The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
RG: TSX-V/RMIOF:NASDAQ OTC/D4R:FE
President and Director: Anastasios (Tom) Drivas
Chief Financial Officer: Michael D'Amico, CA
Vice President, Exploration and Geologist: Thomas Skimming, P. Eng.
Romios Gold Resources Inc. is a Canadian exploration company actively engaged in precious and base metal exploration in British Columbia and Quebec with a primary focus on gold, copper, silver and molybdenum. Romios has acquired nine strategically located gold-copper properties between Nova Gold/Teck Cominco's and Barrick Gold's properties in the prolific Galore Creek area. Exploration work was carried out in 2010 at the Trek, Newmont Lake and the Dirk properties.
The company has carried out extensive exploration programs, which have consisted essentially of diamond drilling and various ground geophysical surveys during the past several years.
The company will undertake an aggressive exploration program beginning in late May 2011 on its Trek, Dirk and Newmont Lake properties.
The program, estimated to cost about C$6.0 million, will consist of approximately 11,800 meters of diamond drilling on the Trek, Dirk, and Newmont Lake properties, with geophysical surveys on the Trek, Andrei and Dirk properties.
In addition, systematic prospecting and geochemical sampling will be carried out along the 35 kilometer long Stikine VMS belt located on Romios' property.
Drilling in 2010 expanded and confirmed the area of mineralization on the Trek Property to about 700 meters by 550 meters to a depth of 450 meters, and based on encouraging drilling results, and the company concluded the Trek property may host a large copper-gold porphyry deposit.
Romios intended to continue to aggressively explore the Trek property with additional drilling in 2011.
A Quantec Titan 24 survey identified a large deep conductor 500 meters long, 300 meters wide and 200 meters high across all three lines in the North zone.
This conductor remains open to the North and the South.
This new feature located east and below the previous drilling and occurred from 500 to 675 meters below surface, was the main target for future drilling.
The conductor provides an opportunity to add significant tonnage to the North Zone.
The analysis and interpretation of the DC, IP and MT results also identified several chargeability anomalies above the deep conductive zone.
These anomalies coincide reasonably well with the copper and gold mineralization encountered in the existing 23 holes drilled on the North Zone to date.
Romios planned to drill test these anomalies this summer.
On the Tangle Zone, three pronounced IP anomalies were identified by the Titan survey.
These are located above a deep conductive zone which is the main drill target at the Tangle zone.
The IP anomalies and the deep conductor correlate well with grab samples highly anomalous in copper and gold, which were collected over the Tangle zone, and a significant soil copper-gold geochemical anomaly identified in the same area.
Romios intended to test this zone in its summer 2011 drill program.
The copper-gold mineralization on the Trek property occurs within breccia zones, faults, and as fracture filling and disseminations within andesitic-type volcanic rocks.
The results of drilling and Titan 24 surveys to date suggest the presence of one or more planar bodies of copper-gold mineralization with pronounced southwest-northeast trends and thicknesses up to 100 meters that coincide with southwest-northeast trending vertical gradient, airborne magnetic anomalies.
The 8,200-meters that Romios planned to drilled on the Trek property's North zone in 2011 was designed to expand the pervasive porphyry-style copper and gold mineralization.
It also tested the significant opportunities for added tonnage at the North zone identified by previous drill campaigns and will target a large, deep conductor located below and adjacent to the previous drilling, which was identified by recent Quantec Titan-24 geophysical surveys.
Ground geophysical surveys consisting of 2.4 line kilometers and down-hole induced polarization, resistivity and magnetics surveys, and TEM loop geophysical surveys are planned in early June to further refine the exploration and infill drilling of the North Zone.
Four holes totaling 2,000 meters will additionally be drilled to test for mineralization at Trek's Tangle zone, where a deep conductive anomaly identified during the 2010 Titan-24 survey is the main drill target.
The anomaly correlates well with grab sample assays and a significant soil copper-gold geochemical anomaly.
Romios Sept. 26 reported assay results from the initial portion of the 2011 drill program on the Trek Property including a new mineralized area has been discovered below the North Zone within pyrite-chalcopyrite-tetrahedrite cemented breccias.
Romios also planned exploration that potentially would include 400 meters of drilling for the Newmont Lake property at the Ken Zone, and a pre-assessment study for future development of the Northwest Zone resource.
In addition, Romios planned to conduct geochemical sampling and systematic prospecting along the 35-kilometer-long Stikine VMS belt.
In September, Romios exercised its option to earn the remaining 25 percent interest in the Newmont Lake Property owned by Gulf International Minerals Ltd. for C$2 million to be satisfied through the issuance of about 4.283 million common shares of the company to Gulf.
As a result, Romios now holds a 100 percent interest in the Gulf Claims subject to a 1.5 percent net smelter returns royalty in favor of Gulf.
At the Dirk Property, the explorer planned to drill 1200 meters designed to evaluate the significance of the extensive, high-grade copper-gold-silver mineralization encountered on the property where surface sampling has identified extensive veinlets and stringers of bornite, covellite and trace amounts of chalcopyrite.
Romios said BC Ministry of Forests, Mines and Lands geologists postulated in early 2011 that the Dirk property and the VMS belt discoveries, of which Romios is the primary tenure holder, are "unprecedented opportunities to expand the Golden Triangle to the north, from the Eskay Creek, Snip, and Rock and Roll deposits, towards the large copper-gold-silver porphyries in the neighboring Galore Creek area," which includes Romios' Trek property and the NovaGold/Teck Resources' Copper Canyon property.
Romios Sept. 9 said its 2011 drill results on the Dirk Property "clearly demonstrate that significant sulphide mineralization is present at various levels from surface to depth.
We are eagerly awaiting assays and are hopeful that the results indicate the Dirk Property could host a major, new mineralized porphyry system."
In March, Romios also staked 19 additional claims totaling 8,112 hectares (20,045 acres) called the Andrei property to cover the extensions of this copper-gold-silver-zinc mineralized volcanogenic massive sulphide belt to the northwest of the Newmont Lake property. Romios plans to conduct exploration consisting principally of geological mapping, ground geophysical surveys, sampling and diamond drilling to further develop the Dirk, Newmont Lake, and Andrei properties in the near future.
Cash and short-term deposits: C$3.76 million (March 31, 2011)
Working capital: C$3.76 million (March 31, 2011; C$1.28 million raised in April and May 2011)
Market capitalization: C$53.91 million (Sept. 23, 2011)
25 Adelaide St. East, Suite 1010
Toronto, ON, Canada M5C 3A1
Tel: 416-221-4124 Fax: 416-218-9772
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