(TheNewswire)
Vancouver, British Columbia - TheNewswire- December 13, 2023 - (TSXV:NRG ) ( US:NRGOF ) ( Frankfurt:X6C)- Newrange Gold Corp. (" Newrange " or the “ Company ") announces that, following the termination of thepreviously announced business combination with Mithril Resources (see Newrange News Release ofNovember 21, 2023 ) the TSX VentureExchange has advised the Company that trading in Newrange shares willresume at the market open on Friday December 15, 2023.
Given that the merger is not proceeding, Newrange’sBoard of Directors is reconsidering the previously contemplated namechange and 2:1 share consolidation and will provide further details indue course.
Robert Archer, President and CEO of Newrange commentedthat, “As precious metal prices are trending higher going into theNew Year, we are wasting no time in renewing our search for anothersignificant project and will be applying for a new work permit tocommence follow-up diamond drilling at the North Birch Project in theprolific Red Lake Mining Division. Our projects are within 12kilometres of the Springpole Gold Deposit being developed by FirstMining Gold in the Birch-Uchi Greenstone Belt and the Red Lake area isseeing another resurgence of exploration activity.”
In 2022, Newrange completed the first hole ever drilledon the main target horizon at North Birch and intersected adeformation zone more than 100 metres wide with extensive carbonateand sericite alteration, tightly folded iron formation, quartz veiningand pyrite-pyrrhotite mineralization with anomalous gold values (see Newrange News Release ofMarch 9, 2022 ). Based upon airbornemagnetic and LiDAR surveys, this horizon is believed to extend for atleast 8 kilometres on the North Birch property.
Drilling on the adjacent and past-producing Argosy GoldMine may also be undertaken as part of the same program. Active between 1931 and 1952, the mineproduced 101,875 ounces of gold and minor amounts of silver from276,573 tons of ore at an average grade of 0.37 ounces per ton(12.7 g/t) Au. The mine was only developed to a depth of 900 feet(270 metres), however, and although developed ore reserves had beenexhausted at the time the mine closed, it is known from recentdrilling by a previous owner that high-grade gold mineralizationextends below the old workings (up to 15.8 g/t Au over 3.5m).
Both North Birch and Argosy are owned 100% by Newrange,subject to 2% and 2.5% NSR royalties, respectively.
Qualified Person
The technical content disclosed in this press releasewas reviewed and approved by Robert Archer, P.Geo., who is a QualifiedPerson as defined under National Instrument 43-101. Mr. Archer isPresident and CEO of Newrange Gold.
ABOUT NEWRANGE
Newrange is anexploration company listed on the TSXV, with a focus on district-scaleexploration for precious metals in the prolific Red Lake District ofnorth-western Ontario, Canada. The past-producing high-grade ArgosyGold Mine is open to depth, while the adjacent North Birch Projectoffers additional discovery potential. Furtherinformation can be found on our website at www.newrangegold.com .
Signed: “Robert Archer”
President & CEO
Forfurther information contact :
Email: info@newrangegold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.newrangegold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
Forward-LookingStatement:
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 anticipatedin such statements.
Copyright (c) 2023 TheNewswire - All rights reserved.