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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).
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.
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.
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John Biczok, P. Geo., VP Exploration - 613-410-7877 or jbiczok@romios.com
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.
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