Romios Acquires Significant Gold-Silver-Copper Prospects in Nevada
Toronto, January 12, 2022 - Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has acquired 109 claims over numerous historic gold-silver-copper prospects in the Kinkaid area of Mineral County, Nevada. The Kinkaid claims are 18 km east of the town of Hawthorne and largely accessible by road.
"International focus on Nevada as one of the world's leading gold districts continues, and plans are underway at Romios to develop a significant offering for this investor market and our shareholders," stated Stephen Burega, President. "This property bolsters our existing asset base which includes the former producing Scossa mine (see Press Release November 11, 2020) where high-grade intercepts of 10.6 oz/t Au over 1.8 m, 8.6 oz/t Au over 2 m and 2.0 oz/t Au over 1.5 m were returned (drilled widths)."
Burega continued, "The geological units found at Kinkaid host a variety of mineral showings with historic workings including the Montreal Ag-Au mine workings, several skarn deposits that were reportedly mined for gold and/or tungsten prior to the mid-1940s, and numerous copper-rich zones of unknown extent that do not appear to have been fully evaluated in the past."
Property Highlights:
- The claim block is underlain largely by north-trending Late Triassic to Early Cretaceous shale, sandstone and volcanic rocks plus younger Oligocene-Miocene felsic volcanics on the west side and limestone and granitic intrusions on the northern claims.
- These diverse geological units host an impressive variety of mineral showings that appear to have potential well beyond the historic workings, including Au-Ag vein systems up to 500 m long at the old Montreal mine sites, several gold-tungsten skarn horizons that extend much farther than the historic workings, numerous high-grade copper zones that are largely unexplored, and a possible VMS style copper-barite horizon that apparently has not been explored as such.
- 6 major prospects have been identified to date, and several other unnamed prospects occur throughout the claims, often with underground workings and substantial dumps of mined material visibly mineralized with copper, silver, lead, barite, etc. (see descriptions below).
- Sampling by the former claim holder, High Desert Gold Corp., in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along the NW Montreal Gold-Silver Mine vein system (Romios has not verified these results as our sample results are still pending).
- The Montreal Silver Mine (on a single claim held by a 3rd party) with its >3 km of underground workings is within the same rock units and is surrounded by, but not included in, the Romios claims (see map below).
- The claims form a roughly N-S rectangular block 5 km N-S x 1.3-2.6 km E-W and covers approximately 911.2 Hectares (2,252 acres) consisting of 87 claims staked by Romios and 22 claims acquired pursuant to a Vending Agreement with two individuals.
Vending Agreement Highlights:
- Romios has agreed to acquire 22 Lode claims in consideration for $10,000 USD and 300,000 shares of Romios. The 300,000 shares will be subject to a 4 month and 1 day resale restriction when issued. The Vendors will retain a 2% Net Smelter Return Royalty (NSR) on the entire amalgamated claim block comprising the 109 claims.
- At any time, the Company has the right to purchase from the Vendors a 1% NSR for $500,000 USD leaving the Vendors with a 1% NSR on the entire property. The Company also retains a right of first refusal (ROFR) on the same terms as the Vendors are prepared to sell the ROFR Interest pursuant to a bona fide offer from a third party.
"We spent four days on the ground in November 2021, mapping and sampling many of the old workings and assays are pending at this time," stated John Biczok, VP of Exploration. "I believe that the true potential of many of the historic prospects has not been recognized as many of them have not been explored since the 1920s-1940s - when metal prices were much lower. The impressive surface showings lead me to believe that the property holds significant potential for mineralization across various geological units."
He continued, "We are very excited to have acquired such a large land package in a mining friendly jurisdiction like Nevada, a block of claims that covers literally dozens of old showings and mine workings of varying deposit types, most of which have not been worked for decades in spite of being largely accessible by road. We believe that basic tools like detailed geological mapping and ground geophysical surveys will yield significant drill targets."
Background on Kinkaid Claims
Descriptions of the major prospects below are taken from the USGS database supplemented with information from Romios' field examination.
Major Prospects on the Kinkaid Claims:
- NW Montreal Gold-Silver Mine workings:
Located ~250m NW of and parallel to the main Montreal Silver mine along a series of veins stretching over at least 500 m. Numerous underground workings, mine dumps and pits occur along the veins (Photos 1, 2, 3), apparently not worked since the 1940's. The veins are typically developed along the contacts of felsic dykes with the local sediments in strong alteration/fault zones up to 7 m wide in outcrop (Photo 3). Sampling by High Desert Gold Corp. in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along this vein system (Romios has not verified these results as our sample results are still pending).
