In a March 24 research note, Noble Capital Markets Inc. senior research analyst Mark Reichman reported that the firm is reiterating its price target on Newrange Gold Corp. (NRG:TSX.V; NRGOF:US-OTCQB; X6C:FSE), after the precious metals exploration and development company announced "the completion and interpretation of an expanded Induced Polarization (IP) geophysical survey on the Pamlico Project in Nevada."
The report indicated that the total scope of the IP survey work carried out at Pamlico exceeds 76.5-line kilometers and encompasses the entire property. The company claimed that results from the latest 56.35-line kilometers surveyed were instrumental in not only further delineating and extending known anomalies, but also aided in the identification of previously unrecognized structural anomalies.
Based upon the IP survey data, Newrange Gold was able to significantly enlarge the Pamlico project area and has staked out large amounts of additional land in three areas where anomalous chargeability was detected.
The three new zones called the Northwest, East and Southeast Areas are all two to three kilometers in size and all intrude on the property boundary. The report from Noble Capital Markets mentioned that the addition of the newly detected and staked areas has effectively more than doubled the size of the Pamlico property "reflecting a district scale opportunity".
The bulk of Newrange's past drill work has been conducted in the Norwest Area. The firm plans to complete additional reverse circulation (RC) drilling at the recently discovered Merritt Zone to better define close to surface mineralization and to determine the potential for an open pit mine there. The company also plans for at least 2,500 m of drilling in a minimum of 5 five new holes at Merritt in order to target much deeper anomalies.
The analyst commented that from late May 2020 through March 1, 2021, Newrange completed 9,044 m of drilling in 74 RC holes. Reichman noted that the recent discovery of high-grade mineralization near-surface at Merritt appears to strongly support the views of Newrange's management that "multiple high-grade zones surrounded by halos of lower grade material exist over a much broader area" than previously thought.
Noble Capital Markets commented that perhaps a multi-million ounce resource may be in the making at Pamlico.
Noble Capital Markets rates Newrange Gold as an Outperform with a target price of US$0.20 per share versus its US$0.11.share price as of the close of trading on March 23, 2021.
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