VANCOUVER, BRITISH COLUMBIA, December 16, 2020 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) – Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to announce that it is finalizing plans for a winter exploration program to begin in January on its North Birch Project east of Red Lake, Ontario. The Company is planning on conducting approximately 90 line kilometres of Induced Polarization (IP) geophysics and the results will be used to generate targets for follow up diamond drilling.
The primary target at North Birch is the sheared limb of a folded iron formation sequence, modeled after the Musselwhite Gold Mine, approximately 190 kilometres to the north and operated by Newmont-Goldcorp. The 8 kilometre long target horizon at North Birch is recessive and not exposed at surface but is interpreted from a prominent fold pattern in the airborne magnetics (see map here). The target horizon projects 2 kilometres along strike into the Argosy Gold Mine, which closed in 1952 after producing 101,875 oz Au at 12.7 g/t Au (Ontario government archives). There are also multiple gold showings in the rocks to the south of the main target horizon and in iron formation elsewhere on the North Birch property, yet the main target horizon has never been drilled.
“We are looking forward to initiating exploration at North Birch,” stated Robert Archer, Newrange’s CEO. “As we didn’t receive our permits until September due to COVID-related delays, we missed the summer field season but, during that time, we merged and reprocessed the three airborne magnetic surveys that have been flown over the property in past years. This has clearly delineated the main target horizon and the IP will be used to detect areas of sulphide enrichment that may be related to gold mineralization.”
It is anticipated that field crews will mobilize to the property in early January, although the exact timing will be weather dependent. Once the IP has been completed and interpreted (approximately 4-6 weeks), an application for a drill permit will be filed as soon as possible.
In other news, Newrange has signed a one-year agreement with NAI Interactive Ltd. (“NAI”) of Vancouver, BC to provide marketing services to the growing Chinese investment community. Total payable under the terms of the contract is $60,000 and NAI will be granted 150,000 stock options in Newrange at a price of $0.14. The stock options will vest as to 25% every three months with a term of two years from the date of grant.
NAI has been bridging the gap between the mining industry and Chinese investors for more than 20 years and is a leading market intelligence and investor relations service provider for fast growing public companies trading on the North American stock exchanges.
The technical content disclosed in this press release was reviewed and approved by David Hladky, P.Geo., Senior Geologist for Newrange and a Qualified Person as defined under National Instrument 43-101.
About Newrange Gold Corp.
Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Ontario and Colorado. With numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne, the Company’s flagship Pamlico Project is poised to become a significant new Nevada discovery. 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.
Signed: “Robert Archer”
CEO & Director
For further information contact:
Chief Financial Officer and Corporate Secretary
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.