Romios Gold intersects high-grade zone at Newmont Lake property

The results are in from Romios Gold Resources‘s (RG-V, RMIOF-O) summer drill program at its Newmont Lake property in the Galore Creek area of northwestern British Columbia and the markets seem to like what they see.

The most significant results were encountered in Hole R-07-09 in the Northwest zone and R-07-01 in the Zen zone.

Core taken from Hole R-07-09 at depths of 10.7 metres to 30.4 metres, had a weighted average grade of 7.82 grams per tonne gold, 0.42% copper and 12.45 grams per tonne silver.

Two zones of higher grade mineralization were also encountered within the interval.

One of the zones, between 13.7 metres and 16.8 metres, assayed 19.70 grams per tonne gold, 0.45% copper and 12.60 grams per tonne silver. The second zone, between 26.6 metres and 28.9 metres, assayed 27.32 grams per tonne gold, 0.46% copper and 9.96 grams per tonne silver.

In addition, drilling intersected three other zones of gold-copper-silver mineralization. At depths of 37 metres to 43.3 metres, drilling encountered a highly altered, pyritic breccia, which was found to contain a weighted average of 4.14 grams per tonne gold, 0.20% copper and 5.46 grams per tonne silver.

A semi-massive zone of pyrite at depths of 67.7 metres to 69.3 metres, assayed 6.58 grams per tonne gold, 0.74% copper and 29.60 grams per tonne silver. And from 91.4 metres to 93.2 metres, a moderately altered pyritic zone contained grades of 2.45 grams per tonne gold, 0.134% copper and 1.3 grams per tonne silver.

“The results imply that the northwest zone has the potential to be much larger than originally thought,” the company said in a prepared statement. More aggressive drilling is planned for next year.

In March, Romios announced a National Instrument 43-101 compliant inferred resource for its Northwest zone of 1.4 million tonnes at a grade of 4.43 grams per tonne gold, 0.22% copper and 6.4 grams per tonne silver (or a gold equivalent grade of 5.16 grams per tonne).

That equates to total contained metal of 200,000 oz. gold, 6.7 million lbs. of copper and 291,000 oz. silver. The resources were reported at a base-case, gold equivalent cut-off grade, of 2 grams per tonne.

The Newmont Lake property is 10 km southwest of the access road to NovaGold Resources‘s (NG-T, NG-X) and Teck Cominco‘s (TCK.B-T, TCK-N) Galore Creek project. The partners recently suspended development activities at their copper-gold deposit, citing escalating capital costs and a lagging construction schedule.

Meanwhile, Romios’s Hole R-07-1 was drilled at its Ken zone to test the down-dip continuity of a zone of gold-copper mineralization, encountered in a number of holes drilled in the late 1980s.

Hole R-07-1 was drilled due north with a dip of minus 60 degrees to a total depth of 151.18 metres. Several altered, iron oxide-rich zones were intersected, most notably from 49.38 metres to 50.29 metres, which assayed 1.54 grams per tonne gold and 0.382% copper.

At depths of 50.90 metres to 52.43 metres, assay results averaged 4.48 grams per tonne gold and 0.62% copper, confirming the continuity of the gold-copper mineralization found during earlier drilling in the zone.

News of the drill results sent Romios’s shares in mid-day trading on the Toronto Venture Exchange up 4,or 10.26%, to 43 on a trading volume of 366,800.