Toronto, October 15, 2009 - The management of Romios Gold Resources Inc.(TSX-V: RG) is pleased to announce a significant increase in the molybdenum grades at its La Corne property in northwestern Quebec.
In a press release dated February 12, 2009, Romios announced the results of its 2008 diamond drill program on its La Corne molybdenum property in the vicinity of Val d'Or, Quebec. All nineteen holes totaling 5,738 metres (18,825 feet) in length that were drilled during 2008, intersected long intervals of molybdenum, bismuth, silver and lithium mineralization. The most notable was encountered in hole RQ-08-15 which intersected 168.30 metres (552.16 feet) grading 0.0787% MoS2, 0.0064% bismuth, 0.120 g/t silver and 0.012% lithium. The mineralized intervals from eleven of these holes (RQ-08-08 through RQ-08-19, excluding hole RQ-08-09 which was terminated prematurely short of its target) that were drilled in the vicinity of the former mine workings were re-assayed using the more effective ME-MS61 (four acid ICPMS) method employed by ALS-Chemex Laboratories in Val d'Or, Quebec. The decision to re-assay the drill core was based on ALS-Chemex's representation that the "four acid" method was more effective in digesting all of the molybdenum contained in the higher grade samples. This resulted in an 8.1% weighted average increase from 0.0483 % to 0.0526 % in the overall grade of MoS2 in all of the samples collected from the mineralized intervals in the core from the eleven aforementioned drill holes. In total, approximately 800 samples were analyzed. Although the new analyses did not test for bismuth, silver or lithium, the initial sampling and analyses identified significant levels of these elements associated with the molybdenum mineralization.
The property is located in northwestern Quebec, approximately 30 kms from the town of Val d'Or and is the site of the former La Corne molybdenum mine which, according to previous operators, is reported to have produced 3,838,844 tons of ore at a head grade of 0.33% MoS2 and 0.040% bismuth prior to its closure in 1972. The earlier mining efforts were directed towards developing only the narrow veins on the property. Romios is currently evaluating the potential of a significant tonnage of lower grade material that may be amenable to open pit mining. Since only molybdenum and bismuth were recovered during the mining operation, the Company has just completed a sampling program of the tailing ponds and dumps to determine their silver, lithium and rare earth content as well as their molybdenum and bismuth content. The results of this sampling will be announced when received and reviewed by the Company.
Comparison Between Re-Assay and Original Assay Results for MoS2
DDH No |
From |
To |
Mineralized |
Mineralized |
% MoS2 |
% MoS2 |
MoS2 |
% Bi |
|---|---|---|---|---|---|---|---|---|
|
RQ-08-19 |
128.7 |
205.5 |
76.8 |
70.9 |
0.0480 |
0.0554 |
13.4 |
0.0069 |
|
RQ-08-14 |
44.9 |
206.4 |
161.5 |
160.2 |
0.0333 |
0.0355 |
6.2 |
0.0081 |
|
RQ-08-12 |
32.9 |
84.7 |
51.8 |
51.8 |
0.0375 |
0.0445 |
15.7 |
0.0046 |
|
RQ-08-13 |
25 |
204 |
179 |
175.8 |
0.0365 |
0.0343 |
-6.3 |
0.0030 |
|
RQ-08-08 |
58 |
174 |
116 |
112.6 |
0.0870 |
0.0877 |
0.8 |
0.0060 |
|
RQ-08-10 |
25 |
202.5 |
177.5 |
117.5 |
0.0410 |
0.0510 |
19.6 |
0.0054 |
|
RQ-08-11 |
317.8 |
413.45 |
95.65 |
95.65 |
0.0360 |
0.0391 |
7.9 |
0.0075 |
|
RQ-08-17 |
135 |
305.7 |
170.7 |
167.35 |
0.0320 |
0.0377 |
15.2 |
0.0053 |
|
RQ-08-15 |
18 |
189 |
171 |
168.3 |
0.0787 |
0.0850 |
7.5 |
0.0064 |
|
RQ-08-18 |
158.05 |
318.4 |
160.35 |
153.3 |
0.0420 |
0.0470 |
10.7 |
0.0149 |
|
RQ-08-16 |
42.25 |
159 |
116.75 |
113.45 |
0.0598 |
0.0662 |
9.7 |
0.0045 |
|
Total/Ave |
1477.05 |
1386.85 |
0.0483 |
0.0526 |
8.1 |
0.0067 |
||
*not corrected width (m); width includes underground opening (underground openings are sampling gaps)
** not corrected width (m); width excludes underground opening
The management of Romios is pleased with the results from the re-assaying of the mineralized intervals of drill core from its La Corne property. The equivalent molybdenum grades that are being encountered are comparable to those at the only open pit molybdenum mine in western Canada. In addition, because of the sharp increase in the demand for lithium (Li), the Company intends to review the economic impact that the lithium associated with the molybdenum mineralization at La Corne may have on the viability of the property. The only underground lithium mine in Canada, currently dormant, is located in La Corne township, a short distance from Romios' property. Shortly, the Company intends to commission the preparation of a NI43-101 compliant report that will incorporate all the historical information and the new data generated by Romios since it acquired the property.
This press release was prepared by Mr. Thomas Skimming, P. Eng., Geologist, V.P. of Exploration, Director of Romios Gold Resources Inc. 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 headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, copper, silver and molybdenum. Romios has significant property interests in British Columbia, Ontario, Quebec and Nevada. The Corporation is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between Nova Gold/Teck Resources' large gold-copper-silver deposit and Barrick's high grade gold mine at Eskay Creek.
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
Thomas Skimming, Vice President of Exploration and Director: (tel) 416-444-0900, (fax) 416-444-0586 or (email) tmsk8ing@hotmail.com
Investor Relations Enquiries
Michael D'Amico, Bay Street Connect
Cell: 647-500-6023
michael@baystreetconnect.com
Exchange Listings and Symbols: TSX-V:RG, NASDAQ OTC:RMIOF, Frankfurt:D4R.
Head Office:
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772
Website: www.romios.com
Contact: Tom Drivas, President
Email Address: romios@romios.com
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.