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.