The opportunity at Newrange Gold Corp's flagship polymetallic asset Pamlico in Nevada, USA has grown, says Noble Capital Partners, which rates shares 'Outperform'.
In a recent year-end update, the company said its geologists had now identified a multi-phase intrusive system with locally “strong” copper +/- zinc mineralization at surface at the property, which now covers an enlarged area of over 5,700 hectares.
"Based on work completed in 2020 and 2021, the company's geological model incorporates areas beyond the initial gold district that was mined in the past and suggests a larger district containing a gold-copper system with oxide gold near surface, lower-grade bulk tonnage gold mineralization, skarn and porphyry copper-gold targets," said Noble analysts.
"Management has identified several target areas for drilling in 2022 within what is believed to be a large-scale polymetallic mineralizing system with significant resource potential," they added.
"While property-wide mapping and rock sampling continues, key target areas are being evaluated and prioritized for drilling in 2022," said the analysts.
READ: Newrange Gold identifies “strong” copper-zinc mineralization at surface on its Pamlico project in Nevada
Noble also highlighted the company's recent acquisition of the past-producing Argosy mine, which complements the firm's North Birch project and "enables Newrange to build scale within the Red Lake area in Ontario, Canada".
"Newrange is compiling historic data to construct a 3-D model to better understand Argosy's vein system.
"Diamond drilling will occur at North Birch in January and February and at Argosy in February and March following completion of a 3-D model based on historic data to better understand Argosy’s vein system," said the analysts.
Newrange Gold shares stand at C$0.07 in Toronto. Noble's price target is C$0.15.
Contact the author at giles@proactiveinvestors.com