Romios Provides Update on Its Newmont Lake Project Area in the Golden Triangle Area, BC
Toronto, Ontario--(Newsfile Corp. - February 5, 2019) - Romios Gold Resources Inc. (TSXV: RG) (OTC Pink: RMIOF) (FSE: D4R) ("Romios" or the "Company") wishes to announce that the date for receipt of regulatory approval of the definitive agreement dated November 29, 2018 (the "Agreement") between Romios and Crystal Lake Mining Corp. ("CLM") to option the Company's Newmont Lake Property in the Golden Triangle Area of North Western British Columbia (the "Newmont Lake Property") to CLM (the "Option") has been extended by the parties to February 22, 2019. The terms of the Option were set out in the Press Release dated September 24, 2018. The Agreement was approved by the shareholders of the Company at the Annual and Special Meeting held on January 11, 2019.
The Company also wishes to provide an update to shareholders on the results of a 2 week field program completed by its geologists in early October, 2018 on the Newmont Lake Property. Highlights include the discovery of significant copper-gold values in large iron carbonate veins at the Ken-Glacier skarn zones, a new style of dolomite-hosted copper mineralization at Burgundy Ridge, and high grade Ag-Pb-Zn+/-Cu-Sb mineralization at the Cuba North prospect.
Highlights:
2.28% Cu and 7.9 g/t Au over 6.0 metres (Ken Zone, chip sample of iron carbonate vein)
1.69% Cu, 4.9 g/t Au and 18.3 g/t Ag over 4.1 metres (Ken Zone, chip sample, calcite vein)
12.7 g/t Au and 12.4 g/t Ag (McLymont Fault pyrite vein, grab sample)
833 g/t Ag, 3.1% Zn and 9% Pb (Cuba North, float sample)
Romios' Vice-President, Exploration, John Biczok, P. Geo., commented: "We are very encouraged by the high-grade mineralization discovered at several of the sites during the fall program and believe that we now have a much better understanding of where to drill in order to locate the core of these mineralized systems in the upcoming summer drill program."
Ken-Glacier Cu-Au-Ag Skarn Zone
Two lines of chip sampling were completed at the Ken Zone across a large iron carbonate vein which is exposed for up to 8 m in width and at least 25 m in length. They returned assays of 6.0 m @ 2.28% Cu and 7.9 g/t Au plus 4.3 m @ 1.32 % Cu and 4.75 g/t Au. This and other smaller veins in the area appear to be part of a widespread network ranging from local very high grade Cu-Au-Ag-(Co)-carbonate veins (e.g. 10.4% to 11.5 % Cu, 30.3 to 32.5 g/t Au, <1 to 135 g/t Ag and 372 ppm to 635 ppm Co across widths of 0.5 to 1.0 m; reported in Romios News Release dated September 10, 2018) to broad zones of barren background iron carbonate alteration. It is believed that this vein hosted mineralization is part of a >10 metre thick iron rich halo around the skarn horizons and it provides an additional promising drill target flanking the skarns. The apparent source pluton for the mineralizing fluids was found 300 metres from the Ken Zone and the intersections of the skarn layers with that pluton is now a high-priority drill target for 2019.
Burgundy Ridge Cu-Au-Ag Skarn Zone
Mapping and sampling on the >400 m long Burgundy Ridge skarn in September identified a number of well mineralized boulder trains assaying from 1.78% to 5.4% Cu, 0.22 to 2.37 g/t Au and 7 to 54 g/t Ag (samples are individual grabs or composites from up to 10 talus boulders). Outcrops of a newly recognized homogeneous copper-bearing skarnified dolomitic marble intermittently exposed across widths of 25-30 m returned assays ranging from 4.3 m @ 1.33% Cu, 2.85% Zn, 5 g/t Ag to 5.3 m @ 0.64% Cu, 1.34% Zn and 6 g/t Ag. The true width and continuity of this zone is uncertain but it was targeted by two RC drill holes drilled by CLM in October (all assays are pending).
