Toronto, Ontario–(Newsfile Corp. – November 11, 2020) – Romios Gold Resources Inc. (TSXV: RG) (OTC Pink: RMIOF) (FSE: D4R) (“Romios” or the “Company“) is pleased to announce that a 10 day long exploration program was recently undertaken on the Company’s Scossa bonanza-grade gold mine property in Pershing County, Nevada, USA. This former producing mine from the 1930’s sat largely dormant from ~1940 until Romios acquired the claims in 1998 and undertook protracted exploration programs up to 2006, including 3 shallow drilling campaigns. The current exploration program was conducted by an experienced consultant from Stantec Inc., Mr. Allan Turner, P.Geo., and focused on detailed mapping of the vein textures, alteration patterns, and structural controls in an effort to locate the most favourable portions of the known veins for drilling, as well as assessing the most suitable geochemical and geophysical techniques required to trace the veins along strike. Assays are now pending and the field data is being compiled and assessed.
Discovered in 1930 and mined intermittently until 1940 when most mining ceased, the Scossa mine produced bonanza-grade ores thought to have graded 1,200 oz/t Au per in the early years and 1.3 oz/t Au overall from 1930-35. The early ore was reportedly so rich that it was stored in a bank vault in Lovelock. Production came from 5 epithermal veins, within 120 m of surface, up to 2 m in width, and locally including a large percentage of brecciated wallrock, clays and carbonate cement. Textural evidence and metal zoning indicate that the past mining and shallow drilling occurred in the upper part of the epithermal system. The Scossa veins appear to be typical of epithermal veins in this area and as such it is quite likely that there is a vertical extent of ~300 m of potentially higher grade veins remaining untested below. It should be noted that bonanza-grade veins like Scossa can contain large amounts of gold concentrated in relatively small sections of the veins, for example the Sleeper mine produced 500,000 ounces of gold from a vein section 42 m long, 21 m high and 30 cm wide.
The total length of the known veins on the Scossa property is approximately 2.7 km. Romios drilled 16 reverse circulation and 14 diamond drill holes in the 2000-2006 period, and although core recoveries were poor (~30%) in the diamond drill holes, high-grade intercepts of 10.6 oz/t Au over 1.8 m, 8.6 oz/t Au over 2 m and 2.0 oz/t Au over 1.5 m were returned (drilled widths). Some major veins have been tested with only one or two holes so far and no attempt has yet been made to trace the veins along strike under cover or across 2 bounding faults.
The Scossa property sits at the intersection of two major lineament trends that influence the location of many gold deposits in NW Nevada: the NW trending Rye Patch trend and the NE trending Sleeper Trend. Numerous deposits are located along these trends including the 18 million ounce Hycroft mine 17 km to the NNW of Scossa, the former high-grade Au-Ag producing Rosebud Mine 10 km to the NW, Sleeper, and Florida Canyon. This structural intersection at Scossa provides an ideal pathway for mineralizing fluids and makes this area a promising target for Romios, especially now that the price of gold is more than 3 times higher than it was at the time of the last program in 2006. ($603/oz in 2006 versus >$1850/oz in 2020).
Romios expects to resume work on the Scossa property in 2021 with a significantly enlarged program of geological mapping, geochemical and geophysical surveys, and diamond drilling.
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 gold mine in NW Ontario.
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 gold-copper property in NW Ontario and two former producing mines: the La Corne molybdenum mine property in Quebec and the Scossa gold mine property in Nevada. The Company also retains a 2% NSR on the Hislop gold property in Ontario. For more information, visit Romios’ website www.romios.com.
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) [email protected].
John Biczok, P. Geo., Vice-President, Exploration, (tel) 613-410-7877 or (email) [email protected]
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) [email protected].
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67970