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Newrange Closes Acquisition of Past-Producing, High-Grade Argosy Gold Mine in the Red Lake Mining Division

by MikeyMike426
November 2, 2021
in News Room, NRG, NRG News
0
Newrange Closes Acquisition of Past-Producing, High-Grade Argosy Gold Mine in the Red Lake Mining Division

VANCOUVER, BRITISH COLUMBIA – November 1, 2021 (TSXV:NRG) US (OTC:NRGOF) (Frankfurt:X6C) – Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to announce that it has closed the acquisition of a 100% interest in the past-producing, high-grade Argosy Gold Mine in the Red Lake Mining Division of northwestern Ontario as previously disclosed in Newrange press release dated August 5, 2021.  

Pursuant to the acquisition, the Company acquired all of the shares of Cangold Ltd., which owns the mine, in exchange for $100,000, the issuance of 4,461,007 common shares and the requirement to issue $250,000 in common shares on November 1, 2022, as evidenced by a promissory note, at the greater of: (i) 90% of the volume weighted average price at which the common shares have been traded on the Exchange during the 20 trading days preceding November 1, 2022; and (ii) $0.1125.  All securities issued pursuant to the closing will be subject to a four month hold period that will expire on March 2, 2022.

“The Argosy Mine is the most significant past-producing gold mine in the Birch-Uchi Greenstone Belt,” stated Robert Archer, Newrange President & CEO.  “The advancement of the nearby Springpole deposit has brought a lot of attention to the potential of this region and we believe that Argosy and our neighbouring North Birch Project position the Company well to benefit from that development.”

About Newrange Gold Corp.

Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario.  The Company’s Pamlico Project in Nevada contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares.   In the prolific Red Lake District of northwestern Ontario, the past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential.  Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders.  Further information can be found on our website at www.newrangegold.com.

Signed: “Robert Archer”

President & CEO, Director

For further information contact:

Sharon Fleming                                        Dave Cross

Corporate Communications                                Chief Financial Officer and Corporate Secretary

Phone: 760-898-9129                                 Phone: 604-669-0868
Email:        info@newrangegold.com                        Email:        dcross@crossdavis.com

Website: www.newrangegold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.

Tags: ArgosyBirch UchiExplorationGoldNew Range GoldOntarioRed LakeTSXV: NRG
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MikeyMike426

MikeyMike426

I am a 3rd generation miner who was born and raised in the silver capital of Canada, Cobalt, Ontario. For the last 10 years I have been invested in the mining sector and as a retail investor found it difficult gathering information on companies of interest. For this reason we created Insidexploration.com as a means to share our due diligence with investors all around the world. Disclosure The thoughts and opinions expressed in my articles and research reports are my own and do not represent those of the companies I write about. I often buy and sell the stocks I write about and may do so at any point in time without warning. Disclaimer My articles and research reports should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided is derived from sources believed to be accurate, but cannot be guaranteed. I do not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. I am not a registered financial advisors and one should always do your own due diligence and consult a licensed investment adviser prior to making any investment decisions. Always reference www.SEDAR.com for important risk disclosures.

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