Romarco hits at Midas

Final 1997 assays from the Midas project in northern Nevada returned strong gold values for Romarco Minerals (R-T).

The company completed 57 holes (31 core and 26 reverse-circulation) at Midas in 1997, wrapping the program up sooner than expected (in early December) because of bad weather. Results from six of the latest holes included several narrow, high-grade intervals from three of the veins on the property.

On the northwest-trending Gold Crown vein, hole 79 intercepted 25.5 ft. of mineralization, at a depth of 813 ft., grading 0.91 oz. gold and 10.2 oz.

silver per ton. Included in that interval was a 10-ft. section grading 2.2 oz. gold and 23.6 oz. silver.

Hole 76 hit 12.5 ft. grading 0.13 oz. gold and 1.5 oz. silver at a depth of 1,000 ft., also on the Gold Crown vein.

Hole 90 hit 14.5 ft. grading 0.5 oz. gold and 5.6 oz. silver at a depth of 782 ft.

On the Hanging Wall vein, which is associated with the Gold Crown vein, hole 78 hit 15.8 ft. of 0.45 oz. gold and 5.9 oz. silver at a depth of 844 ft., including 7.5 ft. grading 0.88 oz. gold and 10.4 oz. silver.

Hole 80, which may have intercepted a new vein, hit 4.5 ft. of 4.2 oz. gold and 27 oz. silver.

Romarco completed a total of 27 core holes on the Gold Crown vein on a 200-ft.-by-300-ft. grid, and has confirmed continuity over a strike length of 2,000 ft. No resource value has been calculated yet.

Situated southwest of the Gold Crown vein, hole 73 tested the Dixie structure, resulting in a 4-ft. interval grading 0.4 oz. gold and 4.1 oz.

silver per ton at a depth of 457 ft., and 11.5 ft. grading 0.13 oz. gold and 0.65 oz. silver at a depth of 533 ft.

In all, the company has completed 13 reverse-circulation holes in the Dixie area, including the Unger fee land. These holes returned lower-grade values of between 0.04 and 0.07 oz. gold.

Romarco plans to spend US$2 million in 1998 on infill drilling at the Gold Crown vein, as well as stepout drilling on the Hanging Wall and Footwall veins.

The company is also pleased with the results of drilling at the Snowstorm gold property north of Midas. There, a 10-hole program (totalling 7,660 ft.) intercepted generally lower-grade material in three holes. The best intercept was 35 ft. of 0.04 oz. gold per ton.

Romarco geologists believe they may have intersected the upper portion of an epithermal vein system, and follow-up drilling in 1998 will test that hypothesis.

The Snowstorm property is a joint venture between Romarco and its 40% partner, Crown Resources (CRO-T).