approx. 42,407 hectares
The property was optioned off to Crystal Lake Mining Corp., now Enduro Metals, between 2018 and 2022 and Romios now holds a 2% NSR on it. In the event that one or more NI 43-101 compliant resource estimates which collectively exceed 1,000,000 ounces of gold equivalent resources (being the sum of indicated and inferred) are issued, Enduro will issue 2,000,000 shares to Romios. An additional 1,000,000 shares will be issued to Romios for each full 1,000,000 additional ounces of gold equivalent resources which is so documented.
Romios began assembling this significant land package in 2005 in order to acquire a number of promising mineral showings discovered by previous explorers mainly in the 1970s and ‘80s. Over the next 13 years Romios undertook a series of geological, geochemical, geophysical and diamond drilling programs on the known showings as well as investigating new areas. This work led to the discovery of the Burgundy Ridge porphyry prospect in 2013 as well as the nearby ‘72/Dirk and Telena showings in 2009, and the discovery of additional skarn type prospects around the historic Ken-Rope-Glacier skarns. Drilling undertaken on the historic North West Au-Cu-Ag skarn-manto deposit largely confirmed previous results.
A variety of Cu-Au-Ag deposit types are found throughout the Newmont Lake claims and may well be derived from the same early Jurassic intrusive event, including porphyry-style (e.g. Burgundy Ridge), skarns and mantos (North West Zone) and epithermal veins (McLymont Fault). Low temperature, high-grade Ag-Pb-Zn veins are found in faults cutting limestone some distance from the aforementioned prospects at the Cuba North and South sites.
The Newmont Lake Project is located within British Columbia's prolific Golden Triangle, situated 30 km northwest of the former Eskay Creek Au-Ag mine and 30 kilometres southeast of Newmont/Teck Resources' enormous Galore Creek porphyry Cu-Au-Ag project.
NORTH WEST ZONE
Discovered in the 1980’s by Gulf International Minerals and confirmed by Romios’ infill drilling, this Au-Cu-Ag deposit has been described as a retrograded skarn with local manto-type (lower temperature, stratiform) sections. The deposit has been traced by diamond drilling for more than 300 m along strike and is reported to have a complex geometry with various sub-horizontal and sub-vertical sections. It lies several hundred metres west of the McLymont Fault, the western edge of the ~NE-SW trending Newmont Lake graben, and several scattered mineral prospects similar to the North West zone occur along this major fault, suggesting a genetic relationship between the two.
An NI 43-101 compliant inferred resource of 1,406,000 tonnes containing 200,000 ounces of gold at 4.43 g/t, 6,790,000 lbs. of copper at 0.22% and 291,000 ounces of silver at 6.4 g/t was calculated for this deposit in 2006 at a 2 g/t AuEq cutoff (Nicholson and Sim, 2006). Drill core assays range from broad intercepts of low-high grade to narrow zones of very high-grade mineralization, e.g.:
For more details on the North West Zone please see Romios’ press releases December 18, 2007; September 16 & 22, November 26, and December 18, 2008; and February 19, 2009. See also NI 43-101 by Nicholson and Sim, 2006 available on SEDAR.
'72 Zone (a.k.a. the “Dirk Zone”)
Situated on an E-W ridge approximately 2 km north of Burgundy Ridge, the ’72 Zone porphyry copper – skarn prospect was discovered by Romios personnel in 2009 and drilled in 2011 and 2012 (10 holes totalling 1,427 m). It is underlain by fresh and skarnified limestone intruded by a variety of alkalic porphyry dykes and sills as well as an unusual 200 m wide igneous breccia. Gold, copper and silver mineralization is primarily associated with the skarns, occurring as veins, clotty masses and disseminated grains. Mineralization also occurs within small (0.2-1.5 m) hydrothermal breccias. The drill programs discovered sulphides across a zone approximately 150 metres thick along a 150 metre-long southwest strike, reaching down-dip for 200 metres and remaining open to the west. This zone averaged 31.8 m apparent thickness, 0.41
g/t Au, 0.26% Cu, and 4.14 g/t Ag. A downhole AMT survey indicated the presence of a low resistivity target below the known mineralization.
