- Press Releases
TORONTO, ONTARIO - April 15, 2010 - The management of Romios Gold Resources Inc. (TSX-V: RG) is pleased to announce that it has now acquired a 100% interest in the Trek Property in the Galore Creek area of northwestern British Columbia by virtue of fulfilling all of its commitments under the option agreement dated April 3, 2006, with the Galore Creek Staking Syndicate (GCSS). The 100% interest in the property is subject only to a 2% Net Smelter Returns Royalty payable to GCSS from production; however, Romios has the right at any time before commercial production, to purchase one-half of the royalty for $1million.
The Trek Property consists of 5 land tenures which cover 2,693.27 hectares of land in the Galore Creek area within the Liard Mining Division in northwestern British Columbia and is located within the large parcel of land which encompasses NovaGold and Teck Resources' Galore Creek Project, a 321,800 acre property which holds a large and high-grade undeveloped porphyry-related copper-gold-silver deposit.
Previous drilling on the Trek Property occurred in 1993 when Warner Ventures Ltd. drilled 6 short holes into the Gully Zone, a semi-massive sulphide shear vein system. Two of these holes intersected significant gold-copper mineralization, but the lack of funds at the time prevented Warner from carrying out further drilling to evaluate the significance of this mineralization. Hole TRK93-1 intersected 10.4 meters grading 1.49% copper and 1.5 grams per tonne in gold and Hole TRK-93-4 intersected 6.0 meters grading 1.26% copper and 3.1 grams per tonne in gold. Surface chip samples of massive pyrrhotite and chalcopyrite across a true width of 3.6 meters from the surface exposure of the Gully Zone assayed 5.31% copper and 8.77 grams per tonne gold.
During the summers of 2008 and 2009, Romios drilled a total of 15 holes, all of which encountered significant widths of porphyry-style copper and gold mineralization at the North, Northeast and Upper Northeast zones and extended the North Zone in an easterly direction for over 400 metres. The results of the drilling carried out on the Trek Property by Romios exemplifies the prolific and widespread nature of the copper-gold mineralization on the Trek Property and the drilling has defined a mineralized area measuring approximately 720 metres by 260 metres that appears to be open to the south, east, north and to depth. To date, the most significant mineralization has been encountered in holes TRK 08-01 and TRK 08-02. Hole TRK 08-01 intersected a mineralized breccia zone from 147.5 metres to 179.5 metres downhole (32.0 metres or 105 ft.) that assayed 2.06 % copper, 1.05 grams per tonne gold and 26.01 g/t silver. This zone is contained within a wider mineralized interval from 65.2 metres to 196.6 metres, (131.4 metres or 431 ft. in the hole), that had a weighted average grade of 0.61 % copper, 0.39 grams per tonne gold and 8.48 g/t silver. TRK-08-02 intersected breccia-type mineralization from 121.86 metres to 148.86 metres downhole (27 metres or 88.57 feet) that assayed 3.27 grams per tonne gold, 5.71 grams per tonne silver and 0.31 % copper. The zone is contained within a mineralized interval from 121.86 metres to 246.58 metres (124.7 metres or 409.20 feet in the drill hole) that had a weighted average grade of 0.82 grams per tonne gold, 2.63 grams per tonne silver and 0.19 % copper. Drill hole TRK -08-02 is mineralized over the full core length of the drill hole. The weighted average grade from bedrock to the bottom of the drill hole for a core length of 315.16 metres or 1,034 feet is 0.51 grams per tonne gold, 1.71 grams per tonne silver and 0.10 % copper. Additionally, two airborne magnetic trends that coincide with known surface mineralization exist to the southeast and northwest and are parallel to the zone of copper-gold mineralization that has been outlined by the drilling carried out by Romios to date.
Additional drilling and exploration on the Trek Property is scheduled to commence in June, 2010 to further delineate the pervasive porphyry-style copper and gold mineralization on the property and to assess the significance of the airborne magnetic trends that parallel the zones of known copper-gold-silver mineralization identified by Romios. Further drilling and exploration is also planned on the Gully Zone and other copper and gold occurrences on the south side of Sphaler Creek.
In a News Release dated March 18, 2010, NovaGold made the following announcement: "NovaGold and Teck Resources are working to complete a new mine plan for the project based on an optimized project design and higher copper and gold prices than used in previous studies. NovaGold and Teck also expect to initiate a prefeasibility study for the project, with completion targeted for the first half of 2011. While the objective of Galore Creek optimization studies is to simplify the project design and potentially reduce the construction timeline and overall costs, the partners are also considering an increase to project throughput, and will have updated capital cost estimates when the pre-feasibility study is complete." A map posted on NovaGold's website clearly shows that the location of the proposed new mill site is immediately adjacent to the Trek Property and that the proposed production tunnel linking the Galore Creek orebodies to the mill site passes through the Trek Property. Management believes that this could have a very significant economic impact on Romios' Trek Property.
The technical information contained in this press release has been reviewed and approved by Mr. Thomas Skimming, P. Eng., Geologist, V.P. of Exploration, Director of Romios Gold Resources Inc. and a qualified person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, copper, silver and molybdenum. Romios has significant property interests in British Columbia, Ontario, Quebec and Nevada. The Corporation is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between NovaGold/Teck Resources' large gold-copper-silver deposit and Barrick's high grade gold mine at Eskay Creek.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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
Thomas Skimming, Vice President of Exploration and Director: (tel) 416-444-0900, (fax) 416-444-0586 or (email) email@example.com
Exchange Listings and Symbols: TSX-V:RG, NASDAQ OTC:RMIOF, Frankfurt:D4R.
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772
Contact: Tom Drivas, President
Email Address: firstname.lastname@example.org
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
You can view the Next News Releases item: June 7, 2010, Romios Announces the Commencement of its Drilling and Exploration Program for 2010 in the Galore Creek Area, Northwestern British Columbia
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