The Argosy mine is a significant past-producing gold mine in the Birch-Uchi Greenstone Belt.

Newrange Gold Corp. closed on the acquisition of a 100% interest in the past-producing, high-grade Argosy gold mine in the Red Lake Mining Division of northwestern Ontario. 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.

“The Argosy Mine is the most significant past-producing gold mine in the Birch-Uchi Greenstone Belt,” Newrange President and CEO Robert Archer said. “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 neighboring North Birch project position the company well to benefit from that development.”

Cangold is a subsidiary of Great Panther Mining Ltd.

The Argosy gold mine produced 101,875 ounces (oz) of gold and 9,788 oz of silver at a gold grade of 0.37 oz per ton (oz/t). The mine closed in 1952 due to high operating costs and a $35/oz gold price. Production came from only four veins, although more than 12 are now known, and only to a maximum depth of 900 feet (270 meters). The property consists of 43 patented claims and 17 mining licenses of occupation comprising 604 hectares.

“The Birch-Uchi Belt is rapidly becoming an area of significant exploration focus and the acquisition of a past-producing, high-grade mine only 10 kilometers northwest of the Springpole Deposit being advanced by First Mining Gold Corp. and less than a kilometer from our North Birch Project establishes Newrange Gold as a major player in the region,” Archer said. “The Argosy gold 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 company expects drilling to follow the North Birch drill program and commence on the Argosy project in late February. Initial targeting is likely to be on the depth extension of the No. 1 and “P” veins at the No. 1 mine although other targets may also be tested.