Map 1: Romios' Kinkaid claims and mineralized prospects
To view an enhanced version of Map 1, please visit:
https://orders.newsfilecorp.com/files/5376/109865_fd7b195d64e5290d_002full.jpg.
- Dry Gulch Gold-Tungsten Prospect:
Small shafts, adits and pits along a garnet skarn horizon at least 200 m long, reportedly mined for tungsten and gold pre-WWII (Photo 4). The host limestone is exposed for a width of at least 4 m and trends off under thin cover towards a nearby granitic pluton providing an excellent target for larger skarn bodies at the granitic contact.
- The PM Gold Skarn Prospect:
Located in the northernmost claims, this is another coarse-grained garnetiferous skarn horizon mined from several adits and shafts, likely pre-WWII. Exposures of the skarn >4 m wide were observed over a length of at least 50 m and are believed to continue for >200 m. Limestone exposures are extensive in this area and appear to be cut by granitic intrusions nearby under thin cover, providing additional large untested targets. Several nearby adits and pits developed on quartz veins were reportedly mined for gold.
- Copper-Barite Horizon:
An intriguing prospect on the southern claims that was apparently mined for barite in the past with workings and restored dumps stretching over a length of ~150 m. A thin (~30 cm?) layer of massive barite riddled with secondary copper minerals and minor sulphides is exposed in one of the trenches and a nearby stockpile (Photo 5). The nearest outcrops appear to be felsic volcanics. The association of copper-barite zones with felsic volcanics is suggestive of a Kuroko-style massive sulphide deposit with potential for thicker zones of high-grade mineralization over a central core nearby. There is no indication that any exploration for this type of deposit has been conducted in the area.
- Thrust Fault Target:
This target is based on the premise that the older sedimentary and volcanic rocks are thrust over the limestones exposed to the north, and that the near vertical mineralized structures, such as the Montreal Mine veins, would have intersected this shallow-dipping fault and potentially spread mineralization laterally along it, much like the setting of the Isabella-Pearl mine 16 km to the SE. This model is easily testable with a series of short drill holes.
- Bismark Mine Area:
Two unnamed and undocumented high-grade copper prospects were found near the old Bismark aluminosilicate workings. Both prospects consist of high-grade chrysocolla, one in a series of trenches and one as mineralized boulders in gravel beds eroded from an unknown, presumably nearby source (Photo 6).
Numerous other old mine workings and prospects occur on the property and have not been examined by Romios personnel as yet, including the Silver King Mine, a small underground mine 1.1 km SE of the Montreal Mines with similar geology that was worked in the 1920's; its size potential is unknown at this point.
Photo 1: View of the old mine workings on the NW Montreal Mine Vein System
To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/5376/109865_fd7b195d64e5290d_003full.jpg.
Photo 2 (left): Open stopes along the NW Montreal veins, southern end. Photo 3 (right): Highly altered, mineralized zone at the NW Montreal mine site. One of many such workings.
To view an enhanced version of Photo 2 and 3, please visit:
https://orders.newsfilecorp.com/files/5376/109865_fd7b195d64e5290d_004full.jpg.
Photo 4: Old mine workings at the Dry Gulch Gold-Tungsten prospect
To view an enhanced version of Photo 4, please visit:
https://orders.newsfilecorp.com/files/5376/109865_fd7b195d64e5290d_005full.jpg.
Photo 5 (left): Massive copper-rich barite zone. Photo 6: (right) Copper rich, chrysocolla stained boulders from unnamed prospect
To view an enhanced version of Photo 5 and 6, please visit:
https://orders.newsfilecorp.com/files/5376/109865_fd7b195d64e5290d_006full.jpg.
2022 Exploration Plans
Romios plans to undertake a program of detailed geological mapping and sampling across the Kinkaid property in the spring of 2022 with emphasis on the numerous mineralized showings. Ground magnetic surveys are expected to be particularly useful in tracing the skarn horizons under cover. Diamond drilling of several showings and the thrust fault target are anticipated.
Qualified Person
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios Gold and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience with several major mining companies 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 gold mine in NW Ontario.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake gold-copper property in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include two former producers, the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer, the Scossa mine property (Nevada). The Company also retains an ongoing interest in several properties including a 20% carried interest in five claim blocks in the Thunder Bay silver district of northwestern Ontario and a 2% NSR on the Hislop gold property in Ontario.
For more information, visit www.romios.com.
This News Release contains forward-looking statements which are typically preceded by, followed by or include 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. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President - 647-515-3734 or sburega@romios.com
John Biczok, P. Geo., VP of Exploration - 613-410-7877 or jbiczok@romios.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109865