Romios Gold Resources Inc. (TSXV:RG) (OTC Pink:RMIOF) (FSE:D4R) (“Romios” or the “Company”) is pleased to report that it has acquired 55 mining claims totalling 1,073.3 hectares (2,652.2acres) with 5 gold and copper showings along the North Caribou River Fault in northwestern Ontario.
Romios Gold Resources Inc. (TSXV:RG) (OTC Pink:RMIOF) (FSE:D4R) (“Romios” or the “Company”) is pleased to report that it has acquired 55 mining claims totalling 1,073.3 hectares (2,652.2acres) with 5 gold and copper showings along the North Caribou River Fault in northwestern Ontario. The “NCR” claims are located 15 km southeast of the road accessible community of Weagamow (Round) Lake and just 8 km from the all-weather provincial road to that community. They are 35 km west of Romios 2019 gold-copper discovery on their Lundmark-Akow property and 54 km NW of Newmont’s Musselwhite gold mine. Romios’ new claims are flanked on both sides by claims held by Newmont.
The prospects on the NCR claims were explored by several companies, (St. Joseph Exploration, Sulpetro, Moss Resources, etc.) in the 1970s and 1980s with a relatively narrow focus on the main fault zone itself. The work included airborne surveys, ground magnetic and VLF-EM surveys, bulldozer and hand trenching, and dozens of short drill holes. Grab samples at that time returned some very high grade gold, silver and copper values, e.g. Power Exploration’s “Trench M” returned assays of 10g/t to 55.7g/t Au from a 23 cm wide, sulphide-rich vein, part of a broad series of en echelon veins.
Almost all of the past drill holes targeted several of the prospects exposed along the North Caribou River fault zone. Although none of these holes returned ore grades over mineable widths at that time, they did intersect up to 23 m of intensely silicified, brecciated host rocks with quartz and sulphides (including pyrite, pyrrhotite, arsenopyrite +/- chalcopyrite +/- sphalerite) and gold grades up to 2.3 g/t Au/3.2 m and 6.35 g/t Au/0.4 m. These exploration efforts apparently did not consider or test the mineral potential of an obvious parallel fault zone nearby and the linking fault structures between the two parallel main faults. It is now known that in many gold camps (e.g. Kirkland Lake, Kalgoorlie, Val d’Or), the main fault zones are often too “tight” to host ore zones and it is only the subordinate splay faults or linking structures between the main breaks that create enough open space to host ore zones. Past VLF electromagnetic surveys of an adjacent claim block seem to show evidence of such linking structures. The presence of numerous well-mineralized small showings along the main fault is an encouraging indication that gold-rich fluids moved along that fault and may have been deposited in more favourable open spaces within the adjacent splay faults.
A program of ground geophysical surveys, soil sampling and detailed mapping is being planned for the NCR claims and will be implemented as soon as circumstances permit. The claims are subject to a 1% net smelter returns royalty (“NSR”). Romios can acquire a 0.5% NSR for $1 million and has a right of first refusal on the remaining 0.5% NSR. Due to the likelihood of the Covid-19 pandemic hindering near-term exploration plans, Romios has applied to the Ontario Ministry of Energy, Northern Development and Mines for a 1 year “Exclusion of Time” with respect to the work requirements on the NCR clams.
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., Vice-President, Exploration, a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years conducting exploration and research at the Musselwhite mine.
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. It has extensive claim holdings covering porphyry copper-gold prospects in the “Golden Triangle” of British Columbia as well as a 100% interest in the Lundmark-Akow Lake gold-copper property in Ontario, the La Corne molybdenum property in Quebec and the Scossa gold property in Nevada. The company also retains a 2% NSR on the Hislop gold property in Ontario. Please see the Company’s website, www.romios.com.
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) firstname.lastname@example.org.
John Biczok, P. Geo., Vice-President, Exploration, (tel) 613-410-7877 or (email) email@example.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) firstname.lastname@example.org.