Newrange's current focus is gold exploration ground in the Red Lake area of north-western Ontario, Canada, with the listing on the TSX-V seen as advantageous for Mithril's Copalquin gold-silver venture in Mexico given it is a "jurisdiction familiar to North American investors".
The deal to combine the two juniors is considered a reverse takeover with Mithril directors to comprise the board at the newly formed company - to be called Pinnacle Silver and Gold Corp.
Prior to the transaction Newrange is looking to raise about C$4 million cash.
Mithril has been in Mexico since around the turn of the decade, estimating a maiden resource at Copalquin in November 2021 of 2.4 million tonnes grading 4.8 grams per tonne gold and 141gpt silver for 373,000oz of gold and 10.9 million ounces of silver.
Mithril has 50% of Copalquin and is earning 100%.
Shares in Mithril last traded at A3c capitalising it at $10 million.