Newrange Gold Corp gave shareholders a glimpse into its progress at its exploration-stage properties in Ontario.
The past-producing high-grade Argosy gold mine is open to depth, while the adjacent North Birch project has additional blue-sky potential, according to Vancouver-based Newrange.
CEO Robert Archer told investors that the company was “very encouraged” by the presence of strong deformation, alteration, and anomalous geochemistry in the initial holes at its North Birch property in Red Lake, Ontario.
READ: Newrange confirms structural interpretation with first drill hole at North Birch project in Ontario
"Considering that this horizon is not exposed at surface and has never been drill-tested before, these are all positive indicators that are common to gold systems elsewhere in the Uchi Subprovince,” Archer said in a statement. “We look forward to follow-up drilling to better understand the overall setting."
Meanwhile, drilling at the Argosy gold property in Ontario was hampered by weather challenges that resulted in a shorter drilling window, Newrange said. However, the company did say it had prepared the first drill sites, where initial holes will test both the down-dip extension of gold mineralization below the historic mine workings and in parallel, un-mined veins closer to surface.
Additionally, Newrange said that it had decided to terminate its option on the Pamlico project in Nevada following an in-depth analysis of results so far and a strategic comprehensive review that took into account market conditions and high holding costs.
That said, Newrange added that it is “actively reviewing” potential acquisition targets and it committed to finding a new flagship project that will have the ability to provide significant upside.
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake district of northwestern Ontario.
Contact Angela at angela@proactiveinvestors.com
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