Underground channel sampling of the exposed part of the mineralised zone yielded a weighted average of 13.89 grams per tonne of gold 71.19g/t of silver over 40m in the 5690 level of the mine.
"With about 8,000m of underground workings and 300 mine entrances within an area of about 1,500m-by-1,000m, and no maps or production data to rely upon, the ability to make this kind of discovery … underscores the tremendous potential of the project. Having access to these extensive workings provides a unique opportunity in that the channel samples provide data that is of a higher quality than that obtained by drilling, at a fraction of the cost," said CEO stated Robert Archer.
The Good Hope mineralisation is intensely oxidised, as is the mineralisation found in the Pamlico mine and the Merritt areas of the project, but with a much higher gold to silver ratio, possibly indicating important zonation within the mineralising system.
Newrange is working towards producing an initial mineral resource estimate for Pamlico before year end. Drilling has focused on the Pamlico Ridge area and at Gold Box Canyon.
Shares in Newrange Gold (TSXV:NRG) are trading at C13c, valuing the company at $12 million. Its share price has fallen 43% so far this year.