Toronto, Ontario – September 1, 2020: Romios Gold Resources Inc. (“Romios Gold” or the “Company”) (TSX.V-RG; OTC-PK: RMIOF; Frankfurt: D4R) is pleased to provide an update on plans for its 2019 goldcopper discoveries at its Lundmark-Akow Lake Gold-Copper Project in northwestern Ontario, Canada. This Project is located 14 km from Newmont Corporation’s Musselwhite Mine in the North Caribou greenstone belt, approximately 500 km north of Thunder Bay (Map 1).
Romios Gold is the second largest claim holder in this region, after Newmont, and the Lundmark-Akow Lake property covers 19,982 acres or 8,087 hectares. Romios Gold began working in this region in the late 1990s and has significantly advanced the understanding of the Lundmark-Akow Lake Cu-Au mineralization leading directly to important discoveries in 2019.
The 2019 drilling campaign was successful in identifying three different but potentially related styles of mineralization, greatly increasing the overall potential of the property. Highlights of the drilling include:
- 4.75 m @ 8.64 g/t Au in DDH RG-19-05 - High-Grade Gold Veins: Diamond drilling of a cluster of previously untested EM conductors in the summer of 2019 led to a new gold discovery that is the most significant gold intercept in the entire North Caribou greenstone belt outside of Newmont’s Musselwhite gold mine property. This intercept assayed 8.64 g/t Au over a drilled width of 4.75 m (true width is approx. 4.3 m) and is associated with a unique series of large, gold enriched, openspace filling calcite veins. This type of coarse, crystalline, “epithermal-looking” calcite veining is extremely rare in the Canadian Shield and is unknown to the Company elsewhere except for several of the major Ontario gold mining camps such as Red Lake and Timmins-Kirkland Lake. They are thought to indicate that the ore-forming fluids have a deep-seated crustal source of considerable extent. A second gold-quartz vein, 7.3 m wide, geologically similar but lower grade than the first vein, was intersected ~300 m to the north. Both veins have been tested with only one drill hole and require further drilling, as do several nearby, potentially related conductors.
- VMS Massive Sulphide Cu-Au-Ag-Zn-Pb: The 2019 drilling also successfully traced the >100 m wide copper-gold enriched VMS (volcanogenic massive sulphide) alteration zone discovered in 2016-17 a further 4 km northward, for a total length of 7 km so far, and led to the discovery of 3 VMS-style copper-gold-silver-zinc-(+/- lead) horizons in 2 drill holes near the aforementioned gold-quartz veins. The thickest VMS intercept assayed 2.4 g/t Au and 1.3% Cu over 3.25 m. The first significant Zinc-Lead results from this part of the belt were returned from another VMS horizon - 1.8% Zn, 0.7% Pb, plus 0.65% Cu, 1.2 g/t Au and 34 g/t Ag over 0.6 m (within a 2.6 m intercept of 0.43% Cu and 1.5 g/t Au). The geology of these intercepts indicates that they are still some distance from the expected thicker, high-grade core of the system. The EM conductors coincident with the VMS horizons are up to 1,400 m long and have also been tested with only one drill hole so far. At least 7 other conductors in the immediate area remain to be drilled.
- Stockwork Copper-Gold Veins: A third type of mineralization, also discovered close to the goldquartz veins, is a broad swarm of chalcopyrite veins in basalt adjacent to blue quartz-eye – feldspar porphyry (QFP) intrusions. The main swarm assayed 0.34% Cu and 0.2 g/t Au over 33.7 m, beginning just 8 m down the hole. QFP intrusions with blue quartz “eyes” are one of the “holy grails” that exploration geologists look for in their search for VMS and associated stockwork deposits. They are considered indicators of the high-silica felsic volcanism typically required to generate this type of ore body. To the best of the Company’s knowledge, the Lundmark-Akow Lake QFPs are the only such intrusions known in this greenstone belt.
Map 1: Romios Gold Au-Cu Projects in the North Caribou Greenstone Belt
OVERALL SETTING AND POTENTIAL OF THE NORTHWEST CLAIMS
The abundance of high-silica felsic porphyry intrusions with blue quartz “eyes” suggests that the northwest Lundmark-Akow Lake claims cover an important felsic volcanic centre which has now shown significant potential for multiple ore deposit types including Cu-Au-Ag-Zn-Pb massive sulphides, stockwork-type Cu-Au vein deposits, and deep-seated, high-grade gold-quartz-calcite veins, all concentrated in an area about 1 km × 3 km (Map 2).
Map 2: Mineralized Centre on the Northwest Lundmark-Akow Lake Claims
The considerable extent of some EM conductors, up to 1,400 m long, provides room for VMS deposits of substantial size while the clustering of the large gold-quartz and calcite veins along a cross-cutting corridor more than 400 m long so far points to a main controlling structure that remains to be tested.
In addition to the significant gold and base metal potential of the northwestern claims, the Lundmark-Akow Lake property includes the high-grade SPENCE GOLD-COPPER +/- COBALT SHOWING 8 km to the south. Trench sampling in 1997 returned 14 gold assays between 0.35 and 38.6 oz/t Au. Cobalt bloom was noted in one old trench in 2019 and a sample of that material assayed 0.19% Cobalt, 14.4 g/t Au, 0.46% Tungsten and 0.22% Copper. Re-examination of data from 1997 revealed cobalt assays from trace to 0.35% Co. Several short drill holes targeting the mineralized outcrops in 1998 returned modest gold values, typically 1- 3 g/t Au over 375 m long and 60-130 m wide, as well as a gold anomaly (3 to15 ppb Au vs the background of 1 ppb) over an area approximately 200 m long and 50 m wide. Sporadic cobalt anomalies up to 47 ppm (versus a background <2 ppm Co) were also detected. The anomalies are open along strike and warrant detailed follow-up with additional soil sampling and geological mapping of the local outcrops.
2020 EXPLORATION PLANS
The primary near-term goal for the Lundmark-Akow Lake project is to delineate the structure thought to control the gold-bearing veins as well as delineating the thickest and most conductive portions of the EM targets prior to undertaking the next phase of drilling. Romios is currently assessing options for ground geophysical surveys this summer in order to complete this work. The drill rig that completed the 2019 program remains on the property. Further soil sampling, mapping, and prospecting is also planned at the Spence Showing in 2020 in an effort to define drill targets along the Cu-Au-As soil anomaly which overlies the magnetic low/deformation zone.
Tom Drivas, President/CEO of Romios commented “the discovery of a cluster of several different types of significant base and precious metal mineralization around a felsic volcanic centre has taken the mineral potential of the northwestern Lundmark-Akow Lake claims to the next level. This is the sort of concentration of vein and exhalative type mineralization one often sees around commercial ore deposits and we are excited to see what comes next for this property”.
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VPExploration for Romios Gold and 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. is a progressive Canadian mineral exploration company engaged in preciousand base-metal exploration, focused primarily on gold, silver and copper. It has 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 the Scossa gold mine property (Nevada). The Company also retains 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:
Tom Drivas, President and Director (416) 221-4124 | 416-218-9772 (FAX) | romios@romios.com.
John Biczok, P. Geo., Vice-President, Exploration (613) 410-7877 | john.biczok@gmail.com
Frank van de Water, Chief Financial Officer and Director (416) 221-4124 | fvandewater@rogers.com