Toronto, Ontario–(Newsfile Corp. – June 20, 2022) –( ) (OTCQB: RMIOF) (FSE: D4R) (“Romios Gold” or the “Company”) is pleased to report that it has begun the 2022 exploration field program on 3 of the Company’s projects in the underexplored North Caribou Lake Greenstone Belt (NCLGB) in northwestern Ontario, Canada (Map 1). This belt is home to Newmont’s giant Musselwhite gold mine (> 7 million ounces Au in past production and reserves) but has seen relatively little exploration by other companies since the 1980s.
NORTH CARIBOU RIVER CLAIMS:
- Located just 8 km from the all-weather road into the nearby community of Round Lake, these claims are dominated by the North Caribou River Fault (NCRF) with a series of small but high grade gold +/- copper showings on Romios’ claims, e.g. 9.9 to 55.7 g/t Au from a 23 cm wide, sulphide-rich vein, as well as locally impressive alteration (See June 16, 2021 News Release).
- Romios believes that previous explorers neglected the potential for the geologically common situation whereby much better mineralization occurs on a series of splay faults coming off the main fault.
- A 2020 airborne VLF-Mag survey confirmed the presence of 10 apparent splay faults and soil sampling completed over 5 of them in 2021 detected a well defined gold anomaly on one and multi-element anomalies on others.
- The 2022 program will complete the soil sampling and mapping over the remaining targets in an effort to define the best targets for trenching and possibly drill testing.
MARKOP LAKE PROJECT:
- Located immediately east of the Musselwhite mine property, this project is another new look at an area based on a major recent revision of our geological understanding.
- The Markop Lake area is now known to host Timiskaming-age and style sedimentary-volcanic basins similar to major gold camps like Timmins-Kirkland Lake (See February 8th, 2022 News Release).
- This is one of only 3 Timiskaming settings known along the northern margin of the North Caribou terrane, the other 2 host old gold mines (Island Lake, Stull Lake) and Yamana’s major gold-tungsten project at Monument Bay which hosts a measured and indicated resource of 2.1 million ounces of gold @ 1.52 g/t Au and 248,000 mtu (Metric Tonne Unit) of WO3 (Mega Precious Metals NI 43-101 report, November 2014; calculated at a gold price of USD $ 1,092).
- Romios’ upcoming geological mapping and prospecting work will be the first concerted effort to explore this large area adjacent to a giant gold deposit for Timiskaming type mineralization.
- These claims cover 5.6 km strike length of the same banded iron formation that hosts the unusual Arseno Lake. deposit now owned by Newmont (approx. 920,000 T @ 8.7 % Pb+Zn plus 1.5 oz/t Ag). (See April 27, 2020 News Release).
- A cluster of untested EM conductors and VMS style alteration occurs on Romios’ claims which are within 4 km of a road through the community of Round Lake.
- A program of basic geological mapping, lithogeochemical sampling and soil sampling is planned to evaluate the potential of this area to determine if ground geophysics and/or drilling are warranted.
Map 1: Romios’ Au-Cu Projects in the North Caribou Lake Greenstone Belt
To view an enhanced version of this graphic, please visit:
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios Gold and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience with several major mining companies 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.
is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake Au-Cu property and 4 additional claim blocks in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the “Golden Triangle” of British Columbia. Additional interests include the Kinkaid Nevada claims covering numerous Au-Ag-Cu workings and two former producers: the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer – the Scossa mine property in Nevada. The Company also retains an ongoing interest in several properties including a 20% carried interest in five of Honey Badger Mining’s claim blocks in the Thunder Bay silver district of northwestern Ontario; a 2% NSR on ‘s Hislop gold property in Ontario; and a 2% NSR on Enduro Metals Corp.’ Newmont Lake Au-Cu-Ag property in BC.
For more information, visit www.romios.com
This News Release contains forward-looking statements which are typically preceded by, followed by or include 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. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President – 647-515-3734 or [email protected]
John Biczok, P. Geo., VP of Exploration – 613-410-7877 or [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128312
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