115 located 85 meters east of the Merritt zone. This quartet of holes encountered near-surface, oxide mineralization resembling that seen in P21-115, in the Merritt zone and in stopes on Pamlico mine's 5428 level. This suggests the presence of a previously unknown mine extension.
"The intercept in hole P21-122 is lower in elevation than the 5428 level, indicating this new zone could be a down-dropped extension of high-grade mineralization in the Pamlico mine," Reichman commented.
Clarity should come from assays from the four holes, which are pending.
In other news, Newrange received the results of the expanded induced polarization (IP) survey of the McGill Canyon area at Pamlico. Given the report's contents, the explorer now plans to drill this area, including the 91 zone and the Line 5 anomaly, next.
"Based on the IP survey results and exploration activities in the McGill Canyon area, we think the company's planned drilling could result in favorable outcomes," Reichman wrote.
Noble Capital has an Outperform rating and a $0.25 per share price target on Newrange, the stock of which is trading at about $0.17 per share.
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