Romios drills 22.6 m of 1.8 g/t AuEq at Lundmark-Akow

Dec 5, 2019

2019-12-05 09:20 ET – News Release

Mr. Tom Drivas reports

ROMIOS DRILLING DISCOVERS 4 OVERLAPPING COPPER-GOLD MINERALIZATION CENTRES INCLUDING NEW VMS ZONES AT THE LUNDMARK-AKOW LAKE PROJECT IN NW ONTARIO

The fall drill program at Romios Gold Resources Inc.’s Lundmark-Akow Lake claims in Northwestern Ontario has uncovered four different styles of copper-gold mineralization in close proximity to each other. These different zone types locally occur close enough to each other to create broader, semi-continuous composite zones, including 22.6 metres at 1.2 grams per tonne gold and 0.46 per cent copper in hole RGR-19-010 (see attached table). The intriguing possibility that as many as three of these mineralization types are genetically linked is now being investigated.

Seven drill holes, totalling 1,345 metres, were drilled in the northwestern portion of the property in September, 2019, to follow up the June discovery of a high-grade gold vein (8.64 grams per tonne gold over 4.75 m in hole RGR-19-5 (see Romios’s news release dated July 10, 2019)). A number of electromagnetic conductors along strike from the greater-than-11-kilometre-long, VMS-type (volcanogenic massive sulphide) alteration pathway and associated copper-gold-silver horizon discovered in past drill programs were also targeted (1.9 m at 2.35 per cent copper, 1.4 grams per tonne gold and 68.2 grams per tonne silver (see Romios news release dated Sept. 19, 2017)).

The four types of mineralization discovered are summarized herein:

Copper-zinc-lead-gold-silver-rich VMS exhalative horizons. For the first time, VMS zones significantly enriched in all three base metals, as well as gold and silver, have been discovered on the property. Three separate VMS zones were intersected by the September drilling in holes RGR-19-010 and RGR-19-013. The thickest zone returned assays grading 2.4 grams per tonne gold and 1.26 per cent copper over 3.25 m, while another zone returned assays of 0.43 per cent copper and 1.5 grams per tonne gold over 2.6 m as well as 1.8 per cent zinc, 0.7 per cent lead and 34 grams per tonne silver over 0.6 m (see attached table). These discoveries extend the known length of the VMS alteration and mineralization system to over 11 kilometres. The zinc-lead-bearing horizons are the first discovered in this part of the greenstone belt and provide an important validation of the VMS model being pursued by Romios as well as a potential additional vector toward the centre of the VMS system. Hole RGR-19-010 was the first and only hole to test the main portion of a greater than 700 m long conductor that remains open along strike and at depth. Three electromagnetic conductors 600 to 1,500 m long remain untested immediately along strike. The possibility that this mineralization is genetically related to the nearby pyrrhotite zones and vein mineralization is now being investigated.
Vein-type copper-gold mineralization in basalt. Wide zones of moderate-grade, vein-type copper-gold mineralization were discovered in basalts adjacent to quartz-feldspar porphyry intrusions for the first time in the June drilling program and then again in September. A broad intercept of 33.7 m at 0.35 per cent copper and 0.2 gram per tonne gold was returned in June (RGR-19-006), followed by an intercept of 13.25 m at 0.32 per cent copper and 1.05 grams per tonne gold in September (RGR-19-010) (see attached table). The individual veinlets can be very high grade, including a 20-centimetre sample in hole RGR-19-008, with a single two-centimetre-wide chalcopyrite vein assaying 46.4 grams per tonne gold and 1.68 per cent copper. Vein samples are often highly anomalous in tungsten (greater than 200 millimetres W), indicating that the porphyry intrusions are the likely heat and fluid source for the copper-gold-rich veins. The correlation of the porphyries with large magnetic lows suggests that these intrusions could be very widespread.
Gold-rich quartz-pyrrhotite veins spatially associated with Red Lake-type, epithermal-style, open-space-filling calcite veins. Follow-up drilling of the gold-quartz-pyrrhotite vein discovered in June was hampered by flooding in the area, but drilling nearby did intersect additional Red Lake-type calcite veins in holes RGR-19-010 and RGR-19-013, significantly expanding the areal extent of this vein system by greater than 1.4 kilmetres. A winter program of ground geophysics is being designed to trace the extent and orientation of the gold-bearing vein(s) prior to the next drill program.
Gold-copper-enriched pyrrhotite formations within mafic and felsic volcanics. The best intercept of this type of mineralization was 4.2 m grading 1.94 grams per tonne gold and 0.14 per cent copper in hole RGR-19-007 (see attached table). The intercepts in holes RGR-19-007, RGR-19-008 and RGR-19-011 are continuous over a length of 100 m and appear to be the source of a 300 to 400 m long conductor.

In addition to the diamond drill program in September, detailed soil sampling was conducted at the high-grade Spence gold-copper-plus-or-minus-cobalt showing, which returned 14 historic assays between 0.35 ounce per ton and 38.6 ounces per ton gold in 1997. Sampling was focused over a linear magnetic low that flanks the showings to the west in an area that returned highly anomalous copper-in-soil values in June, 2019 (64 to 1,660 parts per million Cu). The new results confirm the presence of a gold anomaly (three to 15 parts per billion gold versus the background of one part per billion) that is approximately 200 m long (north-south) and 50 m wide (east-west), as well as a larger coincident copper-arsenic anomaly that is greater than 375 m long (north-south) and 60 to 130 m wide (east-west) with values of 38 parts per million to 693 parts per million Cu and 10 parts per million to 179 parts per million As versus backgrounds of approximately 23 parts per million Cu and approximately seven parts per million As. The anomalies partially overlie the known showings and extend westward into a low-lying area bounded on the west by a prominent deformation zone. Further soil sampling, mapping and prospecting are planned in 2020.

Romios’s vice-president of exploration, John Biczok, PGeo, commented: “The discovery of polymetallic, zinc-lead-copper-gold-silver-rich zones in three VMS-type horizons is an important new finding that expands the footprint of the greater than 11 km long VMS system at Lundmark-Akow Lake and gives us critical data points to zero in on the centre of this system. The nearby intercepts of broad zones of Cu-Au vein-type mineralization flanking an extensive quartz-feldspar porphyry complex provides an exciting new target in the same vicinity as both the VMS zones and the high-grade gold-quartz-pyrrhotite veins discovered in June. Although flooding prevented closely spaced follow-up drilling of the gold vein, drilling nearby did intersect a number of the very unusual Red Lake-style calcite veins believed to be related to the gold mineralizing event, and the distribution of these veins has given us new indications on the orientation of this mineralization. We expect that a winter ground geophysics program will allow us to better define the thickest portions, the extent and the orientation of all four mineralized systems prior to the next phase of drilling.”

The current drill sites are located 30 km north of Newmont Goldcorp’s Musselwhite gold mine with its all-weather road access and connection to the provincial power grid. Romios has a 100-per-cent working interest in the 8,022-hectare (18,823 acre) Lundmark-Akow Lake property, part of which is subject to a 3-per-cent net smelter return royalty held by a corporation controlled by the president and chief executive officer of the company. All samples were submitted to the Actlabs’ laboratory in Thunder Bay, Ont., for analyses and assays. As a matter of procedure, a rigorous quality assurance/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, PGeo, vice-president of exploration of Romios, 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.

About Romios Gold Resources Inc.

Romios Gold Resources, a progressive Canadian mineral exploration company that was established in 1995, is engaged in precious and base metal exploration, primarily focused on gold, silver and copper.

We seek Safe Harbor.

http://www.romios.com/