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Location and History

The Property comprises 276 unpatented lode mining claims located on public lands administered by the Bureau of Land Management under the Mining Law of 1872 (as amended). Pamlico is situated in the Garfield Hills of Mineral County, Nevada in Sections 12, 13, 14, 23 and 14 Township 7 North Range 31E and Sections 7, 18 and 19 Township 7 North, Range 32 East MDBM.

Access

The Property is accessed from Hawthorne Nevada by traveling east on US Route 95A, 12 miles to the county maintained Garfield Flat Road and then south on that road approximately 7.5 miles to the property. Hawthorne, the county seat of Mineral County has a population of approximately 3,300.

Deposit Type

The Pamlico deposit is a high-grade structurally controlled gold dominated, epithermal system. Deposits of this class often have very robust economics and are less prone to adverse sensitivities due to swings in metal prices as evidenced by currently operating mines at Midas, Fire Creek and Round Mountain. Most of these deposits, originally mined as high-grade “bonanza type” veins during the late 1800’s and early 1900’s were largely ignored by many exploration geologists as “insignificant, small veins” during subsequent exploration cycles. Currently operating deposits with similar histories include the Round Mountain mine, Midas (Ken Snyder) mine, Hollister, Fire Creek and Denton Rawhide. The now idle operations at Aurora, Borealis, Olinghouse, Comstock Lode and Bodie, California share similar discovery and development histories.

Other similar high-grade epithermal systems include the Olinghouse deposit near Reno, Comstock Lode near Virginia City, Midas, Fire Creek, Aurora, Borealis and Round Mountain. Additional geologic and geochemical work will more fully develop and categorize the deposit model for Pamlico.

Climate and Topography

The climate at Pamlico is moderate with cool moist winters and warm dry summers. The highest temperatures occur during July and August and the coldest during December and January. The region receives an average of 4.48 inches of precipitation annually, mostly during the months of January, April, May and June.

The climate is typified as high desert and is typical of the KÖppen - Gieger CSK (cold semi-arid) climatic type. Vegetation is typical of cool arid climates and consists entirely of low, sparse desert shrubs and bunch grasses.

The topography at Pamlico is low and rolling with only occasional steep slopes and bluffs.

Infrastructure

Excellent infrastructure exists on and in close proximity to Pamlico to support exploration and future development. US route 95A, the principal highway between Reno and Las Vegas, Nevada passes through Hawthorne, Nevada and seven miles north of the property. The all-weather Garfield Flat Road, maintained by Mineral County, connects the property to US 95A. Rail service is available along a branch line of the Southern Pacific Rail Road, now owned and operated by the Union Pacific Railroad. A 234 kVA power transmission line crosses the central portion of the property.

Historic Exploration and Development

Discovered about 1884, the Pamlico District quickly came to be known as one the highest grade gold districts in Nevada. The earliest record of mining in the area dates back to 1885. Subsequent high-grade underground mining exploited many veins in the district through numerous inclined shafts and adits. Since at least 1900, the Pamlico Project has been tightly held by family groups and limited modern exploration has been done since.

Like many districts of the time, production was shipped to custom mills in existing mining districts such as Aurora and the Comstock Lode, the recovered metal often being inventoried as production from those districts rather than from the actual district of origin. The United States Geological Survey estimates production from the district between 1885 and 1900 to be roughly US $1 million, or approximately 50,000 ounces of gold, from “several miles of workings” at gold prices averaging US $20.67 per ounce. More recent production efforts are evidenced by the remains of a large twenty stamp mill that had capacity to treat 100 tons of ore per day. The mill was reportedly constructed around 1900 and was still “active later in the 1920’s” (http://www.ghosttowns.com/states/nv/pamlico.html).

Modern Exploration

Incomplete records document exploration activities on the property by Cactus West Exploration and American Bonanza Gold Mining Corp. Cactus West secured an option to acquire a 60% interest in Pamlico in 1993. Records indicate Cactus West collected 382 rock chip samples, conducted limited geologic mapping, did three small geophysical surveys restricted to Pamlico Ridge that consisted of ground magnetics, VLF-EM and IP-Resistivity surface mapping and drilled 4,739 meters (15,545 feet) in 50 shallow reverse circulation drill holes.

American Bonanza acquired a lease on the Pamlico property in 1999 and conducted additional geologic mapping, rock geochemical sampling of the surface and underground, limited soil geochemistry and 2,182 meters (7,158 feet) of reverse circulation drilling in 24 shallow drill holes. American Bonanza relinquished the property in 2007.

Between 2009 and 2015 the owners, as privately held, Goldyke Mines, invested approximately US $3 million in exploration and improvements on and related to the property including permitting and constructing a 4.3 kilometer access and haul road, 1,566 meters (5,135 feet) of rotary drilling in 29 highly targeted drill holes, a 615 foot, -15%, 3 X 4 meter (10 X 13 foot) rubber tired decline together with equipment, machine shops, compressor and generator installations. They also initiated permitting and construction of a separate standalone milling facility. Failing health forced the owners to sell and in July 2016, Newrange entered into a lease - purchase option agreement with the family to acquire the Pamlico property.

During 2009 - 2013, Goldyke permitted and completed 29 drill holes totaling 1,566 meters, permitted a 1,000 ton bulk sample and decline and completed construction of the decline to 615 feet at a 15% down grade to the top of the Bulk Sample Zone. In so doing the decline cut two previously unknown gold mineralized zones.

Drilling intersected high-grade gold mineralization as presented in Table 3 below.


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