Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced in a news release that the now completed induced polarization and resistivity (IP) survey at its Pamlico project in western Nevada detected "several strong and well-defined anomalies."
"The preliminary results of the IP survey are extremely encouraging as they are interpreted to indicate the presence of sulphides at depth," CEO Robert Archer said in the release.
Having been expanded part way through the process, the IP survey ultimately covered six targets: Pamlico Ridge, Pediment, Gold Box, Skarn and the historical Central and Sunset mine zones. It consisted of 14.8 line kilometers in nine test lines whose length ranged from 1,200–2,200 meters, for total coverage of 10-plus square kilometers.
"The final interpretation will assist in the overall understanding of the geological setting on the project and provide targets for the upcoming drill program," Archer said. "In addition, underground surveying and mapping is now complete and underground sampling is proceeding at the historic Gold Bar Mine with numerous assays pending. The scanning and surveying have moved to the upper levels of the Pamlico Mine to better define the extent of historic development in that area. With our recent financing, the monetization of our Colombian assets and the potential exercise of warrants, Newrange should be well funded for exploration throughout 2020."
In other news, "to help preserve recently completed funding for operations and exploration," Newrange paid its $68,534.58 debt to Carrington Consulting, a company controlled by Newrange President and Chairman Robert Carrington, in the form of 685,346 Newrange shares.
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