VANCOUVER, BC—(Marketwired – February 22, 2018) – (TSX VENTURE: NRG) (OTC PINK: NRGOF) (FRANKFURT: X6C) – Newrange Gold Corp. (“Newrange” or the “Company“) is pleased to announce that the Company's systematic program of mapping and sampling at Pamlico has identified another very prospective, high–grade gold drill target referred to as “Tom's Hammer” where rock chip samples yielded up to 130 grams gold per tonne (g/T Au) in mineralized sedimentary rocks of the East Zone — North. Similar work in the Pamlico Ridge Area also identified high–grade gold mineralization that may indicate a 700 meter southeasterly extension of high–grade mineralization discovered by the Company during 2017 in the Merritt Area. All–together, the six (6) high potential exploration areas at Pamlico have a combined strike length of more than 14 kilometers (link to map – Pamlico Target Areas).
For logistical reasons, the Phase III drill program that began on February 19 will initially focus on the new “Tom's Hammer” target. Drilling will then shift to exploring indicated extensions of mineralization to the southeast of the Merritt Area.
East Zone — North (Sediment Hosted Target)
Rock chip sampling has identified high–grade gold mineralization assaying 130.0 g/T Au over 0.6 meter sampled interval perpendicular to the mineralization at surface. The area, referred to as Tom's Hammer is situated in the East Zone – North, roughly 3.5 kilometers northeast of Pamlico Ridge. Thirty–two (32) widely spaced rock chip samples of structurally and stratigraphically controlled mineralization from outcrops, prospects and shallow underground mine workings over an area 800 meters long, up to 100 meters wide with an approximate vertical range of 100 meters, assayed from 0.1 to 130 g/T Au and 0.4 to 52.5 grams tonne silver (g/T Ag) over sample lengths ranging from 0.6 to 2.8 meters. The reader is cautioned that these samples are of structurally and stratigraphically controlled mineralization and may not be representative of the entire area. To the best of the Company's knowledge, this target has never been explored with modern technology and has never been drilled.
Pamlico Ridge (Merritt Area Extension)
A length weighted average grade of 16.28 g/T Au was obtained from 14 rock chip samples with a grade range of 0.28 to 68.0 g/T Au from highly mineralized material, visually similar to mineralization found in the Merritt Area. These samples, ranging from 0.4 to 1.1 meters in length, were collected from an area roughly 114 meters long by 70 meters wide encompassing a group of nearly vertical, east — west trending veins, associated with the highly prospective E–W Zone where it crosses the well–mineralized Pamlico Ridge Trend. The sampled area lies within a much larger area of numerous historic mine workings roughly 300 meters wide and 700 meters long extending southeasterly along the Pamlico Ridge Trend from the Merritt Area. High angle structures such as these are very important potential “feeder zones” that can provide critical pathways for deep, circulating, mineral bearing fluids to access the favorable host rocks. Identification of potential feeders is very important for the modeling and exploration at Pamlico especially the deeper favorable geological horizons known to exist at Pamlico as discussed in the Company's news release of January 9, 2018. The reader is cautioned that these samples are of structurally controlled mineralization may not be representative of the entire mineralized area.
Highlights – Phase III Drill Targets
- East Zone — North: New high–grade gold target with 800 meter strike hosted in carbonate sediments of the East Zone – North with surface samples up to 130 g/T Au.
- Pamlico Ridge — Merritt Area Extension: Extension of Merritt Area to southeast along trend for approximately 700 meters and including projected intersection with the E–W Zone with near surface samples up to 68 g/T Au.
Quality Assurance/Quality Control
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43–101, the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release. All sampling is performed by trained field personel under the supervision of the Company's geologists. Samples are then securely delivered to American Assay in Sparks, Nevada for sample preparation and analysis. Samples were dried then stage crushed to 80% passing 10 mesh. A 1,000 gram sub–sample was then split out and pulverized to 140 mesh from which 50 gram samples were split for analysis by fire assay with atomic absorption finish. All samples assaying more than 10 g/T Au are checked and re–assayed using fire assay (FA) with a gravimetric finish. In addition to the QA — QC conducted by the laboratory, the Company inserts blanks, standards and certified reference material (CRM) at a rate of 1 in 20.
About Newrange Gold Corp.
Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions, including Nevada and Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.
Newrange will be exhibiting at the Metal Investors Forum on Saturday March 3, 2018. The Company will also be exhibiting at the Prospectors & Developers Association of Canada, March 4th and 5th, 2018 at Booth 2415A. All interested parties are cordially invited to attend one or both exhibits and take the opportunity to meet and speak with management.
Signed: “Robert G. Carrington”
President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward–looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.