Drill intercept highlights at the ’72 Zone include:
No further drilling was done by Romios at the ’72 Zone. Detailed mapping in 2018 expanded the extent of the main igneous breccia body but it proved to be barren in spite of the locally impressive alteration around its margins. Further work by Crystal Lake/Enduro Metals in subsequent years including hyperspectral surveys and detailed geological mapping led to diamond drilling in new areas with encouraging results (See Enduro section below).
Located 800 m NE of Burgundy Ridge, the Telena Zone is another porphyry copper/skarn prospect discovered by Romios in 2009. It occurs in a relatively small exposure at the end of a snow-covered ridge. One hole (TEL-11-01) was drilled here in 2011, to a depth of 102 m intersecting a variety of alkalic porphyry intrusives typical of the Galore Creek suite. Copper mineralization was found primarily in chlorite jigsaw breccias and chlorite-epidote- +/- chalcopyrite breccias. The best mineralization began at a depth of 6 m and returned 49.9 m @ 0.18% Cu, 0.09 g/t Au and 2.07 g/t Ag including local higher grade intercepts such as 5.33 metres @ 0.53% Cu, 0.25 g/t Au, and 3.72 g/t Ag.
The occurrence of numerous intrusions of the Galore Creek suite at Telena is an encouraging sign for the potential of this site and additional mineralization may well be exposed as the snow and ice recedes from this ridge.
The KEN Zone is the most prominent and well developed magnetite-epidote skarn on the Newmont Lake property and occurs 4 km north of the North West Zone. This prospect consists of massive magnetite layers 2-3 m thick mixed with horizons and brecciated masses of epidote and local beds of massive red garnet skarn up to 1 m thick. These skarns are developed in limey siltstone +/- limestone beds that dip SW towards a recently exposed granodiorite pluton approximately 300 m away. First discovered by Newmont in 1961 and explored by several companies since that time, the Ken Zone and surrounding area was acquired by Romios in 2005 and subsequently mapped, sampled and drilled in several campaigns.
The Ken Zone is notable for the intensity of skarnification – virtually complete replacement of the sedimentary beds by massive magnetite, epidote and garnet over thicknesses of up to ~6 m. A 10 m thick halo of auriferous specularite+/-chalcopyrite veining and iron staining is exposed along the skarn horizons south of the main Ken Zone (i.e. at the Glacier Zone area). The granodiorite pluton discovered in outcrop in 2018 is 100 to 300 m away from the favourable limey sediment strata is now though to be the primary source of the mineralizing fluids and its contact with the sediments presents a very attractive drill target. The occurrence of locally high-grade mineralization in drill holes and outcrop so far from the pluton is considered very encouraging for the potential of this site.
Highlights of past drill programs include:
HIGH GRADE CARBONATE VEINS: During the 2018 exploration program, a particularly bright orange-brown iron carbonate vein with visible malachite staining and disseminated chalcopyrite was located 80 m SE of the Ken Zone and chip sampled along 2 lines. These two chip sample lines returned values of 6.0 m @ 2.3% Cu and 7.9 g/t Au and 4.3 m at 1.3% Cu and 4.3 g/t Au. This vein is up to 8 m wide and was exposed for ~25 m in length. Similar veins were observed in the region but were not reached due to time constraints.
*For '72, Telena, and Ken Zone details please see Press Releases Dated: December 18, 2007, October 19, 2011, November 17, 2011, and October 9, 2011.
WORK BY CRYSTAL LAKE / ENDURO METALS
In the fall of 2018 the Newmont Lake property was optioned to Crystal Lake Mining Corp. (CLM), now Enduro Metals, in return for an aggregate of 12 million CLM/Enduro shares and $2,000,000 in cash spread over a 3 year period, and a 2% NSR. Since that time Enduro has conducted major geological, geochemical, geophysical (IP) and hyperspectral surveys across the property and substantial diamond drilling programs in 2019-2022. Enduro has now completed the option requirements and owns the Newmont Lake property outright with Romios retaining a 2% NSR and the right to additional Enduro shares if various resource thresholds are met.
Enduro has reported various drill and geophysical results in press releases since early 2019 (see https://endurometals.com). Highlights of these results include:
Additional results from the North West Zone and the McLymont Fault in particular are considered encouraging by Enduro.