Romarco hits good values at Midas property

Initial drill results from the Midas property in Nevada reveal impressive gold and silver grades, reports Romarco Minerals (RMCM-C).

The property is in the northern section of Nevada’s prolific Carlin trend.

Phase one of the 20,000-ft. program consisted of shallow-angle holes drilled to establish the position of the Gold Crown vein. Romarco believes this mineralization is similar to that of the Rex Grande zone, on the adjacent property, which is shared by Franco-Nevada Mining and Euro-Nevada Mining.

The Franco-Euro property, which surrounds Romarco’s property, has a known resource of 13 million tons grading 0.16 oz. gold and 2.65 oz. silver per ton.

Drilling on Romarco’s property encountered mineralization in multiple quartz-calcite-amethyst veins in the footwall of the Gold Crown vein. The first holes returned encouraging results in the upper part of the Gold Crown vein, while follow-up drilling has started, with deeper holes drilled at a steeper angle. According to these early results, grades at Midas appear to increase with depth.

Results from the final seven holes of the first phase of drilling will be released soon.

Work on the Midas property has included surveys of resistivity, spontaneous potential gradient, ground magnetics, mapping and rock geochemistry. The geophysical surveys and geological mapping outlined numerous drill targets along crosscutting structures with associated silicification and argillization.

In recent months, Romarco increased its position in the Midas area to 350 from 80 acres.

HoleDepth(ft.) Width(ft.) Gold(oz./t) Silver(oz./t) .

3 410-425 15 0.247 2 .

4 440-455 15 0.215 N/A .

6 330-345 15 0.360 5.8 .

9 565-575 10 0.148 2 .

11 905-915 10 0.2 4.4 .

955-990 35 0.241 N/A .

1025-1045 20 0.05 N/A .

1250-1265 15 1.03 N/A .

1335-1380 45 0.118 2.6 .

12 540-735 195 0.153 N/A .