(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA - TheNewswire - January 24, 2022 - (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange GoldCorp. (" Newrange " or the“ Company ") is pleased to provide furtherdetails on the upcoming drill programs on its 100% owned North Birchand Argosy Gold Mine Projects northeast of Red Lake, Ontario. Atleast 4,000 metres will be drilled, split roughly evenly between thetwo projects, starting at North Birch in early February.
“We believe that Newrange’s winter drill program onits North Birch and Argosy Gold Mine Projects will be the largest inthe Birch-Uchi Belt this year, outside of the nearby SpringpoleDeposit,” stated Robert Archer, Newrange’s President & CEO. “Our two projects complement each other very well in that Argosy,being the largest past-producing gold mine in the belt, has known goldmineralization that is open to depth, while North Birch holds the‘blue sky’ potential for a significant new discovery.”
Iron formation hosted gold deposits occur inPrecambrian rocks throughout the world and the 3,850-hectare NorthBirch Project encompasses a folded and sheared iron formation (see Figure1 ) that is structurally similar toNewmont’s Musselwhite Mine, 185 kilometres to the northeast and thelargest of this class of deposits in Canada, with past production andreserves exceeding 7 million ounces (Ontario Geological Survey andNewmont Corporation). The LiDAR survey that was flown over the NorthBirch Project last summer highlights a very clear break between twotopographical domains that is interpreted to reflect a shear zone (see Figure2 ) that follows exactly along thetrace of the main fold limb of the iron formation and is at leasteight kilometres long.
While iron formation can be an excellent physical andchemical trap and remains the primary target, structure is the key togold mineralization and adjacent rock types may also be mineralized. This is the case in the Pickle Lake District, in the next greenstonebelt to the east of Birch-Uchi, which contains several depositshosting gold in iron formation and adjacent rocks and has collectivelyproduced 2.9 million ounces of gold since 1935 (MNDM archives). Boththe magnetic and LiDAR surveys at North Birch highlight otherstructures on the property that will require future follow up. Although gold mineralization is known elsewhere on the property, themain iron formation horizon has never been drill-tested as it liesunder cover.
At present, five holes are planned along approximatelythree kilometres of strike on the main target horizon. Additionalholes will depend on the results from this first pass.
Figure 1: Airborne magnetic map of the North Birch Propertyhighlighting folded iron formation (in red/purple), gold showings andprimary target horizon for the 2022 drilling program
Figure 2: Digital Elevation Map (DEM) from the LiDAR survey on theNorth Birch Property highlighting topographic and structural featuresand primary target horizon for the 2022 drillingprogram
On the Argosy Gold Mine Project, the focus for theupcoming drilling will be on testing the depth extent of known veinsbelow the historic mine workings and testing for continuity on certainother veins that were not previously mined. A total of 101,875ounces of gold was produced at a grade of 12.7 g/t between 1931 and1952. Production came from two inclined shafts on multiple levelsbut only to a maximum vertical depth of 900 feet (274 metres). Holesdrilled in 2003-04 intersected gold mineralization to a vertical depthof 400 metres, including 10.46 g/t Au over 2.98 metres and 14.15 g/tAu over 1.65 metres, indicating that mineralization continues todepth.
Although no detailed production data exists, theCompany has compiled information from 72 historic drill holes inconjunction with outlines of the underground mine workings to completea preliminary 3D Leapfrog model (see Figure 3 )that is being used to assist in planning the upcoming drill program. Further details on the planned holes will be provided once theprocess is complete.
Qualified Person
The technical content disclosed in this press releasewas reviewed and approved by DavidHladky , P.Geo., SeniorGeologist for Newrange and a Qualified Person asdefined under National Instrument 43-101.
Newrange is focused ondistrict-scale exploration for precious metals in favorablejurisdictions including Nevada and Ontario. The Company’s PamlicoProject in Nevada contains a large-scale multi-phase polymetallicmineralizing system with multiple gold and copper targets spread overmore than 5,700 hectares. In the prolific Red Lake District ofnorthwestern Ontario, the past-producing high-grade Argosy Gold Mineis open to depth, while the adjacent North Birch Project offersadditional blue-sky potential. Focused on developing shareholdervalue through exploration and development of key projects, the Companyis committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
President & CEO
Forfurther information contact :
Sharon Fleming | Dave Cross |
Corporate Communications | Chief Financial Officer and Corporate Secretary |
Phone: 760-898-9129 | Phone: 604-669-0868 |
Email: info@newrangegold.com | Email: dcross@crossdavis.com |
Website: www.newrangegold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
Some of the statements in this newsrelease contain forward-looking information that involves inherentrisk and uncertainty affecting the business of Newrange Gold Corp.Actual results may differ materially from those currently anticipated in suchstatements.
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