Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) (FRA:X6C) announced the completion of four diamond core holes totaling 800.6 meters (m) at its flagship Pamlico project in Nevada, following up on reverse circulation (RC) hole P21-115 that intersected several high-grade structures including an assay of 22.35 grams per tonne (g/t) gold within an overall intercept of 123.5 meters averaging 1.13 g/t gold.
The company said all four holes are 25m to 35m offsets of hole P21-115 and, collectively, appear to have discovered a previously unknown extension of the historic, high-grade Pamlico Mine.
“We are very encouraged by the four follow up holes on this new zone, and especially with the apparent correlation with the Pamlico Mine mineralization,” Newrange Gold CEO Robert Archer said in a statement.
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“While all assays are pending, the zone appears to be open to the north, east and south. Once results have been received and compiled, we will be in a better position to interpret the potential and plan additional follow-up drilling,” Archer added.
Newrange noted that all four core holes (P21-122 to 125 inclusive) intersected what the company called near-surface, visually significant, oxide mineralization resembling that seen in hole P21-115, the Merritt zone and stopes on the 5428 level of the Pamlico Mine.
It added that the mineralization seen in the drill holes occurs over broad intervals ranging from 108m to 167m downhole.
As well, the company announced it has received the final report on the recent expansion of the Induced Polarization (IP) survey, noting that recently discovered gold-copper mineralization on surface appears to be associated with a 5.5 by 3 kilometer IP anomaly.
Newrange said it now considers this to be a higher priority target than the ‘91’ zone or the ‘Line 5’ anomaly and will be the next area to be drilled.
Discovered in 1884, the Pamlico District enjoys a reputation for being one of Nevada’s highest-grade districts. A new geological model being developed for the Pamlico Project by Newrange suggests that past production may be just the exposed manifestation of a much larger, and mostly buried, gold-bearing system.
The Pamlico project is located 12 miles southeast of Hawthorne, in Nevada along US Highway 95, and enjoys excellent access and infrastructure.
Contact Sean at sean@proactiveinvestors.com