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RC Drilling 2017

Pamlico Summary Tabulation of All Drill Intercepts Phase I RC Drilling - Merritt Decline Area

(*to convert grams per metric tonne (g/t Au) to troy ounces per short ton (oz/t Au): multiply g/t Au by 0.029167)

Hole From
(meters) 
To
(meters)
Intercept length
(meters)
Gold grams per tonne
(g/t Au)
P17-02 21.3 25.9 4.57 1.91
And 42.7 64.0 21.34 1.27
Including 61.0 64.0 3.05 6.27
P17-03 62.5 64.0 1.52 51.00
P17-04 7.6 16.8 9.15 1.89
Including 9.2 10.7 1.52 9.40
P17-05 21.3 22.8 1.50 17.90
P17-08 30.5 51.8 21.34 13.67
Including 30.5 39.6 9.15 27.80
Including 35.1 39.6 4.57 44.90
Including 35.1 36.6 1.53 84.90
P17-09 16.8 50.3 33.54 1.10
Including 18.3 19.8 1.53 4.23
Including 39.6 41.2 1.53 9.50
And 65.6 67.1 1.52 6.82
P17-10 18.3 19.8 1.53 6.44
And 25.9 38.1 12.20 49.49
Including 27.4 33.5 6.10 97.94
Including 27.4 29.0 1.52 340.90
P17-12 25.9 27.4 1.52 6.95
And 56.4 70.1 13.72 5.99
Including 57.9 62.5 4.57 14.52
P17-13 50.3 61.0 10.67 0.81
P17-14 9.1 35.1 25.91 0.46
P17-15 51.8 73.2 21.34 0.88
P17-17 1.5 72.4 70.88 3.57
Including 8.4 13.0 4.57 43.80
Including 10.7 11.4 0.76 244.30
And 22.9 23.6 0.76 35.40
P17-18 54.1 64.0 9.91 15.27
Including 56.4 58.7 2.29 58.50

All results reported are length-weighted averages with no grade capping applied. Drill intercepts are for the actual drilled intercept length and may not represent true widths. Insufficient data currently exists to estimate true width.

Phase I RC Drilling Program Highlights

  • These latest drill results continue to define and expand the presence of high-grade gold mineralization in the vicinity of the Merritt Zone and Merritt Decline (see prior news releases on previous underground channel sampling and drill results by Newrange). Notably, this drilling intersected high-grade, oxide mineralization above the Merritt Zone, expanding the zone’s shallow potential. This potential was previously overlooked because historic drilling was not assayed from the surface to a depth of 55 meters.

  • Hole P17-03 drill tested the projection of high-grade gold mineralization east of the decline and south of the Merritt Zone intersecting 1.5 meters of 51 grams gold per metric tonne (g/t Au).

  • Holes P17-04 and P17-05 were drilled in a fan to confirm the presence of high-grade gold mineralization and test lateral and up dip projections of mineralization reported in historic holes PRC36, M10-04 and M10-17. Hole P17-04 intersected 1.5 meters of near surface mineralization assaying 9.40 g/t Au. Hole P17-05 intersected 1.6 meters assaying 17.9 g/t Au. Importantly, these holes confirm the presence of high-grade gold bearing structures and indicate good lateral and vertical continuity of mineralization near the surface in this area.

  • Holes P17-08, 09 and 10 are interpreted to have discovered a new zone of near surface high-grade gold mineralization approximately 50 meters south of the end of the decline. Drilling tested favorable structural projections beneath an area of shallow alluvial cover. Holes P17-08 and 09 were drilled from the same site and P17-10 was drilled approximately 15 meters to the northwest. P17-08 intersected a mineralized zone averaging 13.67 g/t Au over 21.3 meters, including a higher grade sub-zone averaging 27.8 g/t Au over 9.1 meters with a highgrade interval averaging 84.90 g/t Au over 1.5 meters. Hole P17-09 is interpreted to have been drilled over the top of, and sub-parallel to the structure intersected in P17-08 and returned 9.5 g/t Au over 1.5 meters and 6.82 g/t Au over 1.5 meters. Hole P17-10 intersected 49.49 g/t Au over 12.2 meters with a higher grade sub-zone averaging 97.94 g/t Au over 6.1 meters including an interval of 340.9 g/t Au over 1.5 meters.

  • Hole P17-12 intersected 4.6 meters averaging 14.5 g/t Au, within a broader interval of 13.7 meters averaging 6.0 g/t Au. This intercept is at an approximate vertical depth of 40 meters from the surface (58 meters down-hole), and extends the known limits of high-grade gold mineralization more than 35 meters to the west of previous drilling.

  • Hole P17-17 intersected 0.8 meter assaying 244.3 g/t Au from 10.6 to 11.4 meters. This is the Company’s second highest grade drill intercept to date, and is included within a broader interval of 4.6 meters averaging 43.8 g/t Au from 8.4 to 13.0 meters. Hole 17 also intersected a second high-grade zone assaying 35.4 g/t Au over 0.8 meter from 22.8 to 23.6 meters.

  • Hole P17-18 intersected 2.3 meters averaging 58.5 g/t Au from 56.4 to 58.7 meters, within 9.9 meters averaging 15.27 g/t Au from 54.1 to 64 meters.

  • Holes P17-13, 14 and 15 all contain significant intercepts of disseminated, lower grade mineralization, confirming and expanding the extent of “halo” gold mineralization more than 30 meters south of the decline.

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