Romios Provides a Review of the New Honeycomb Hill Porphyry Cu-Au-Ag Target at the Kinkaid Property, Nevada, USA and Tom Drivas Announces Change in Ownership Interest in Romios
Romios Provides a Review of the New
Honeycomb Hill Porphyry Cu-Au-Ag Target at
the Kinkaid Property, Nevada, USA and Tom
Drivas Announces Change in Ownership
Interest in Romios
Toronto, Ontario--(Newsfile Corp. - October 8, 2024) -
Romios Gold Resources Inc. (TSXV: RG)
(OTC Pink: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company")
is pleased to provide a
cumulative review of the encouraging assay and geological results from the Honeycomb Hill prospect,
one of several potential porphyry Cu-Au-Ag centres on Romios' Kinkaid property in Mineral County,
Nevada (see Maps 1 & 2 below).
Stephen Burega, CEO and President stated: "At least 4 areas on the main Kinkaid claim block have
returned numerous high-grade gold, silver and copper assays over the past 2-3 years, and their
geological setting suggests that they are part of the upper portions of possible porphyry Cu-Au-Ag
centres (see Map 2). In the Honeycomb Hill area, the combination of the impressive recent assay results
(
78.16 g/t Au, 12.1% Cu,
and
575 g/t Ag)
, widespread sericitic alteration, and the abundance of
epithermal- and mesothermal-style veins, suggests that this area lies above a potential buried porphyry
Cu-Au-Ag system and makes it a high-priority target for an in-depth exploration program."
The results from Honeycomb Hill are presented below; details of the other mineralized centres will be
presented in a series of forthcoming press releases.
HIGHLIGHTS
At Honeycomb Hill, the apparent porphyry copper centre and overlying epithermal to mesothermal
base and precious metal rich vein system has now been expanded to an area
>450 x 450 m
with
the discovery of numerous historic underground mine workings and highly mineralized trenches.
The mineralized zones appear to trend under younger, overlying volcanics to the south.
The largest old mine workings consist of a 70 m long series of 4 adits and underground workings
at Honeycomb Hill itself and these have returned assays ranging from trace amounts to
78.16 g/t
Au, 12.1% Cu,
and
575 g/t Ag
(see Table 1 below for the complete list of 2022-24 assay results
and
Romios Press Release August 27, 2024
).
These old mines are centred in an extensive area of pervasive, iron-stained sericitic alteration
(Photo 1) that itself is anomalous in
Au, Hg, Pb
and
Sb
(Sample B994722, Table 1). The
alteration shows up well on a recent SWIR satellite image and extends well beyond the known
workings (see Map 1).
Sampling of the ore veins inside the main workings at Honeycomb Hill in 2024 confirmed the very
high silver content of the galena,
574 g/t
and
189 g/t Ag,
with gold values of
0.26 g/t
and
3.45 g/t
Au
.
A small mine shaft and nearby adit ("Newfound Mine") located 325 m west of Honeycomb Hill,
within the main alteration zone, returned assays of
2.44 g/t
to
32.0 g/t Au
and
1.27%
to
3.22% Cu
(see
Romios Press Release July 31, 2023
).
Highly mineralized trenches discovered in June, 2024, 100 m north of the aforementioned
"Newfound Mine", returned assays of
1.3 g/t
to
26.96 g/t Au
and
1.55%
to
12.09% Cu
in two
quartz vein samples with visible secondary copper minerals, as well as high mercury in one
sample:
5,098 ppb Hg
(see
Romios Press Release August 27, 2024
).
Map 1: Satellite image of the Honeycomb Hill suspected porphyry centre showing old workings
and SWIR alteration pattern that matches the major Au-Ag deposits on the property (in light
green).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5376/225949_5ed785ee146a39fb_002full.jpg
Geological Interpretation of the Honeycomb Hill Target
The main mine workings at Honeycomb Hill lie along one of the largest alteration zones on the Kinkaid
property, up to 275 m long and 90 m wide, which is now believed to be part of a larger porphyry-related
mineralized system at least 450 x 450 m that extends farther south underneath younger volcanics (see
Map 1). Work by Short Wave Infrared (SWIR) satellite imagery experts at Photosat has determined that
the alteration is dominated by (iron-stained) sericite that is a close match to the strong alteration found
around the Montreal Au-Ag mine 800 m to the north (see
Romios Press Release June 13, 2024
).
In addition to the often exceptional assays of high-grade Au, Ag and Cu in the old workings across the
breadth of the >450 m wide target area, a large chip sample of the typical alteration near one of the adits
assayed
0.13% Pb, 43 ppb Au, 41 ppm Sb, 707 ppm As, and 443 ppb Hg,
indicating that broad
areas of the discoloured, friable, altered host rocks are also weakly mineralized and have been
subjected to the passage of mineralizing fluids.
Sampling of narrow galena veins left behind by early miners in the Honeycomb Hill stopes confirm that
the galena carries high silver values,
189 g/t and 574 g/t Ag
(Table 1), as well as elevated gold, mercury
and antimony values. The most gold-rich sample from the mine dumps also contains a high level of
tellurium (Sample B994709,
78.16 g/t Au, 86.6 ppm Te
).
John Biczok, VP Exploration stated: "These locally significant values of tellurium, mercury and antimony,
combined with the impressive gold and silver values, suggest that these veins have an epithermal
signature. The high copper values in some of the surrounding, more mesothermal, veins support a
magmatic input to the ore forming fluids, likely from a porphyry type intrusion at depth."
He continued,"The general zonation from silver rich samples at Honeycomb Hill to the more gold and
copper rich mineralization at the trenches 400 m NW and Ollie's mine to the south is to be expected in
the metal zonation around the top of porphyry-epithermal systems. This combination of widespread
sericite alteration and mineralized epithermal to mesothermal veins is also to be expected above a
porphyry copper system."
