Romarco Minerals (R-T) has hit its hottest hole yet at the Midas gold-silver property in Nevada’s Carlin trend,
The company completed six reverse-circulation (RC) holes and two core holes before the program was cut short by adverse weather.
One of the core holes, 38, was drilled adjacent to a previous RC hole and returned some of the highest-grade gold and silver values yet encountered on Romarco’s property. Company geologists believe the results indicate the presence of a new zone of mineralization below the Gold Crown vein.
“The values come from the footwall of the vein, and we think it could be a feeder structure to the Gold Crown,” says Sally Rollinson, one of Romarco’s geologists.
At a depth of 755 ft., hole 38 encountered 87 ft. of mineralization grading 0.76 oz. gold and 10 oz. silver per ton, including 65 ft. of 0.96 oz. gold and 12.9 oz. silver. The zone is characterized by brecciation and multi-episodic quartz-calcite veins with visible gold and silver sulphides.
The hole was drilled adjacent to the Midas joint venture, owned by Franco-Nevada (FN-T) and Euro-Nevada Mining (EN-T).
The assay values from the core samples were somewhat higher than those intersected in the RC drilling.
Romarco has budgeted $2 million for Midas in 1997 and plans to drill 22-25 core holes, beginning in April or May.
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