Acquiring the Argosy Mine. Newrange Gold agreed to acquire the past-producing, high-grade Argosy Mine in the Red Lake Mining Division in northwestern Ontario. Newrange will purchase Cangold Limited, a subsidiary of Great Panther Mining Ltd. and the owner of Argosy, for C$100 thousand in cash and the issuance of C$650 thousand in Newrange shares to Great Panther at closing, which is expected within 90 days. On the first anniversary of closing, Newrange will issue C$250 thousand in Newrange shares to Great Panther.Unrealized potential. The Argosy Mine closed in 1952 and has experienced little exploration below the old mine workings. It offers significant potential to extend the mineralization to depth and to discover new vein systems. The property is comprised of 43 patented claims and 17 mining licenses encompassing 604 hectares. While 12 vein systems are known, past production focused on four to a depth of only 270 meters. The mine is only 10 kilometers northwest of the Springpole Gold Project, the largest gold deposit in the Birch Uchi Belt, and less than a kilometer from Newrange Gold’s North Birch project.Complementary to North Birch. In our view, the acquisition of Argosy complements the North Birch project and enables Newrange to build scale within the Red Lake area. We think dual exploration and drilling programs at North Birch and Argosy could accelerate understanding of the mineralized systems, and resource growth.Rating is Outperform. In our view, the Pamlico project in Nevada and North Birch project in Ontario both represent significant value creation potential for investors. The addition of Argosy strengthens the appeal of the company’s land position within the Red Lake area. Mr. Robert Archer, CEO, has a long history with the Argosy Mine that extends back to 2001 prior to his founding Great Panther, which acquired Cangold in 2015. Mr. Archer knows the asset well and is in a unique position to realize its full potential. Read More >>