Romios resumes diamond drilling in Nevada
Romios Gold Resources Inc RGRI (CDN Unlisted)
Shares issued 4,583,259 2000-03-02 close $0.5
Friday Mar 3 2000
Mr. Tom Drivas reports
Romios Gold Resources intends to resume drilling on its Scossa Gold Property in Nevada, U.S.A. to further investigate the two zones of high grade gold mineralization that were intersected in a diamond drill hole completed recently on the Scossa Property by the Company. Previously reported, this drill hole intersected two distinct zones of sheared and brecciated quartz veining and quartz stringering containing significant amounts of gold, within a strongly foliated phyllitic host rock. The first zone was encountered from 42.67 metres (14O feet) to 46.02 metres (151.Ofeet), a thickness of 3.35 metres (11 feet) in the hole. The initial 1.52 metres (five feet) of this zone assayed 364.46 grams per tonne (10.63 ounces per ton) in gold and 6.85 grammes per tonne (0.2 ounce per ton) in silver. The balance of the zone from 44.19 metres (145 feet) to 46.02 metres (151 feet), a width of 1.83 metres (six feet) assayed 364.46 grams per tonne (10.63 ounces per ton) in gold and 44.57 grams per tonne(1.3 ounces per ton) in silver.
The second zone was encountered from 62.69 metres (205.7 feet) to 64.55 metres (211.8 feet), a width of 1.86 metres (6.1 feet) and assayed 35.58 grams per tonne (1.038 ounces per ton) in gold and 3.42 grams per tonne (0.1 ounce per ton) in silver. During the logging of the core, visible gold was noted at 45.87 metres (150.5 feet) in the hole, near the footwall of the quartz breccia zone. All drill core samples were analyzed for gold and silver by Chemex Labs of Sparks, Nev., using the conventional fire assay method.
The property is located in Pershing County in the north central portion of Nevada, U.S.A. approximately six miles southeast of the Rosebud Mine, a high-grade, underground gold mine currently being operated on a joint venture basis between Hecla Mining and Newmont Mining and about 8 miles southeast of Hycroft Resources open pit gold mine which produces in excess of 1OO,000 ounces of gold annually. Initially, the Scossa Property consisted of 16 lode mining claims, totalling 129.5 hectares (320 acres); however, in light of the initial encouraging results, the company is in the process of adding significantly to its land holdings in the area.
The company is highly encouraged by the results from the initial drilling on the property and intends to drill several more holes, specifically to determine the lateral and down-dip continuity to the high grade mineralization intersected in the diamond drill hole.
The company is currently seeking private placement financing by way of a seed capital offering to arm's length parties. The company is offering units priced at $3,400 per unit with each unit being comprised of 10,000 common shares priced at 343 cents per share plus 10,000 warrants with each warrant good to purchase a further common share for 18 months following closing at a price of 45 cents for the first 12 months following closing and at a price of 60 cents for the next six months thereafter. The company will be using the money raised for working capital purposes and to expend on its drilling program on the Scossa Gold property and/or doing further work on its Lundmark Akow Lake property.
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