Mapping of the Lower High Grade Zone revealed that the syenite dyke forming the core of this system widens from 5 m to 35 m before it disappears from view westward under an icefield. Chip samples along the edges of the dyke returned high grade assays in July 2018 (e.g. 3.8 m @ 2.58% Cu, 2.37 g/t Au, 46 g/t Ag and 7.4% Zn; previously reported). Three chip samples taken in September at the westernmost exposure returned values ranging from anomalous up to 1.77% Cu, 2.6 g/t Au and 26.4 g/t Ag, suggesting that the mineralization may extend under the icefield. Due to weather and time constraints this high-grade target could not be drilled by CLM in October 2018 and remains a high-priority drill target for 2019.
McLymont Fault Pyrite Vein
A >1 m wide Au-Cu enriched massive pyrite vein discovered in July south of the North West Zone has now been found at several sites over a length of 260 m along the NNE-trending McLymont fault. A one metre chip sample of this vein in July assayed 0.56% Cu and 0.99 g/t Au and grab samples from the northernmost outcrop in September range from 0.17 to 12.7 g/t Au, 2 to 12.4 g/t Ag and 0.04% to 0.4% Cu. The wide range in gold values and unknown total width of the pyrite vein warrant trenching and systematic channel sampling in future. It is unclear at this point if the pyrite vein is part of the plumbing system for the nearby North West Zone or a separate vein system.
Cuba Zones
High-grade Ag-Pb-Zn+/-Cu-Sb veins and newly discovered clusters of boulders were sampled during a brief examination of the Cuba North and South showings near the east margin of the Newmont Lake graben. Mineralization is found within wide zones of coarse barite and carbonate veins in a prominent N-S fault cutting Permian limestone. Various grab samples returned individual metal values ranging from 55 to 833 g/t Ag, 0.002% to 9% Pb, 0.36% to 10.3% Zn, 0.02% to 0.64% Cu, and 0.008% to 0.34% Sb. The precise source of the most mineralized float is uncertain and warrants further investigation by geophysics (IP), soil sampling and potentially diamond drilling.
Romios' Golden Triangle Area Project consists of 80,706 hectares and is located north of Pretium's Brucejack mine, KSM's Seabridge project, and Garibaldi's Ni-Co discovery; a short distance west of Aben Resources' Forrest Kerr Gold Project; and south of Teck Resources' and Newmont Mining's Galore Creek Project. The Newmont Lake Project is located approximately 15 km from infrastructure (power and road) and contains a NI 43-101 inferred resource estimate of 1.4 million tonnes @ 4.43 g/t Au, 0.22% Cu, 6.4 g/t Ag at the North West Zone with over 20 other mineralized zones in the vicinity. In November 2018 Romios signed an option agreement with Crystal Lake Mining Corp. (CLM) covering all of the prospects described in this release. Once the Agreement receives regulatory approval CLM will have the option to earn 100% in these claims by expending $8 million on exploration in the next 3 years and making certain cash and stock payments to Romios, and granting Romios a 2% NSR on any future production (see Romios news release dated September 24, 2018).
All samples were submitted to the ALS Canada Ltd. laboratory in Terrace, B.C. for assay. As a matter of procedure, a rigorous quality assurance and quality control program was implemented to ensure reliable assay results.
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., Vice-President, Exploration and a Qualified Person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is engaged in precious and base metal exploration primarily focused on gold, silver and copper on its properties in the Golden Triangle area, North Western British Columbia. In addition to the properties in the Golden Triangle area, Romios holds a 100% interest in the Lundmark-Akow Lake property in Ontario, the LaCorne Property in Quebec and the Scossa Property in Nevada. It also holds a 2% NSR on the Hislop property in Ontario.
This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, President and Director, (tel) 416-221-4124, (fax) 416-218-9772 or (email) romios@romios.com.
John Biczok, P.Geo., Vice-President, Exploration, (tel) 613-410-7877 or (email) john.biczok@gmail.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) fvandewater@rogers.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42670