Recent Airborne Geophysical Survey Identifies High-Priority Target Structures on Romios’ Lundmark-Akow Lake and North Caribou Gold Projects Near Newmont’s Musselwhite Gold Mine
March 4, 2021 (Source) — Romios Gold Resources Inc. (TSXV: RG) (OTC Pink: RMIOF) (FSE: D4R) (“Romios Gold” or the “Company”) is pleased to report that very encouraging results have now been received from its recently completed airborne VLF-EM and Magnetic geophysical survey over its primary gold targets on the Lundmark-Akow Lake and North Caribou River properties in northwestern Ontario, Canada (Map 1). This helicopter-borne survey was conducted by Terraquest Ltd. on closely spaced lines focussed over postulated structural features thought to control the location of gold mineralization in both areas. The presence of the theorised structures appears to have been confirmed by the geophysical survey and these geophysical features now become high-priority targets for drilling in 2021.
The Lundmark-Akow Lake gold target is 25 km from Newmont’s Musselwhite gold mine in the North Caribou Lake greenstone belt (Map 1), approximately 500 km north of Thunder Bay, Ontario. Drilling here in 2019 located perhaps the most significant gold intersection in this belt outside of the Musselwhite mine property, a quartz-pyrrhotite vein 4.75 m wide grading 8.64 g/t Au (true width is approx. 4.3 m) and a second, similar but lower grade gold-quartz vein, 7.3 m wide, ~300 m to the north (see Romios news release July 10, 2019). These veins appear to be of an extensional style and are associated with a unique series of large, gold enriched, open-space filling calcite veins similar to those in the Red Lake and Timmins-Kirkland Lake gold camps. The gold-bearing quartz veins and the unique calcite veins line up along a NNE-trending abrupt offset in both the regional magnetic pattern and a number of the local EM conductors and this offset was thought to represent a major fault at a high angle to the stratigraphy (see Romios new release October 22, 2020).
The fall 2020 airborne survey defined a strong NNE pattern in the VLF and magnetics, including a series of >1 km long, sub-parallel “breaks” that may well reflect the main fault/vein controlling the extensional type veins drilled in 2019 (see Map 2). These apparent breaks are now a high-priority target for the drill program expected to start in early summer, 2021.
The North Caribou River claim block is located ~35 km WNW of the Lundmark-Akow Lake gold target and just 8 km from the all-weather road into the nearby community of Round Lake. It was acquired by Romios in March 2020 (see Romios news release dated June 22, 2020). The claims are dominated by the NE-trending North Caribou River Fault (NCRF) and a parallel fault 800 m to the south. The NCRF contains a series of small but high-grade gold +/- copper showings, e.g. Power Exploration’s “Trench M” returned assays of 9.9 to 55.7 g/t Au from a 23 cm wide, sulphide-rich vein, part of a broad series of en echelon veins, as well as locally impressive alteration, e.g. 23 m of intensely silicified, brecciated host rocks infilled with quartz and sulphides with gold grades up to 2.3 g/t Au/3.2 m and 6.35 g/t Au/0.4 m. This historic work did not test the mineral potential of the obvious parallel fault zone nearby or the suspected linking fault structures between the two parallel main faults. It is now known that in many gold camps (e.g. Kirkland Lake, Kalgoorlie, Val d’Or), the main fault zones are often too “tight” to host ore zones and it is only the subordinate splay faults or linking structures between the main breaks that create enough open space to host ore zones.
The fall 2020 airborne VLF and magnetic survey over the North Caribou River claims clearly outlined a well-developed series of at least 6, and possibly 9, curvilinear E-W trending features, each about 1 km long, that link the two main regional faults. Given the widespread nature of the mineralization and alteration along the main North Caribou River fault, these apparent splay features present ideal settings for the deposition of higher-grade and stronger mineralization due to their extensional nature. Indeed, three of the known gold showings are within 0-300 m of the point where the splay faults join the main North Caribou River fault. A program of soil sampling, prospecting and mapping is planned over all of the splay faults in the early summer of 2021 followed by diamond drilling of any anomalous features.
Map 1: Romios’ Au-Cu Projects in the North Caribou Lake Greenstone Belt
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Map 2: VLF-Mag breaks at the mineralized centre on the NW Lundmark-Akow Lake Claims
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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 mine.
Virtual PDAC 2021
Romios is pleased to announce that it is participating in this year’s Virtual PDAC from March 8 to 11 and will have a booth in both the Investor’s Exchange and the Core Shack. We will be exhibiting core from our copper-gold discovery at the Lundmark-Akow Lake property in Northwestern Ontario in our Core Shack booth. We hope you can drop in and take a look and get an update on Romios’ properties and our exciting drilling and exploration plans for 2021.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, silver and copper. It has 100% interest in the Lundmark-Akow Lake gold-copper property in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the “Golden Triangle” of British Columbia. Additional interests include two former producers, the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer, the Scossa mine property (Nevada). The Company also retains a 2% NSR on the Hislop gold property in Ontario. For more information, visit 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:
Tom Drivas, President and Director, (tel) 416-221-4124, (fax) 416-218-9772 or (email) firstname.lastname@example.org.
John Biczok, P. Geo., Vice-President, Exploration, (tel) 613-410-7877 or (email) email@example.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) firstname.lastname@example.org.
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