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, he noted.
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 US$0.25 per share price target on Newrange, the stock of which is trading at about US$0.12 per share.
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Disclosures for Noble Capital Markets, Newrange Gold Corp, July 7, 2021
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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.
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Noble is not a market maker in the Company.
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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.
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