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selves is finding a gold resource, likely at
least one million ounces, that will attract
the interest of a larger company with deep
pockets.
It is a process that will require more
drilling and additional funding that could
be generated from the sale of some or all of
the company's assets in Colombia.
One of the obstacles they face is drilling
in and around a warren of underground
workings left behind by former opera
-
tors. This can be challenging because if
crews drill into open mine workings, the
drill rods can get jammed. If that happens,
crews need to cut them off at surface and
leave the entire string in the hole. "This
happened last year and cost us almost
$100,000," Archer said.
To avoid this problem, Carrington is
using a LiDar scanner which allows geolo
-
gists to create a visual three-dimensional
computer model of the terrain where he
(or she) is working. The three-dimension
model then becomes visible on the screen
of a lap top computer.
Since acquiring the Pamlico option,
Newrange has completed 47 drill holes,
mostly targeting zones in the Merritt area
on Pamlico Ridge where most of the under
-
ground workings are located.
In a news release on May 14, 2019, the
company said recent sampling results are
an indication that it had identified the
source of high-grade gold and silver in the
historic Good Hope Mine. It lies just 850
metres southeast of the Merritt decline.
The company said underground
sampling of the exposed part of the miner
-
alized zone yielded an average of 13.89 g/t
gold and 71.19 g/t silver over 40 metres in
the 5690 level of the mine
The announcement sent Newrange
shares to 16 cents on May 14, 2019, a gain
of 52% from trading levels (10.5 cents)
before the results were released. It has
prompted Carrington and Archer to con
-
sider a change in strategy.
"Confirmation of the district scale
potential is leading us to step back and
think about grooming other targets for
drilling rather than just focusing on the
Merritt area," Archer said.
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FIELD REPORT
