Drilling In Gold Box Canyon Area of Pamlico Project

VANCOUVER - Newrange Gold Corp. reported that drilling has commenced in the Gold Box Canyon area of the Pamlico Project, Nevada. As announced September 21, 2020, drill hole P20-65 confirmed the presence of important gold mineralization (0.535 grams gold per metric tonne (g/t Au) over 4.6 meters and 0.113 g/t Au over 22.9 meters) 600 meters east of the Merritt Zone in the Gold Box Canyon area of the property (see map). This mineralization is hosted in the same suite of volcanic rocks known to host the majority of gold mineralization in this part of the district.

In Gold Box Canyon, 61 of 85 historic surface rock chip samples contained more than 0.1 g/t Au and ranged from 0.1 g/t Au to more than 16.0 g/t Au. Analysis of these samples identify a highly anomalous zone more than 190 meters wide and 480 meters long that corresponds with the outcrop pattern of the favored host horizon in Gold Box Canyon. Three other historic rock samples collected on trend, but outside of the principal zone in Gold Box Canyon, contain reported values of 9,560, 30,579 and 670,758 ppb Au (9.56, 30.58 and 670.76 g/t Au, respectively) and indicate potential to expand the strike length of the zone to more than 1,500 meters beneath shallow volcaniclastic cover.

Preliminary underground mapping and sampling by the Company in Gold Box Canyon identified numerous mineralized structures in multiple historic mine workings. Sixty-seven chip-channel samples collected by the company ranged from 0.4 to 2.4 meters in length and all contained highly anomalous gold ranging from 0.048 to 16.9 g/t Au with a numerical average of 2.464 g/t Au. The number and distribution of underground samples in this area is currently not sufficient to estimate average grades or extent of mineralization.

The geology of Gold Box Canyon is very similar to mineralized areas observed along Pamlico Ridge where the highly fractured and brecciated contact between latite lithic tuff and overlying rhyolite hosts the majority of the mineralization and the highest grades. However, unlike Pamlico Ridge where the capping rhyolite has been deeply dissected and removed by erosion into isolated remnants, in Gold Box Canyon the Rhyolite "cap" is generally well preserved beyond the Canyon walls and, by inference, the preferred host horizon is thought to be more intact, potentially with better continuity. The Canyon itself provides an erosional "window" where the overlying volcanic rocks have been removed, exposing outcrops of mineralization in this contact horizon. The entire southern and eastern rim of Gold Box Canyon is formed by the rhyolites, with outcropping mineralization dipping along the contact with underlying latite tuffs.

The ridge between Gold Box Canyon and Pamlico Ridge is capped by a younger volcaniclastic unit, overlying and, obscuring the rhyolite - latite contact. Nevertheless, extensive outcrops of latite lithic tuff containing zones of highly anomalous gold mineralization in this area indicate strong exploration potential may also exist between Gold Box Canyon and Pamlico Ridge, a horizontal distance of more than 900 meters.

Gold mineralization in this area appears to be associated with a large, northwest trending, mid-amplitude IP anomaly that occurs at or near the surface along Pamlico Ridge and dips gently to the east and northeast beneath Gold Box Canyon for approximately 1,800 meters where it is interpreted to merge into a large, intense IP anomaly originally identified on Line 5 of the Company's 2019 IP Survey, in the vicinity of the Central and Sunset mines. Together the entire interpreted extent of the open-ended IP anomaly is more than 1.2 by 3.3 kilometers and is currently limited only by the extent of the Company's survey. The mid-amplitude chargeability anomaly is interpreted to represent remnant and disseminated sulfides within the deeply oxidized Pamlico system along the brecciated latite - rhyolite contact zone, while the intense Line 5 anomaly is interpreted to contain greater concentrations of metallic sulfide minerals which may also contain gold and/or silver.

Management is of the opinion that Gold Box Canyon represents significant upside to the exploration potential at Pamlico and is developing plans to further evaluate this important area. To that end, seven holes are planned to test potential dilatant structures in the Canyon bottom, and additional holes to test mineralization extending beneath the rhyolite / latite contact zone.