The Prospector News

Newrange Signs Agreement to Acquire Past-Producing, High-Grade Argosy Gold Mine in the Red Lake Mining Division

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Newrange Signs Agreement to Acquire Past-Producing, High-Grade Argosy Gold Mine in the Red Lake Mining Division






Newrange Gold Corp. (TSX-V: NRG) (US: NRGOF) (Frankfurt: X6C) is pleased to announce that it has signed a Definitive Agreement to acquire a 100% interest in the past-producing, high-grade Argosy Gold Mine in the Red Lake Mining Division of northwestern Ontario.


The Argosy Gold Mine is the most significant past-producer in the Birch-Uchi Greenstone Belt and produced 101,875 ounces of gold and 9,788 ounces of silver at a gold grade of 0.37 oz/t (12.7 g/t) (Ontario Ministry of Northern Development & Mines archives).  It closed in 1952 due to high operating costs and a $35/oz gold price.  Production came from only four veins, although 12 are now known, and only to a depth of 900 feet (270 meters).  The property consists of 43 patented claims and 17 Mining Licences of Occupation comprising 604 hectares.


“The acquisition of a past-producing, high-grade mine in an area of active exploration presents a unique opportunity to increase shareholder value,” stated Robert Archer, Newrange CEO.  “The Argosy Mine has seen minimal exploration below the old mine workings and there is excellent potential to extend the mineralization to depth and to discover new veins elsewhere on the property.  The Argosy Mine is approximately 10 kilometers northwest of the Springpole Deposit being advanced by First Mining Gold Corp. and less than a kilometer from our North Birch Project.  We look forward to commencing the first exploration on the property since 2004.”


The Agreement will entail the purchase of Cangold Limited, the owner of the mine and a fully owned subsidiary of Great Panther Mining Limited.  Terms of the acquisition call for Newrange to make a cash payment of CA$100,000 and issue CA$650,000 in Newrange shares to Great Panther on closing and a further CA$250,000 in shares on the first anniversary of closing.  The Closing Date is expected to occur within 90 days.  As there are already underlying Net Smelter Return royalties totaling 2.5%, Great Panther will not retain an additional royalty.  The Agreement is subject to the approval of the TSX Venture Exchange.


About Newrange Gold Corp.


Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada, Ontario and Colorado. With locally high-grade, near surface oxide gold mineralization, the Company’s flagship Pamlico Project is poised to become a significant new Nevada discovery, while the North Birch Project offers additional blue-sky potential in the prolific Red Lake District.  Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders.


Posted August 5, 2021

Share this news article


Fireweed Intersects Three Distinct High-Grade Zinc Zones Including 23.77% Zinc, 3.44% Lead, and 75.7 g/t Silver Over 10.42 m in New Zone at Boundary West

FIREWEED ZINC LTD. (TSX-V: FWZ) is pleased to announce the result... READ MORE

September 16, 2021

Three more holes intersect mineralized porphyry at Brama target, Bramaderos Project, Ecuador, paving way for maiden Mineral Resource Estimate in early 2022

Assays include 69.6m at 0.65g/t gold and 0.2% copper  ... READ MORE

September 16, 2021

Labrador Gold Intersects 128.51 g/t Gold Over 1.12 Metres at Big Vein, Kingsway Project

Labrador Gold Corp. (TSX-V:LAB) (OTCQX:NKOSF) (FNR:... READ MORE

September 16, 2021

Pan Global Continues to Expand the near Surface Copper-Tin Discovery at the Escacena Project, Southern Spain

Highlights include: 6.5m at 2.52% CuEq (2.27% Cu, 8.1g/t Ag) from... READ MORE

September 16, 2021

Drilling at Galloway Continues to Provide Good Mineralized Intersections

Fokus Mining Corporation (TSX-V: FKM) (OTCQB: FKMCF) (FSE: F7E1) ... READ MORE

September 16, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News