Step-out holes at Romarco Minerals (R-V) Haile gold project in South Carolina back up the Toronto-based company’s contention that the deposit has plenty of room to grow.
The Haile gold mine was discovered in 1828 and was one of the U.S. first operating gold mines, but the gold zones discovered along the same trend by Romarco show that there is plenty of gold left to be discovered.
The company announced highlight intercepts of 38.1 metres grading 11.8 grams gold and 53.3 metres grading 1.5 grams gold. Both of those intercepts came from the same hole and occurred at depths greater than 260 metres. It also hit 19.8 metres of 2.2 grams gold at the 222 metre level.
The hole was drilled in an area beyond the currently proposed Ledbetter open pit and was situated 38 meters southwest of a previous hole that returned 6.1 meters of 2.6 grams of gold and 21.3 metres of 1.6 grams gold.
A second step-out hole returned 6.1 metres of 1.9 grams gold at the 376 metre level.
Romarco says assays are pending for step-out holes to the north and east of the zone.
In Toronto on July 21 the company shares were flat at $1.61 on heavy volume of 1.4 million shares traded. The company has 468 million shares outstanding and has traded between $2.20 and 78¢ over the last 52 week period.
Haile currently has a resource of 44.6 million tonnes grading 1.51 grams gold for 2.1 million oz. in the measured and indicated category and another 61.2 million tonnes grading 1 gram gold for 1.97 million oz. in the inferred category.
Romarco says it will drill more step-out holes in an effort to delineate the western extent of the mineralized zone.
The Haile project is currently made up of the Ledbetter, Snake, South and Horseshoe areas and Romarco is currently working on a feasibility study on the project.
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