Romarco's version of BDE.C July 15 PR
South Midas JV, Nevada.... Drilling to commence ASAP
JULY 28, 1998
Romarco Receives High Grade Drill Results From The Newly
Acquired Red Rock Property, Nevada
TORONTO, ONTARIO--Romarco Minerals Inc. (TSE: "R") is pleased to
report the results from the first phase of drilling on the Red
Rock property situated on the Walker Lane Structural Belt in
Nevada. Romarco holds a 100 percent interest in approximately
4,440 acres located 70 miles southwest of Tonopah.
Romarco acquired the property in early 1998 and commenced drilling
in late April. The drilling program tested a blind high-grade
vein system discovered by Phelps Dodge in the late 1980's beneath
several hundred feet of post-mineral gravels. The high-grade
mineralization is contained within epithermal quartz-adularia
veins similar to Romarco's Midas Project. Romarco completed 16
reverse circulation (RC) and 3 core holes for a total of 12,331
feet. All but one of the 19 angle holes tested the main east-west
mineralized structure over a strike length of 2,400 feet on
approximately 200 and 400 foot centers.
/T/
Red Rock Property ( Significant Intersections
HOLE DEPTH INTERVAL INTERCEPT GOLD SILVER
NUMBER (ft) (ft) (ft) (m) (oz/t) (g/t) (oz/t)(g/t)
RMR-1 680 340-345 5 1.52 0.506 17.33 2.6 89.04
RMR-2 600 550-555 5 1.52 0.444 15.21 --- ---
RMR-3 600 445-450 5 1.52 0.239 8.19 2.0 68.49
RMR
-4(x) 680 405-520 115 35.05 1.612 55.21 8.0 273.97
RMR-5 700 465-470 5 1.52 0.137 4.69 --- ---
695-700 5 1.52 0.103 4.69 --- ---
RMR-6 660 450-455 5 1.52 0.233 7.98 --- ---
RMC-
9B(x)647.2 476.0-491.8(A) 15.8 4.82 0.150 5.14 2.0 68.49
includes 476.0-477.5 1.5 0.46 1.044 35.75 10.5 359.59
488.5-491.8(AA) 3.3 1.01 0.229 7.84 4.3 147.26
RMR-10 710 520-525 5 1.52 0.173 5.93 --- ---
RMR-14 800 480-520 40 12.19 0.311 10.65 --- ---
RMR-16 800 385-400 15 4.57 0.106 3.63 --- ---
includes 395-400 5 1.52 0.291 9.97 --- ---
(A) Core recovery 75 percent (AA)Core recovery 30 percent
(x)Holes drilled in the same area; discussion of the results on the next page
/T/
Ten holes contained significant high-grade intercepts of at least
five feet assaying greater than 0.10 oz/t gold, eight holes
encountered low-grade mineralization over narrow widths and one
hole contained anomalous gold values. RC hole RMR-4 returned the
best intercept with 115 feet grading 1.61 oz/t gold and 8.04 oz/t
silver. This bonanza-grade intercept is comprised of 23
individual 5 foot samples, of which 20 assayed greater than 1.0
oz/t gold. These samples were analyzed by Chemex Labs of Reno,
Nevada and rechecked by Cone Geochemical of Lakewood, Colorado.
Core hole RMC-9B, drilled at the same location at a slightly
steeper angle, returned two gold intercepts of 1.044 oz/t over 1.5
feet and 0.229 oz/t over 3.3 feet. Core recoveries were as low as
30 percent. A second core hole drilled in the same area deviated
over the top of the high-grade vein system.
A review of the drill cuttings and drilling operations showed that
the discrepancy between the reverse circulation and core
intercepts can be partly attributed to (1) down hole contamination
in the reverse circulation hole and (2) poor recoveries and loss
of fine material in the core hole. There is also a possibility
that hole RMR-4 was drilled downdip of a mineralized structure of
different orientation, with the core holes testing only the
margins of the zone. The orientation, extent and structural
control of the high-grade mineralization are not clearly
understood at this time.
A high-grade gold intercept of 40 feet grading 0.311 oz/t was also
encountered in RC hole RMR-14, located 1,400 feet west of RMR-4.
This intercept is open to the west along strike.
>From 1989 to 1990, Phelps Dodge partially drill tested this
high-grade vein system. Their best holes returned 25 feet of
1.982 oz/t gold (RPC-90-907) and 190 feet of 0.303 oz/t gold, of
which three separate 10 to 15 foot thick intervals assayed between
0.911 and 1.41 oz/t gold (RPR-89-14).
Romarco is very encouraged by these initial results and plans
further exploration drilling later this year. Drilling to date
has confirmed the presence of several high-grade gold veins and
substantially extended the strike length of the mineralization.
Romarco is confident in the potential of discovering additional
high-grade veins on the property. Several targets with
mineralized drill holes have not been followed up, nor has there
been extensive drilling conducted in the pediment covered areas
surrounding the known gold mineralization.
New Property Acquisition
Romarco is pleased to announce that it has entered into an
exploration agreement with an option to joint venture the South
Midas property with Blue Desert Mining Inc. and Golden Glacier
Resources. The South Midas property is located seven miles
southwest of our Midas Project. Romarco has the right to earn a
50 percent interest in the 1,200 acre property by incurring
expenditures of CDN$2.0 million on or before November 30, 2004.
The work commitment for 1998 and 1999 is CDN$100,000 and
CDN$200,000 respectively. Romarco is the operator of the project
and will commence a drilling program shortly. Romarco is
targeting a high-grade gold vein structure exposed on surface
which returned gold assays of up to 1.5 oz/t (See Blue Desert
Mining's Press Release, July 15, 1998).
Romarco Minerals Inc. is an exploration company focused on gold in
Nevada. The Company has 13 properties strategically positioned
within the main gold producing belts of this state.
|