Future Work
An initial program of detailed geological mapping and soil sampling is now proposed to outline the full
extent of this altered, mineralized centre (as well as the other 3-4 targets on the Kinkaid property), to be
followed by an airborne magnetometer and electromagnetic survey designed to outline the suspected
porphyry intrusion(s) at depth and any associated sulphide mineralization. Depending on the results of
this work, an IP or CSAMT geophysical survey may then be warranted to define the most promising drill
targets.
Photo 1: Pervasive, discoloured, sericitic, iron stained alteration at Honeycomb Hill.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5376/225949_5ed785ee146a39fb_003full.jpg
Map 2: Kinkaid Project main claim block, prospects and apparent porphyry centres.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5376/225949_5ed785ee146a39fb_004full.jpg
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5376/225949_5ed785ee146a39fb_005full.jpg
Claim Details and Location
The Kinkaid property is wholly owned by Romios and now consists of 139 claims, covering
approximately 11.0 sq km, located 18 km east of the town of Hawthorne where the prolific Walker Lane
trend overlaps the southern edge of the mineral-rich Basin and Range geological province. The claims
begin 1.4 km north of Highway 95 between Reno and Las Vegas and are largely accessible by road and
short hikes. A significant power line crosses the SW corner of the claims.
QA/QC
Rock samples reported herein were a mix of chip and grab samples considered generally
representative of the various mine dumps, veins and outcrops being sampled. All 2024 samples were
submitted to the Standards Council of Canada ISO/IEC 17025:2017 accredited Bureau Veritas
laboratory in Reno, Nevada for assay. Samples collected in 2021-2023 were submitted to the ISO/IEC
17025 accredited ALS lab in Reno Nevada for analysis. As a matter of procedure, a rigorous quality
assurance and quality control program was implemented in the form of blanks and Certified Reference
Material standards at every 10th position in the sample series. The assay results of these standards and
blanks have been within the acceptable ranges.
Qualified Person
The technical information in this news release has been reviewed and approved by John Biczok, P.
Geo., Vice President, Exploration for Romios Gold and a Qualified Person as defined by National
Instrument 43-101. In addition to his extensive experience with several major mining companies
exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years
conducting exploration and research at the Musselwhite gold mine in NW Ontario.
Change in Ownership Interest of Tom Drivas
Anastasios (Tom) Drivas ("
Tom Drivas
") and his joint actors (the "
Joint Actors
") wish to announce that
their collective partially diluted ownership interest in Romios Gold Resources Inc. ("
Romios
" or the
"
Company
") has decreased to 9.977% as a result of the increase in outstanding capital of Romios
resulting from the private placement by Romios announced on August 23, 2024. Tom Drivas filed an
early warning report on November 3, 2024. At that time, Tom Drivas and the Joint Actors held
21,192,287 common shares, 2,958,333 warrants and the 2,550,000 stock options, representing
approximately 8.41% of the 252,114,852 issued and outstanding common shares of Romios on a non-
diluted basis and 10.36% on a partially diluted basis assuming the exercise of the warrants and stock
options. After giving effect to the private placement in August of 2024, the balance of which closed on
August 23, 2024, issued and outstanding capital of Romios increased to 262,114,852 common shares
of which Tom Drivas and the Joint Actors currently hold 8.1% on a non-diluted basis and 9.977% on a
partially diluted basis assuming the exercise of the warrants and stock options.
Tom Drivas has advised that the securities had been acquired for investment purposes and that he has
no present intention to either increase or decrease his holdings in the Company.
Notwithstanding the
foregoing, he has advised that he may increase or decrease his beneficial ownership, control or
direction over common shares of the Company through market transactions, private agreements,
exercise of warrants or options, other treasury issuances or otherwise.
This news release is issued pursuant to National Instrument 62-103 -
The Early Warning System and
related Take-Over Bid and Insider Reporting Issues
of the Canadian Securities Administrators, which
also requires an early warning report to be filed with the applicable securities regulators containing
additional information with respect to the foregoing matters. A copy of the early warning report in respect
of this change will be available on the Company's issuer profile on SEDAR+ at
www.sedarplus.ca
.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in
precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100%
interest in the Lundmark-Akow Lake Au-Cu property plus 4 additional claim blocks in northwestern
Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the
"Golden Triangle" of British Columbia. Additional interests include the Kinkaid claims in Nevada
covering numerous Au-Ag-Cu workings, and two former producers: the Scossa mine property (Nevada)
which is a former high-grade gold producer and the La Corne molybdenum mine property (Quebec). The
Company retains an ongoing interest in several properties including a 2% NSR on McEwen Mining's
Hislop gold property in Ontario; a 2% NSR on Enduro Metals' Newmont Lake Au-Cu-Ag property in BC,
and the Company has signed a definitive agreement with Copperhead Resources Inc. ("Copperhead")
whereby Copperhead can acquire a 75% ownership interest in Romios' Red Line Property in BC.
For more information, visit
www.romios.com
As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have
several communication portals. If you have any questions online (
,
,
) please
feel free to send direct messages.
To book a one-on-one 30-minute Zoom video call, please
click here
.
For further information, please contact:
Stephen Burega, CEO & President - 647-515-3734 or
John Biczok, P. Geo., VP Exploration - 613-410-7877 or
This News Release contains forward-looking statements which are typically preceded by, followed by
or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar
expressions. Forward-looking statements are not guarantees of future performance as they involve
risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update
these forward-looking statements and shareholders are cautioned not to put undue reliance on such
statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of
this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/225949