Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) (FRA:X6C) has finalized plans for a winter exploration program to begin in January on its North Birch project, east of Red Lake, Ontario.
In a statement Wednesday, the Vancouver-based company said it is planning about 90 line kilometers of Induced Polarization (IP) geophysics and the results will be used to generate targets for follow up diamond drilling.
The primary target at North Birch is the sheared limb of a folded iron formation sequence, modeled after the Musselwhite Gold mine, about 190 kilometers (km) to the north and operated by Newmont-Goldcorp.
The 8km-long target horizon at North Birch is recessive and not exposed at surface but is interpreted from a prominent fold pattern in the airborne magnetics. The target horizon projects 2km along strike into the Argosy Gold Mine, which closed in 1952 after producing 101,875 ounces of gold at 12.7 grams per ton (g/t).
Newrange said there are also multiple gold showings in the rocks to the south of the main target horizon and in iron formation elsewhere on the North Birch property, yet the main target horizon has never been drilled.
“We are looking forward to initiating exploration at North Birch,” said Newrange CEO Robert Archer. “As we didn’t receive our permits until September due to COVID-related delays, we missed the summer field season but, during that time, we merged and reprocessed the three airborne magnetic surveys that have been flown over the property in past years. This has clearly delineated the main target horizon and the IP will be used to detect areas of sulphide enrichment that may be related to gold mineralization.”
It is anticipated that field crews will mobilize to the property in early January, although the exact timing will be weather dependent. The company also said once the IP has been completed and interpreted (about 4-6 weeks), an application for a drill permit will be filed as soon as possible.
In other news, Newrange has signed a one-year agreement with NAI Interactive Ltd of Vancouver to provide marketing services to the growing Chinese investment community.
Total payable under the terms of the contract is $60,000 and NAI will be granted 150,000 stock options in Newrange at $0.14 each. The options will vest as to 25% every three months with a term of two years from the date of the grant.
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