Today, Ranger Gold, the Nevada-focused gold developer employing a strategy that emphasizes low-cost assets in proven regions, reported closing a non-brokered $300k private placement structured as 2M shares of common stock (issued price of $0.15/share).
President of RNGC, Gary Basrai, explained that this financing would be employed initiating the Company’s drilling program at the 1,080-acre (91 unpatented lode claims) Truman Project in Nevada’s prolific Mineral County. Basrai pointed to the Board-approved budget for drilling operations and indicated that sufficient budgeting for the drilling of eight holes at key points within the fifteen permitted sites at Truman was in place.
The Company intends to wait until late April or June, when more favorable conditions exist, in order to commence drilling as this will maximize operational efficiency at Truman.
Truman makes a nice counterpart in the Company’s acreage position to RNGC’s other main site, the 1,480-acre CX Project over in Nye County, NV that is characterized by the large caldera margin in which the sites resides, proximal to other multi-million ounce discoveries (just 12 miles east of the 9M ounce Round Mountain Mine). The Truman Project is right near the middle of the legendary Walker Lane Belt that hosted such deposits as the Goldfield (5.9M oz) and Comstock (8.4M oz Au, 193.5M oz Ag).
Truman’s ultimate target is a bulk mineable Borealis type (hallmark mineralization of the Walker – basically, micron-sized gold permeating a pyritic, silicified pyroclastic mass – the region is characterized by multiple coalescing hydrothermal centers) of gold/silver deposit which has been defined in previous exploration. The eight epithermal targets indentified consist of high-grade gold and silver in veins and lower-grade gold concentrations that are bulk minable.
Analysis of extant data on geology and alteration, including data on some 67 drill holes, 300 soil samples and over 700 rock chip samples, combine to offer a tantalizing portrait of the untapped potential at Truman. A huge opportunity exists at Truman and RNGC is dedicated to running with the financing after the key targets, including the:
Panorama Area – reports detailing 30opt plus artisanal hand development in the 1900’s and silver-rich breccia samples contained 7-20 foot widths grading from 1.1-9.5 opt Ag
Breccia Ridge – jasperoid breccia just North of Panorama running along an easterly fault zone, some 50-feet wide and area sampling returned an average of 0.015 opt Au
Range Front – East of Panorama, extant drilling from the 80’s indicates values of 0.06-0.02 opt Au at 20-60 foot grading and 60-foot grading of 0.018 in a separate drilling analysis also in the 80’s
Jasperoid Ridge – NE of Range Front are two major adits, underground sampling/mapping indicate Au values in the 0.015 -0.05 opt range over widths from 10-60 feet
Hound Dog – multiple structural zones marked by silicification/argillization, grab sampling from extant workings indicate 0.07-0.56 opt Au with significant silver quantity and underground/surface chip sampling offered values of 0.017-0.022 opt over 10-20 foot grading
For more information on the financing announcement, or for more information on Ranger Gold Corp., visit the Company’s website at www.rangergoldcorp.com
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