Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF Newrange Provides Exploration Update
510 - 580 Hornby Street, Vancouver, BC V6C 3B6 - Tel. (604) 669 - 0868 Fax (604) 558 - 4200
Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
Newrange Provides Exploration Update
VANCOUVER, BRITISH COLUMBIA, May 17, 2022 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) –
Newrange Gold Corp. ("Newrange" or the “ Company") is pleased to provide an update on its
exploration projects in the Red Lake District of Ontario and the Walker Lane Trend of Nevada.
North Birch Project
At the North Birch Project, 110 kilometres northeast of Red Lake, two diamond drill holes were
completed for a to tal of 723 metres. Although the winter drill pr ogram was expected to in clude
additional holes, highly variable weather forced a late start and early conclusion. The holes were drilled
to test a folded sequence of Iron Formation (“IF”) and volcanic rocks in a structural setting similar to the
Musselwhite Mine, 190 kilometres to the northeast (see Figure 1 below).
Figure 1: North Birch Drill Holes in ‘Fold Nose’ interpreted from airborne magnetics
As previously reported (Newrange Press Release of March 9, 2022), hole NB22001 intersected a
deformation zone more than 100 met res wide that had been i nterpreted from geophysics and Li DAR
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surveys. The hole collared in massive to pillowed Fe-tholeiitic basalt and shearing started
approximately 200 metres downhole, becoming more intense with depth. The basalt becomes
increasingly magnetic downhole and laminated IF first appears at 421 metres. Folding is apparent in
the IF and both basalt and IF display moderate to intense carbonate alteration and local quartz veining.
Pyrite and pyrrhotit e mineralization occur as disseminations , stringers and, locally, as ‘clots’ within
quartz veins and veinlets.
Gold and copper assays increased downhole as shearing intensified. V alues were geochemically
anomalous, with high values of 0.25 g/t Au and 363 ppm Cu, and the relationship of gold and copper to
shearing, quartz-carbonate alteration and pyrite- pyrrhotite mineralization are all encouraging signs
considering that this horizon has never been drilled before. Not only does Newrange control about
eight kilometres of this horizon but th is first hole stopped in highly sheared IF at 460 m etres (vertical
depth of approximately 320 metres) as the drill had reached its depth limitation. Follow up holes will be
drilled in the opposite direction due to the local topography and the sub-vertical dip of the zone.
Hole NB22002 was drilled 800 metr es along stratigraphic strike to the northwest to test coincident
magnetic and Induced Polariz ation anomalies. The hole was drilled to 263 metres at -50°, in massive
to pillowed basalt and mafic tuff. While the anomalies were explained by the presence of chalcopyrite-
pyrrhotite stringers, which returned no significant gold assays, a zone of strong biotite alteration with
highly anomalous trac e element geochemistry w as intersected just below this zone, indicating strong
hydrothermal activity. The deformation zone and IF intersected in the first hole were not seen in the
second hole indicating that this structure does not appear to follow exactly along the main limb o f the
fold but likely trends closer to the central axis.
“We are very encour aged by the prese nce of strong deformation, alteration, and anomalous
geochemistry in the initial holes at North Birch, ” stated Robert Archer, President & C EO of Newrange.
“Considering that this horizon is not exposed at surface and has never been drill -tested before, t hese
are all positive indicators that are common to gold systems elsewhere in the Uchi Subprovince. We
look forward to follow-up drilling to better understand the overall setting.”
Argosy Gold Mine Project
Due to the above-described weather challenges and resulting shortened drilling season, no holes were
drilled on the adjacent Argosy Gold Mine Project this past winter . However, the first drill sites have
been prepared and the initial holes will test both the down- dip extension of gold minerali zation below
the historic mine workings and in parallel, un-mined veins closer to surface.
Pamlico Project
Management has conducted an in-depth analysis of results to date on the Pamlico Property in Nevada,
including an in -house (not NI43-101 compliant) assessment of the Merritt Decline Area and other
exploration targets on the property . Following a comprehensive strategic review, which appropriately
considered current market conditions and high holding costs, the Board of Directors has concluded that
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the continuation of the p roject is no longer in the best interest of shareholders and has terminated the
option agreement.
Potential Acquisitions
As part of the afore mentioned s trategic review, Newrange is actively reviewing several potential
acquisition targets in order to maximize shareholder value. The Board is committed to finding a new
flagship project that will have the potential to provide significant upside. Discussions are ongoing in this
regard and the Company will inform shareholders of any progress in a timely manner.
QA/QC
All drill core was logged, and samples assayed for gold and multi-elements by AGAT Laboratories in
Thunder Bay, Ontario. The Company’s QA/QC sample protocol consisted of the collection of samples
no less than 0.10 metres and no greater than 1.5 metres in core length over the mineralized portions of
the drill hole. Envelopes to mineralized zones were commonly sampled as well. The drill core was cut
in half with a diamond saw, with half of the core placed in sample bags and the other half secured in the
core box on site. One commercially prepared standard or blank was inserted in series every ten
samples (10% of the samples). Samples were then transported by company personnel directly to the
AGAT Labs facility. AGAT received, recorded and tracked all samples. Gold analyses were obtained
by industry standard fire assay with ICP finish using a 30 gram aliquot. For samples returning values
greater than 10 g/t gold, follow-up fire assay with a gravimetric finish is completed. Samples were also
analyzed for 35 element trace and major element ICP -OES. AGAT Laboratories is an ISO 9001:2015
and ISO/IES 17025:2017 accredited lab for the preparation and analyses performed on the Newrange
samples.
Qualified Person
The technical content discl osed in this press release was reviewed and approved by David Hladky ,
P.Geo., Senior Geologist for Newran ge and a Q ualified Person as defi ned under National Instrument
43-101.
About Newrange Gold Corp.
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of
northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, whi le the
adjacent North Birch Pro ject offers additional blue-sky potential. Focused on developing shareholder
value through exploratio n and development of key projec ts, the Com pany is committed to building
sustainable value for all s takeholders. Further informati on can be found on our w ebsite at
www.newrangegold.com.
Signed: “Robert Archer”
President & CEO
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Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
FOR FURTHER INFORMATION CONTACT:
Sharon Fleming Dave Cross
Corporate Communications Chief Financial Officer and Corporate Secretary
Phone: 760-898-9129 Phone: 604-669-0868
Email: [email protected] Email: [email protected]
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
Some of the statements in this news release contain forw ard-looking information that involves inherent risk and uncertainty affecting the
business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.