Romios Gold options Red Line to Copperhead

Apr 6, 2022

2022-04-06 07:10 ET – News Release

Mr. Damian Lopez of Copperhead Resources reports

ROMIOS GOLD AND COPPERHEAD RESOURCES SIGN OPTION AGREEMENT FOR RED LINE PROJECT

Romios Gold Resources Inc. and Copperhead Resources Inc. have signed a definitive option agreement dated April 6, 2022, pursuant to which Copperhead can acquire a 75-per-cent ownership interest in the Red Line project from Romios. Copperhead is a private British Columbia-based natural resources exploration company that is working toward completing an initial public offering targeted for late 2022.

Red Line project

The Red Line claims cover over 1,851 hectares and are located in the central part of the Golden Triangle mineralized district of northwestern British Columbia. They are situated along the Eskay Rift belt of rocks that host the Eskay Creek gold-silver deposit 30 kilometres to the south. The original five claims were staked by Romios on Aug. 27, 2020, to cover a section of the red line contact between Lower Jurassic Hazelton group rocks and Upper Triassic Stuhini group rocks, a highly prospective regional contact along which numerous porphyry copper-gold-silver and several gold deposits are localized. An additional claim was staked by Romios on Jan. 21, 2022, when the ground to the south covering an area of fault-related conglomerates came open.

Terms of the option agreement

Pursuant to the option agreement, Romios has granted Copperhead the exclusive right and option to acquire a 75-per-cent ownership interest in the project.

In order to exercise the option, Copperhead must make the following payments/share issuances to Romios:

Issue one million Copperhead shares within five days of executing the option agreement;
Issue 500,000 Copperhead shares within 36 months of executing the option agreement;
Pay $75,000 within 36 months of executing the option agreement.

In addition to the aforementioned payments, Copperhead must spend a total of $325,000 in exploration expenditures on the project as follows to exercise the option:

$75,000 within 12 months of executing the option agreement;
$100,000 within 24 months of executing the option agreement;
$150,000 within 36 months of executing the option agreement.

Copperhead will be the operator of the project during the term of the option agreement. If the option is exercised, Romios and Copperhead will enter into a joint venture agreement.

Romios Gold has over 400 square kilometres of claims in the Golden Triangle which include three significant Cu-Au porphyry prospects that are adjacent to Teck-Newmont’s Galore Creek project. They include the Trek North zone which was first delineated by over 7,800 metres of drilling in 2008 to 2010; the newly discovered Trek South apparent porphyry system which includes well-developed porphyry-style alteration and related skarn-type veining only recently exposed by receding ice fields; and the JW block which covers two distinct types of potentially economic, gold-bearing mineralization: the North Fork copper-gold porphyry prospect and a number of high-grade quartz-sulphide veins. Romios plans to undertake significant work programs on Trek South and JW in 2022 including deep-penetrating induced polarization-magnetotelluric surveys as well as following up on encouraging results from 2021 on the company’s NorthEast, NorthWest and Andrei claim blocks in the same area.

National Instrument 43-101 disclosures

The technical information in this news release has been reviewed and approved by John Biczok, PGeo, vice-president of exploration for Romios Gold and a qualified person as defined by National Instrument 43-101.

About Romios Gold Resources Inc.

Romios Gold Resources 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-per-cent interest in the Lundmark-Akow Lake Au-Cu property and four additional claim blocks in Northwestern Ontario and extensive claimholdings 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 a continuing interest in several properties including a 20-per-cent carried interest in five of Honey Badger Mining’s claim blocks in the Thunder Bay silver district of Northwestern Ontario; a 2-per-cent net smelter royalty on McEwen Mining’s Hislop gold property in Ontario; and a 2-per-cent NSR on Enduro Metals Corp.’s Newmont Lake Au-Cu-Ag property in B.C. Please visit Romios’s website or follow Romios on LinkedIn.

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https://romios.com/