Romarco continues to expand Haile mineralization

Romarco Minerals (R-V) has released some strong gold intercepts from the Haile open pit mine in South Carolina.

The drilling was done in an area not included in Romarco’s updated resource estimate for Haile, which was released in early September.

The company reported the results from six holes, all of which returned significant results.

Hole DDH-305 cut 54.8-metres averaging 6.01 grams gold per tonne, including 25 metres grading 10.77 grams gold per tonne.

Hole DDH-302 returned a 24-metre intersection grading 7.7 grams gold per tonne, including 15 metres grading 10.6 grams gold. That intercept was between 77.7 metres and 102.1 metres depth.

A little deeper in the same hole, starting at 120 metres depth, was a 29-metre intercept grading 9.2 grams gold per tonne including 7.6 metres grading 13.8 grams gold and 4.6 metres grading 17.4 grams gold.

Measured and indicated resources for Haile currently stand at 34.9 million tonnes grading 1.34 grams gold per tonne for 1.5 million oz. gold, with another 26 million tonnes grading 0.81 gram gold epr tonne for nearly 679,000 oz. gold.

Romarco shares were up 2 today to 13.5 apiece on a trading volume of more than 2 million shares. The stock has a 52-week high of 30 and a low of 11 and about 200 million shares outstanding.

The company bought the mine from Kinross Gold (K-T, KGC-N) last year and has devised a plan to sequentially mine six small open pits scattered about the property. A feasibility study is expected to be completed this October.

The company is currently drilling in the northeast part of the property and says the mineralized zone is open in three directions.