- Press Releases
TORONTO, ONTARIO - Sept. 27, 2006 - The management of Romios Gold Resources Inc. ("Romios" or the "Corporation") (TSX VENTURE:RG) is pleased to announce that it has concluded its 2006 summer exploration program on its Newmont Lake Property located in the Galore Creek area of northwestern British Columbia. The property lies adjacent to the large parcel of land which houses NovaGold Resources' Galore Creek deposits (reported combined measured and indicated reserves of 7.4 million ounces of gold, 117.1 million ounces of silver and 8.5 billion pounds of copper as of August 31, 2006 - reference, the NovaGold website).
Romios' program consisted essentially of diamond drilling, a ground 3D induced polarization survey (IP), prospecting and the logging and sampling of diamond drill hole R-05-01 which was completed late last summer. The drilling program was designed to expand the known gold/copper resource at the NW zone and to test a 3D induced polarization (IP) anomaly located 500 metres northeast of the NW zone that was identified in a ground geophysical survey by Romios during the summer of 2005 (Press Release dated January 10, 2006). The ground geophysical survey (3D IP) was designed to extend the IP anomaly, located last year, to the northeast in the vicinity of the Jazzman and Jazzman Extension zones of gold/copper mineralization.
The 2006 diamond drilling program was carried out by Kendrick Drilling Services of Vancouver and consisted of 10 short holes (holes R-06-01 through R-06-10) totaling 2,529 feet ( 770.8 metres) in length. The core from these holes, in addition to that from hole R-05-01, has been logged, sampled and submitted for chemical analyses. The results will be announced when available. The 3D induced polarization survey was carried out by SJ Geophysics Ltd of Vancouver and consisted of 7.26 kilometres of survey using a 25 metre dipole spacing over a length of 700 metres (2,300 feet). The data collected during the survey is being processed currently by SJ Geophysics Ltd and the final results will be announced when available; however, the raw field data suggests that the 3D IP anomaly located northeast of the NW zone that was discovered last year, continues for at least another 700 metres to the northeast and coincides with surface exposures of the Jazzman zone mineralization.
The geophysical and diamond drill contractors that were commissioned to carry out the work on the Newmont Lake Property were delayed on other jobs which resulted in Romios commencing its exploration program approximately one month later than planned.
As previously reported (Press Release dated November 14, 2005), the claims which comprise the Newmont Lake Property form an irregular staircase-shaped block. This block is approximately sixteen kilometres long and six kilometres wide that covers a northeast oriented graben structure underlain by Late Triassic to Early Jurassic aged intrusives, sediments and volcanic rocks. In the Iskut River region, these rock units have potential to host high grade, vein-type gold occurrences such as the Snip deposit, volcanogenic massive sulfide mineralization similar to that developed at Eskay Creek, skarn-type copper/gold occurrences, and alkalic, porphyry copper/gold mineralization similar to that presently being evaluated by Novagold Resources at their Galore Creek Project. According to published technical information there are a total of 22 intrusion related gold, copper and silver prospects located in the Newmont Lake area all of which are located within the Newmont Lake property.
The known prospects include three advanced stage targets referred to as the NW Zone, the Ken Zone and the Camp Zone where drilling by previous operators has partially defined several significant mineralized zones. The NW Zone and the Camp Zone were the focus of extensive drill testing by Gulf International Minerals Limited between 1987 and 1990 and the Ken Zone was tested by a limited drill program in 1988 by Pezgold Resources. With the exception of several scattered drill holes, the majority of the remaining 19 occurrences have not been tested by diamond drilling.
The results from an airborne magnetic survey completed over a portion of the Newmont Lake Property during the summer of 2005 (Press Release dated April 5, 2006) exhibited geophysical signatures characteristic of alkalic porphyry copper-gold centres.
Significantly, the survey delineated a pronounced, five kilometre long, northerly trending magnetic feature within which occurs many of the known mineral prospects encompassed by the Newmont Lake Property. The Ken Zone, the NW Zone, the Camp Zone, the 3D induced polarization anomaly northeast of the NW zone, a number of prospects localized between the Ken Zone and the NW Zone and a train of angular, mineralized boulders located two kilometers southwest of the NW Zone, all lie within this large magnetic feature.
Romios trades on the TSX Venture Exchange (Symbol: RG) and on the "over the
counter" market in the United States (Exemption No. 82-5093, Symbol: RMIOF).
For the purposes of the disclosure in this Press Release, Thomas Skimming, P.Eng. is the Qualified Person ("QP") in accordance with NI 43-101.
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. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Romios Gold Resources Inc.
President and Director
(416) 218-9772 (FAX)
Romios Gold Resources Inc.
Vice President of Exploration and Director
(416) 444-0586 (FAX)
You can view the Next News Releases item: October 5, 2006, Romios Options Property in the Galore Creek area, Northwestern British Columbia
You can view the Previous News Releases item: July 26, 2006, Romios Announces Closing of Financing
You can return to the main News Releases page, or press the Back button on your browser.