TORONTO, ONTARIO, July 10, 2019, Romios Gold Resources Inc. (“Romios” or the “Company”) (TSX.V-RG) (OTC-PK: RMIOF) (Frankfurt: D4R) is pleased to announce that the June diamond drilling program on the Company’s Lundmark-Akow Lake Cu-Au-Ag Project in Northwestern Ontario has been completed successfully (6 holes totalling 1,343 metres) and resulted in the discovery of a Quartz-Pyrrhotite vein that assayed 8.64 g/t Au across a width of 4.75 m. The vein was intersected in the 5th hole of the program, and consists of a complex mix of early stage, pyrrhotite-rich, locally sheeted white to grey quartz veins and wallrock slivers, cut by a later stage of white quartz. Ten specks of visible gold were observed in the vein, in both generations of quartz. The vein was intersected at the eastern end of a coincident VTEMTM airborne EM conductor which is more than 300 metres and possibly 400 metres long. Numerous calcite veinlets are associated with the quartz-pyrrhotite vein and several large calcite +/- pyrrhotite veins up to 7.5 metres wide with “epithermal-style” open-space filling textures and a coincident lamprophyre dyke were intersected nearby. Assays are pending for this material and almost all of the non-vein related core. True widths of the vein intersections are expected to be in the 80-85% range. Individual assays for the mineralized vein are presented in the table below.
| Sample # | From (m) | To (m) | Width (m) | Au g/t |
|---|---|---|---|---|
| 1121712 | 288.85 | 289.60 | 0.75 | 9.08 |
| 1121713 | 289.60 | 290.20 | 0.6 | 0.037 |
| 1121714 | 290.20 | 291.00 | 0.8 | 3.37 |
| 1121715 | 291.00 | 292.00 | 1 | 3.88 |
| 1121716 | 292.00 | 292.80 | 0.8 | 3.02 |
| 1121717 | 292.80 | 293.60 | 0.8 | 31.30 |
| Weighted average: 8.64 g/t over 4.75 metres | ||||
In addition to the gold bearing Quartz-Pyrrhotite vein, drill hole RGR-19-5, as well as the adjacent drill hole RGR-16-6, intersected scattered zones of chalcopyrite vein mineralization in otherwise fresh basalt. These veinlets were observed from the bedrock surface (~4 metres depth) to a hole depth of 41m in RGR-19-6, and locally average 2-3% chalcopyrite over several metres although the overall average is <1% chalcopyrite (assays pending). Numerous intrusions of blue quartz-eye – feldspar porphyry were intersected in these 2 holes as well. This type of intrusion is associated with many VMS (volcanogenic massive sulphide) deposits and its discovery enhances the geological potential of this area. Six VTEMTM conductors remain to be tested in the immediate vicinity of holes #5 and 6 while another seven conductors occur along strike within 3 km. The drill used in this program has been left on site for a follow-up program in the near future.
Holes RGR-19-1 to 3 targeted conductors extending north from the high-grade Atim Lake North Cu-Au-Ag volcanogenic massive sulphide (VMS) discovered by Romios in 2017 (1.9 m @ 2.35% Cu, 1.4 g/t Au and 68 g/t Ag (the “Discovery Hole”); see Romios News Release 09/19/17). All holes intersected broad zones of VMS style alteration with local copper mineralization, and these holes have now extended the length of the alteration pathway to over 7 km. Now that the location of the “plumbing system” has been delineated, at least four substantial conductors flanking this alteration zone have been identified for testing in the next phase(s) of drilling.
Hole RGR-19-4 targeted the strike extension of the Atim Lake North massive sulphide zone 75 m from the 2017 Discovery Hole at the southern end of this short (200 m) conductor. It intersected 0.5 m of the same copper mineralized tourmalinite exhalite discovered in hole RGR-17-1 (assays pending). The more central and northern portion of the conductor could not be reached with a short hole in this summer drill program; consideration is being given to drilling more favourable parts of this target during a winter program.
Exploration Resumes on Musselwhite-type Gold Targets
Romios’ field crew also completed a focussed program of soil sampling and prospecting in June along 4 km of selected portions of the 11 km length of the same banded iron formation (“BIF”) that hosts the > 7 million ounce Newmont Goldcorp Musselwhite gold mine 18 km to the south. Analytical results are pending. Romios intends to drill a number of short holes into any portions of the BIF that return anomalous gold-in-soil values. Given the proximity to the road and power line servicing the Musselwhite mine, it is expected that even a low grade, open-pitable deposit would be economic in this area.
High Grade Gold in Shear Zones
In addition to the aforementioned gold and massive sulphide targets, Romios’ Lundmark-Akow Lake claims cover the shear zone-hosted Spence showing which returned grab sample assays in 1997 ranging from 0.358 to 38.6 oz/t Au from a blast trench in copper-mineralized sheeted veins. Romios’ exploration crew has completed soil sampling over the showing area and the first batch of sample results has revealed both copper and weak gold anomalies over the linear magnetic lows that flank the mineralized outcrops. Further work is planned in an effort to determine the size potential of this high-grade gold prospect.
The great majority of assays are pending for samples from the June program and will be reported once they have been received and analyzed by the company.
John Biczok, P. Geo., Vice-President of Exploration for Romios commented “we consider these latest results to be a very exciting development. This is the first new gold discovery on virgin ground in the North Caribou greenstone belt known to us in many years and it lies within a large cluster of untested EM conductors that has now been revealed to have very favourable geology. We are looking forward to drill testing the extent of the gold bearing vein and the rest of the nearby targets in a follow-up program this fall.”
All samples were submitted to the ISO/IEC 17025 accredited Actlabs laboratory in Thunder Bay, Ontario for assay. As a matter of procedure, a rigorous quality assurance and quality control program was implemented to ensure reliable assay results. The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios 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 just 18 km from Romios’ Lundmark-Akow Lake property.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is engaged in precious and base metal exploration primarily focused on gold, silver and copper. It has extensive claim holdings covering porphyry copper-gold prospects in the “Golden Triangle” of British Columbia as well as a 100% interest in the Lundmark-Akow Lake property in Ontario, the La Corne molybdenum property in Quebec and the Scossa gold property in Nevada. The company also retains a 2% NSR on the Hislop gold property in Ontario.
This News Release contains forward-looking statements which are typically preceded by, followed by or including 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.
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.
John Biczok, P. Geo., Vice-President, Exploration, (tel) 613-410-7877 or (email) john.biczok@gmail.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) fvandewater@rogers.com.