Newrange Gold Corp. Announces Phase III Step Out Drilling Extends Gold Mineralization to 0.5 km Along Trend at Pamlico Project, Nevada

VANCOUVER, British Columbia, July 10, 2018 (GLOBE NEWSWIRE) -- Newrange Gold Corp. (TSXV:NRG) (OTCQB:NRGOF) (Frankfurt:X6C) ("Newrange" or the “Company") is pleased to announce Phase III drill results have extended the mineralized gold trend to approximately 1,600 ft (488 m) on strike to the southeast from the Merritt Decline Area along Pamlico Ridge. This latest round of drilling demonstrates an approximate 400% increase of prospective high-grade vein and disseminated gold targets.  This drilling expanded both the strike length and width of the mineralized corridor, and identified new host rock and structural settings favorable for hosting gold mineralization.  A geologic plan map and two cross sections provide summary reference information on the Company website here.

Key Highlights

• Newrange’s Phase III drill results indicate an expanded strike length of 1,600 feet (488 m) that includes the Merritt Decline Area and newly identified mineralization at Pamlico Ridge – in excess of 4 times the previously known strike length.
    
• Phase III results also expand the apparent width of the mineralized corridor from 220 feet (67 meters) to 420 ft (128 m).
    
• Prospective depths have been increased to about 530 ft (161 m), a 260% increase over the vertical extent of mineralization indicated by the Company’s 2017 drilling.
    
• The best gold values were seen in hole P18-47 which intersected 39.6 meters of 1.482 g/T gold while P18-44 intersected 86.9 meters of 0.578 g/T gold, including 25.9 meters of 1.021 g/T gold.
    
• Drilling confirms consistent and deep levels of oxidation ranging from 600 to more than 900 feet (200 to 300 meters) below surface.  All gold intercepts to date are in thoroughly oxidized host rock, commonly favorable characteristic for modern metallurgical recovery processes.
    
• 2018 drill results also confirm the importance of recently mapped major northwest fault zones.
    
• Importantly, the latest drilling has also discovered a deeper favorable host rock package.
    
• Ongoing surface and underground mapping and sampling continues to refine the geologic framework Newrange will use to explore many other prospective targets on the property.

Phase III Drill Program

Pamlico Ridge

Drilling consisted of seven holes totaling 5,337 ft (1,627 m). Three of these holes have intersected significant oxide gold mineralization, while two of the holes, P18-44 and 47 confirm the discovery of a potentially significant new oxide gold zone in a previously unknown, but favorable host rock sequence near recently mapped major northwest fault zones at Pamlico Ridge.  Using the “Front Vein” in the Merritt Decline as a northwest limit to previously known gold mineralization, the 2017 drilling extended reportable gold intercepts approximately 400 ft (122 m) to the southeast along trend. Results from the 2018 program in holes P18-44 and P18-47 now extend this trend to 700 ft (213 m), while P18-41 intercepts are approximately 1,600 ft (488 m) to the southeast and along trend from the Front Vein. A summary assay table covering the initial 7 holes at Pamlico Ridge is provided below, while a complete tabulation can be found on the Company’s website here.

Assay Results Table:

* True widths result from a combination of structural and stratigraphic controls on mineralization, and are currently unknown with this level of drilling.

Phase III results suggest:

1) Pamlico Ridge may have near surface disseminated gold potential, where high-grade gold mining was conducted historically, and

2) A deeper unexplored rhyolite/latite/sediment host rock package could provide a much more significant expansion to the gold target in this area.

Phase III Drill and Exploration Program

During the first half of this year, the Company planned and executed an initial reverse circulation drill program designed to test both near surface and deeper gold targets based on its detailed mapping and sampling program in the Pamlico Ridge area.  Detailed surface and underground mapping, sampling and surveying, has been incorporated into a structural (faults and veins) and stratigraphic (host rock) model that is particularly effective when combined with deeper drill holes spaced along trend so that host rock changes at depth can be included.  Phase III was designed to test host rock changes and gold environments within the same drill program.

Interpretation of Results

The Phase III drilling program produced near surface intercepts as expected.  These drill locations were based on surface mapping and sampling of both structure and stratigraphy, and continue to highlight the importance of specific structural domains and brittle/ductile host rock transitions.  Holes P18-44 and 47 have shown thick intervals of gold mineralization related to a newly identified and potentially very important rhyolite/sediment unit within a broader latite package as shown on cross section A-A’ on the Company’s website.  Drill results indicate this new unit contains much thicker and potentially laterally more extensive target zones than the very near surface zones from which historic high-grade gold production was achieved.  Importantly, this unit is below the deepest known mine workings on Pamlico Ridge, is not exposed anywhere at the surface and is therefore completely preserved.  Limited Phase III drilling in this package intersected large intervals of disseminated oxide gold mineralization.

Tom’s Hammer

Early in the program this year, the Company drilled 2,500 feet (762 meters) in seven shallow, reverse circulation holes along the far eastern area of the property known as Tom’s Hammer to test shallow carbonate replacement mineralization.  No significant results were obtained in this and no additional work is planned for this specific target. 

Planned Program for Second Half of 2018

As the Company continues to compile the most recent mapping, sampling and drilling results this summer, Newrange’s management is planning work programs for the second half of 2018 that will:

• Expand upon ongoing underground surveying, mapping, sampling and modeling of extensive unmapped historic mine workings in Pamlico Ridge.
    
• Drill test the area in and around the area of historic mining in Pamlico Ridge as a Phase IV program.
    
• Explore and expand by drilling the newly discovered rhyolite/sediment package under Pamlico Ridge.
    
• Generate and drill targets in the Gold Box Area immediately east of the Pamlico Ridge trend, where extensive historic workings are now being mapped and sampled.
    
• Generate additional drill targets further south along the 2.8 mile (4.5 kilometer) long Pamlico Ridge trend once mapping is complete.

Terms of Reference

In this release, all references to grams per tonne (denoted g/T Au) are grams per metric ton of 1,000 kilograms (2,204.62 pounds).

Quality Assurance/Quality Control

Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release. All drilling was by Reverse Circulation (RC) methods using a five inch diameter face-center recovery bit and was supervised by professional geologists.  Drill samples were collected on either 1.52 meter (5 foot) or 0.76 meter (2.5 foot) intervals for comparison purposes.  Drill cuttings were captured in a closed system cyclone, then riffle split in a three tiered Jones-type splitter, generating an average sample weight of 7.9 kilograms per sample.  Samples were then securely delivered to American Assay, ISO/IEC 17025:2005 certified laboratories in Sparks, Nevada for sample preparation and analysis.  Delivered samples were dried, and then stage crushed to 80% passing 10 mesh.  A 1,000 gram sub-sample was then split out and pulverized to 140 mesh from which 50 gram samples were split for analysis by fire assay (FA) with a ICP finish.  Samples assaying more than 100 grams g/T Au and random samples assaying more than 10 g/T Au are checked and re-assayed using 50 gram FA with gravimetric finish.  In addition to the QA/ – QC included by the laboratory, the Company inserts blanks, standards, and duplicates at a rate of not less than 1 in 30.

About Pamlico

Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project has excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada.  The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Central, Gold Bar and Sunset mines.

Discovered in 1884, the district rapidly gained a reputation as being one of Nevada’s highest grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.

About Newrange Gold Corp.

Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia.  Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders.  Further information can be found on our website at www.newrangegold.com.

Signed: “Robert G. Carrington”
President & CEO

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 forward-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.