Assay results yield a few surprises. Assay results were released for four follow-up diamond core holes representing 800.6 meters of drilling around Hole P21-115, a reverse circulation hole that discovered shallow, high-grade oxide gold mineralization just east of the Merritt Zone and north of the historic Pamlico mine. Instead of gold mineralization resembling that observed in Hole P21-115, Holes P21-122 through P21-125 revealed concentric halos of zinc, lead, copper, arsenic, silver, and higher gold values near the center.Looking through a broader lens. Information from geophysical work, mapping, and rock and soil sampling point to strong intrusive activity in the southern part of the property, with widespread copper, zinc, silver, and gold mineralization. Coupled with recent diamond drilling, the company appears to be outlining a large-scale polymetallic system.Momentum building in Ontario. While the focus of this note is mainly on the Pamlico project, we expect Newrange to close on the past-producing, high-grade Argosy Mine before year-end. The acquisition of Argosy complements the North Birch project and enables Newrange to build scale within the Red Lake area.Rating remains Outperform. NRGOF shares were down 20.5% with 2.4 million shares traded compared to average daily trading volume of 68.4 thousand shares. In our view, the market overreacted by focusing on a narrow set of assay results instead considering the broader potential of the company’s Pamlico and North Birch projects. Planning at Pamlico has been complicated by delays in receiving drilling and sampling results and we think management may allow more time to receive and interpret data from geophysical surveys, mapping, and sampling to better inform their understanding of the geological environment and metal zonation prior to developing new targets for drilling. Read More >>