VIDEO: Newrange Gold Founder Nathan Tewalt on Striking Gold at the Pamlico Mine in Nevada
Newrange Gold Corp. (CVE:NRG) (OTCMKTS:CMBPF) (FRA:X6C), previously named Colombian Mines Corporation, acquired a historical mine in Nevada, Colorado last year. Founder of the company Nathan Tewalt talks to James about turning the property, Pamlico, into high profit in light of the newly discovered high-grade gold mineralization.
James West: Nate, thanks for joining us today.
Nathan Tewalt: Thanks, James.
James West: Nate, let’s talk a bit about your history in Nevada. You have some pretty major discoveries under your belt, and now, you’re focused very much on what is Newrange Gold and this new Pamlico project. But let’s start with a bit about your past.
Nathan Tewalt: Yeah, absolutely. In Nevada, actually, I guess I’ve been working in Nevada since the early 90s – about 1992. And the first thing that I was involved in was a property called Storm – Storm Rossi deposit on the Carlin Trend. So, Northern Carlin Trend; that was FMC Gold, back in those days. So high grade’s kind of become my deal in Nevada. It’s sort of my niche, if you will. Then the mechanics of figuring out the geology have really been the secret to that success. So we’ve applied that to Pamlico. I’ve actually been out on the ground there after 20 years of running companies and doing the CEO thing and starting companies and that sort of thing. This has been so much fun that I’m actually on the ground doing the work – literally swinging a pick some days, or rock hammer. Running a rock saw underground.
James West: Okay. So you’re literally passionate about the rocks.
Nathan Tewalt: I’m like a prospector out there. Yeah, no, it’s been a lot of fun. High grade does that to you; you kind of get infected with it.
James West: Yeah, gold fever.
Nathan Tewalt: Gold fever!
James West: So based on your experience in Nevada and with sediment-hosted high grade, do you see potentially at Pamlico a large potential deposit there?
Nathan Tewalt: Right, so comparing it to some of the other things?
James West: Sure.
Nathan Tewalt: Well, you compare footprint size. So you compare the footprint of the alteration, for instance. It’s very favourable. The Pamlico area where we’re exploring right now is actually on the edge of cover, you know, there’s bedrock there for a mile and a half plus, and it’s altered mineralized. It was mined historically. And what’s really intriguing about that is, a lot of that production was in less favourable host rocks, upsection, in the rock pile. And that’s really significant, because when you start to think about that and you compare that volcanic pile to sediment-hosted deposits, right, and you start to realize just like in the sediment-hosted deposits, there’s preferred horizons. So there’s some rock types aren’t so good, and some are good.
What you really like about that is, the ones that aren’t favourable, sometimes those are at the surface, and they’re mineralized. If you realize those aren’t favourable, and you start to think about it, and you realize the goodies are down here, it gets you pretty excited.
James West: Sure.
Nathan Tewalt: So that’s kind of what we’re moving towards.
James West: These rocks that you brought with us, I mean, you can see visible gold in them clearly, and they seem to be involved with this white quartz…
Nathan Tewalt: Yes.
James West: But you found them in the rock dumps from the previous miners.
Nathan Tewalt: Yes.
James West: So what’s the significance of that, when you’re finding visible gold in the rock dumps?
Nathan Tewalt: Well, yeah. Found with metal detectors; you know, the old timers didn’t have a metal detector, so they had to use their eyeballs, and things were missed. You know, the quartz veins are sort of a red herring out there. It’s easy to get excited – everybody loves quartz veins with quartz gold in them; I mean, I do, too. But what we have found subsequently, and we didn’t know either exactly what the hosts were going to be on this property as we moved into it, but we did a lot of socket channel sampling. We just decided to do what geologists normally do; we were thorough.
So we did a lot of physical work on this thing. We didn’t have a lot of money when we were first starting, and boy, we had some huge results from that, and that’s carried over to the drilling, too. So it turns out that gold looks like most of the gold and the real target, is fine-grade gold and iron oxides in narrow structures to thick structures, some of them low-angle, some moderate-angle, some very high angle. And we’re tracking these structures carefully with mapping at the surface, and then a new technique that’s come on the scene, which is just down-hole logging. And you do that with a camera, 360-degree camera, so it’s like getting core, but it’s oriented. So you go down this hole and because there’s basically a compass in it, you can actually interpret these structures that you see onscreen, later, and you can measure them. It’s unbelievable.
And you can say oh, I know what the strike and dip of that structure is, and that one, and that one, and because you have the assays, you know which ones run and which ones don’t. Then, when you tie that to the surface, you can see how you start to build a 3D model of the whole thing, right? So it starts to fall together really nicely.
James West: Wow.
Nathan Tewalt: So this early drilling we’re doing right now, it’s pretty close-spaced. Some of it’s really guided by the morphology of the surface, there. So we don’t have permits to make pads right now, so we’re using track rigs, and we’re kind of drilling with the lay of the land, so to speak. So sometimes the holes don’t get oriented exactly the way we want, but we just make adjustments with the rig.
James West: Sure. Is there any barricades to your anticipation of getting permitted for pads? Is there any archeological issues?
Nathan Tewalt: No, no, no. there’s no archeological issue; it’s really, for us, we’ve taken the approach all along of being really conservative with our spending.
James West: Great. Well, let’s leave it there for now. I’ll look forward to visiting you on the property, and catching up with you again in a quarter’s time and see how you’re making out. Thank you very much for joining me, Nate.
Nathan Tewalt: Thank you, James.
Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.
Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.
Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.