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Basic Materials

Metals & Mining

Newrange Gold Corp.

Project Overview
The Pamlico project, located in Nevada, represents a unique opportunity to explore and develop a district-scale gold deposit with multiple targets across the property. The Pamlico project consolidates multiple historic mines with more than 300 mine workings on the property.&nbsp; Pamlico is comprised of mining claims covering the historic Pamlico group of mines, as well as the surrounding Good Hope, Central, Gold Bar and Sunset mines. The Pamlico property hosts multiple high-grade volcanic and sediment hosted targets with potential to discover significant gold deposits. The North Birch Project, located in the northwestern corner of the Birch-Uchi Greenstone Belt in the Red Lake Mining District of Ontario, includes the Western Fold and contiguous H Lake properties. 
Drilling Commences at Pamlico
Following recent exploration activities including underground mapping, channel sampling and completion of an Induced Polarization and Resistivity (IP) survey that generated several targets, Newrange Gold&#8217;s drilling program at Pamlico is expected to begin today. The initial portion of the program involves drilling 30 to 35 holes for a total of 3,000 to 3,500 meters, primarily along Pamlico Ridge. Road work and site preparation have been completed for the initial portion of the program and applications have been submitted to the Bureau of Land Management (BLM) for permits required to complete the balance of the program which calls for up to 10,000 meters of drilling over the next several months.
Reverse circulation (RC) drilling will be used to test the continuity of near-surface gold around and between the historic workings of the Pamlico, Gold Bar and Good Hope mines. Once additional sites are permitted and roadwork is completed, drilling will continue with a combination of RC and diamond drilling at targets that have already been identified.&nbsp; This could include drill testing some of the anomalies revealed in a recent IP survey.&nbsp;
Recall that an IP survey was completed in January 2020 which generated several targets for the planned drilling program. Because the survey revealed a strong anomaly up to 1,000 meters in length, the company acquired additional claims and added 878 hectares of contiguous property bringing the Pamlico project total to 2,548 hectares. Management believes it is possible the anomaly may represent a buried intrusive igneous rock that could be the source of heat and fluids for the gold mineral system in the Pamlico District which drilling could confirm. An anomaly is any variation from the norm which may indicate the presence of mineralization in the underlying bedrock.
Newrange Executes Agreement for Sale of Remaining Non-Core Colombian Assets
In May, Newrange Gold announced a definitive share purchase agreement (SPA) for the sale of the company&#8217;s wholly owned Colombian subsidiary, Corporacion Minera de Colombia (CMC) to Andean Mining Corporation Pty Ltd., a private Australian company. The sale includes El Dovio and Anori, both 100% owned by CMC, for US$1 million.&nbsp;
Andean Mining previously held an option on CMC&#8217;s El Dovio project, which terminated with the signing of the SPA. Under the option agreement, Andean paid US$250 thousand that is considered an advance payment on the SPA, with the remaining US$750 thousand to be paid nine months from signing the SPA. Per the option agreement, Andean Mining Corporation issued 15% of its share capital to Newrange and intends to list on the Australian Stock Exchange. Finally, Newrange will retain a 2% net smelter returns royalty (NSR) on the El Dovio project capped at US$6 million. Following the sale of its Yarumalito project in December 2019, the sale of CMC concludes the monetization of Newrange Gold&#8217;s non-core Colombian assets and provides funding for its projects in Nevada and Ontario.&nbsp;
North Birch Project (Ontario)
While Newrange Gold has applied for exploration permits, a temporary hold on all applications by the Ontario Mining Lands Administration remains in place until COVID-19 restrictions end. Upon receipt of permits, the company will complete geological mapping and sampling and an IP geophysical survey. Although the timing and scope remains to be determined, management contemplates a diamond drilling program at North Birch based on information resulting from initial exploration efforts. 
Capital Structure and Liquidity
The company ended January 2020 with a cash balance of C$1,035,747.&nbsp; Marketable securities amounted to C$1,813,659.

Newrange Gold Corp. (NRGOF)

Drilling Commences at the Pamlico Project in Nevada

Fundamental Analysis:

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Advancing Toward the Creation of Pinnacle Silver & Gold Corp. (NRGOF)

On Its Way To Creating Pinnacle Silver & Gold Corp. (NRGOF)

Newrange to Merge with Mithril Resources to Create Pinnacle Silver & Gold Corp. (NRGOF)

Renewed Focus on Projects in Ontario’s Red Lake District (NRGOF)

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