Toronto, Ontario – January 12, 2022: Romios Gold Resources Inc. (“Romios Gold” or the “Company”) (TSX.V-RG; OTCQB: RMIOF; Frankfurt: D4R) is pleased to report that it has acquired 109 claims over numerous historic gold-silver-copper prospects in the Kinkaid area of Mineral County, Nevada. The Kinkaid claims are 18 km east of the town of Hawthorne and largely accessible by road.
“International focus on Nevada as one of the world’s leading gold districts continues, and plans are underway at Romios to develop a significant offering for this investor market and our shareholders,” stated Stephen Burega, President. “This property bolsters our existing asset base which includes the former producing Scossa mine (see Press Release November 11, 2020) where high-grade intercepts of 10.6 oz/t Au over 1.8 m, 8.6 oz/t Au over 2 m and 2.0 oz/t Au over 1.5 m were returned (drilled widths).”
Burega continued, “The geological units found at Kinkaid host a variety of mineral showings with historic workings including the Montreal Ag-Au mine workings, several skarn deposits that were reportedly mined for gold and/or tungsten prior to the mid-1940s, and numerous copper-rich zones of unknown extent that do not appear to have been fully evaluated in the past.”
Property Highlights:
The claim block is underlain largely by north-trending Late Triassic to Early Cretaceous shale, sandstone and volcanic rocks plus younger Oligocene-Miocene felsic volcanics on the west side and limestone and granitic intrusions on the northern claims.
These diverse geological units host an impressive variety of mineral showings that appear to have potential well beyond the historic workings, including Au-Ag vein systems up to 500 m long at the old Montreal mine sites, several gold-tungsten skarn horizons that extend much farther than the historic workings, numerous high-grade copper zones that are largely unexplored, and a possible VMS style copper-barite horizon that apparently has not been explored as such.
6 major prospects have been identified to date, and several other unnamed prospects occur throughout the claims, often with underground workings and substantial dumps of mined material visibly mineralized with copper, silver, lead, barite, etc. (see descriptions below).
Sampling by the former claim holder, High Desert Gold Corp., in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along the NW Montreal Gold-Silver Mine vein system (Romios has not verified these results as our sample results are still pending).
The Montreal Silver Mine (on a single claim held by a 3rd party) with its >3 km of underground workings is within the same rock units and is surrounded by, but not included in, the Romios claims (see map below).
The claims form a roughly N-S rectangular block 5 km N-S x 1.3-2.6 km E-W and covers approximately 911.2 Hectares (2,252 acres) consisting of 87 claims staked by Romios and 22 claims acquired pursuant to a Vending Agreement with two individuals.
Vending Agreement Highlights:
Romios has agreed to acquire 22 Lode claims in consideration for $10,000 USD and 300,000 shares of Romios. The 300,000 shares will be subject to a 4 month and 1 day resale restriction when issued. The Vendors will retain a 2% Net Smelter Return Royalty (NSR) on the entire amalgamated claim block comprising the 109 claims.
At any time, the Company has the right to purchase from the Vendors a 1% NSR for $500,000 USD leaving the Vendors with a 1% NSR on the entire property. The Company also retains a right of first refusal (ROFR) on the same terms as the Vendors are prepared to sell the ROFR Interest pursuant to a bona fide offer from a third party.
“We spent four days on the ground in November 2021, mapping and sampling many of the old workings and assays are pending at this time,” stated John Biczok, VP of Exploration. “I believe that the true potential of many of the historic prospects has not been recognized as many of them have not been explored since the 1920s-1940s - when metal prices were much lower. The impressive surface showings lead me to believe that the property holds significant potential for mineralization across various geological units.”
He continued, “We are very excited to have acquired such a large land package in a mining friendly jurisdiction like Nevada, a block of claims that covers literally dozens of old showings and mine workings of varying deposit types, most of which have not been worked for decades in spite of being largely accessible by road. We believe that basic tools like detailed geological mapping and ground geophysical surveys will yield significant drill targets”.
Background on Kinkaid Claims
Descriptions of the major prospects below are taken from the USGS database supplemented with information from Romios’ field examination.
Major Prospects on the Kinkaid Claims:
NW Montreal Gold-Silver Mine workings:
Located ~250m NW of and parallel to the main Montreal Silver mine along a series of veins stretching over at least 500 m. Numerous underground workings, mine dumps and pits occur along the veins (Photos 1, 2, 3), apparently not worked since the 1940’s. The veins are typically developed along the contacts of felsic dykes with the local sediments in strong alteration/fault zones up to 7 m wide in outcrop (Photo 3). Sampling by High Desert Gold Corp. in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along this vein system (Romios has not verified these results as our sample results are still pending).
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https://romios.com/press-releases/romios-acquires-significant-gold-silver-copper-prospects-in-nevada/ |
