Newrange Gold Corp said it has exercised its option to acquire a 100% interest in the Western Fold property, which forms the eastern portion of its North Birch project northeast of Red Lake, Ontario.
The company noted it has now paid a total of $200,000 in cash and issued one million Newrange shares to AurCrest Gold Inc for a 100% interest in the Western Fold property, which is subject to a 2% net smelter return (NSR) royalty.
“As our plans for a summer drilling program were thwarted by wildfires in the region this year, we are looking forward to a winter exploration program anticipated to begin in late January, weather permitting,” Newrange Gold CEO Robert Archer said in a statement.
READ: Newrange Gold identifies “strong” copper-zinc mineralization at surface on its Pamlico project in Nevada
“We will commence drilling at North Birch and then move the drill to the recently acquired Argosy Gold Mine property,” Archer added.
Newrange noted that further details on the two drill programs will be released in early January.
The company added that it has already exercised a separate option on the western portion of North Birch and now owns a 100% interest in the entire 3,850-hectare claim block, subject to the underlying 2% royalties.
Newrange said it is targeting a folded and sheared iron formation at North Birch, which is interpreted to be a potential host for gold mineralization.
Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The company’s Pamlico project in Nevada contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares.
In the prolific Red Lake District of northwestern Ontario, the past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the company is committed to building sustainable value for all stakeholders.
Contact Sean at sean@proactiveinvestors.com