TORONTO, ONTARIO - The management of Romios Gold Resources Inc. (“Romios” or “the Company”) is pleased to announce the results of the diamond drill program carried out in the winter of 2010 on its 100% owned La Corne molybdenum property in northwestern Quebec. The property is located approximately 30 km from Val d’Or and is the site of the former La Corne molybdenum mine which, according to previous operators, is reported to have processed 3,838,844 tons of ore at a head grade of 0.33% MoS2 and 0.040% Bismuth prior to its closure in 1972.
Romios is currently evaluating the open pit mining potential of molybdenum bearing granite (disseminated and in veins) within and adjacent to old mine workings. Nine diamond drill holes, totalling 1,635 metres (5,366 feet) were drilled in December of 2010 to intersect mineralized veins on the property with an area of approximately 1,000 metres (3,280 feet) by 450 metres (1,476 feet) and to a mined depth of 228 metres (750 feet). The drill holes intersected varying intervals of molybdenum-bearing granite associated with bismuth, lithium and silver.
One of the more notable zones of mineralization was encountered in hole RQ-10-06 which intersected 100.90 metres (331.04 feet) grading 0.061% MoS2 (molybdenum sulphide) 0.013% Bi (bismuth),0.047% Li (lithium) and 0.879 g/t Ag (silver). Within this interval, a higher grade section of 17.50 metres (57.41 feet) assayed 0.186 % MoS2, 0.025% Bi, 0.051% Li and 1.52 g/t Ag. Hole RQ-10-01 intersected a wider zone of mineralization, 154.72 metres (507.61 feet) which assayed 0.05 % MoS2, 0.006% Bi, 0.03 % Li and 0.246 g/t Ag which included a higher grade section of 21.35 metres (70.05 feet) that assayed 0.15% MoS2, 0.015% Bi, 0.031 Li and 0.745 g/t Ag. Similar drill intersections were encountered during Romios’ 2008 drilling campaign, as announced in a Press Release dated February 12, 2009. The composite assays from the analyses carried out on the drill core are outlined in Table 1 below.
Logging of the core was carried out during the early part of 2011 and initially, sampling was limited to the mineralized veins. When it was recognized that the molybdenum mineralization extended well into the granite host rock, a more extensive sampling program was undertaken. As a matter of procedure, the mineralized intervals of drill core were split using a core saw, bagged and sealed and submitted to ALS Chemex for 4 acid ICP multi-element analyses. The expanded sampling program, which encompassed 1574 samples, when combined with an unusual backlog at the assay laboratory resulted in a significant delay in the company receiving all of the assay results from the drill core.
Tom Drivas, President of Romios stated: “We are very pleased with the results of the diamond drilling carried out by Romios to date on the La Corne property. This has gone a long way toward substantiating our belief that the molybdenum mineralization extends well beyond the higher grade molybdenum-bearing veins that were the target of historical mining. Romios is currently focused on the open pit potential of the property, and we are pleased that drill results compare favourably with grades at other bulk tonnage molybdenum deposits. During the 1950s and 1960s when the La Corne Mine was in production, bismuth was recovered as a by-product to the molybdenum. With the current trend of increasing metal prices, lithium and silver could be important by-products in any production scenario.”
Table 1. Weighted assay composites of complete drill core assays from the 2010 drill program at the La Corne property, Quebec.
|
Drill Hole |
From (m) |
To (m) |
Length (m) |
Length (ft) |
MoS2 (%) |
Bi (%) |
Li (%) |
Ag (g/t) |
|---|---|---|---|---|---|---|---|---|
|
RQ-10-01 |
30.00 |
184.72 |
154.72 |
507.61 |
0.050 |
0.006 |
0.030 |
0.246 |
|
Including |
123.36 |
144.71 |
21.35 |
70.05 |
0.150 |
0.015 |
0.031 |
0.745 |
|
RQ-10-02 |
Not Completed |
|||||||
|
RQ-10-03 |
12.00 |
138.50 |
122.05 |
400.43 |
0.040 |
0.005 |
0.042 |
0.273 |
|
Including |
48.27 |
70.00 |
19.33 |
63.42 |
0.089 |
0.018 |
0.052 |
0.947 |
|
RQ-10-03A |
9.43 |
184.40 |
171.24 |
561.81 |
0.032 |
0.006 |
0.041 |
0.276 |
|
Including |
22.00 |
64.00 |
42.00 |
137.80 |
0.070 |
0.008 |
0.047 |
0.349 |
|
RQ-10-03B |
5.00 |
46.73 |
41.73 |
136.91 |
0.025 |
0.008 |
0.047 |
0.230 |
|
RQ-10-04 |
18.00 |
161.87 |
143.87 |
472.01 |
0.027 |
0.008 |
0.036 |
0.153 |
|
Including |
72.96 |
78.65 |
5.69 |
18.67 |
0.092 |
0.022 |
0.030 |
0.543 |
|
Within |
48.50 |
81.00 |
32.50 |
106.63 |
0.060 |
0.009 |
0.034 |
0.222 |
|
RQ-10-05 |
56.00 |
69.80 |
12.97 |
42.55 |
0.045 |
0.005 |
0.015 |
0.153 |
|
RQ-10-05A |
61.00 |
102.50 |
41.50 |
136.15 |
0.056 |
0.017 |
0.013 |
0.088 |
|
Including |
73.00 |
76.50 |
3.50 |
11.48 |
0.153 |
0.040 |
0.014 |
0.097 |
|
RQ-10-06 |
20.45 |
121.35 |
100.90 |
331.04 |
0.061 |
0.013 |
0.047 |
0.879 |
|
Including |
86.50 |
104.00 |
17.50 |
57.41 |
0.186 |
0.025 |
0.051 |
1.520 |
|
RQ-10-06A |
36.00 |
129.53 |
90.93 |
298.33 |
0.041 |
0.009 |
0.042 |
0.419 |
|
Including |
79.00 |
84.80 |
5.80 |
19.03 |
0.228 |
0.014 |
0.050 |
0.513 |
*Note: Length in metres may vary from hole length because some holes intersected the old mine workings. All intervals in this Press Release are core lengths and not necessarily true widths.
Romios plans to continue diamond drilling at La Corne with the objectives of expanding the existing resource and determining the viability of an open pit operation on the property.
The technical information in this press release has been prepared by Mr. James Tolhurst, P.Geo, 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, silver and copper. Romios has significant property interests in British Columbia, Ontario, Quebec and Nevada. The Company is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between Galore Creek Mining Corporation’s large copper-gold-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
Mel de Quadros, Ph.D., P.Eng. Director (tel) 416-668-6145 or (email) ymirconsulting@gmail.com
Michael D’Amico, CFO, Investor Relations: (tel) 647-500-6023 or (email) 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
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.