Romios Obtains Exploration Permit and Enters Into a Letter of Intent with North Caribou Lake First Nation
20 February 2014 - 2:52AM
Marketwired
Romios Obtains Exploration Permit and Enters Into a Letter of
Intent with North Caribou Lake First Nation
TORONTO, ONTARIO--(Marketwired - Feb 19, 2014) - Romios Gold
Resources Inc. ("Romios")
(TSX-VENTURE:RG)(PINKSHEETS:RMIOF)(FRANKFURT:D4R) is pleased to
announce that an exploration permit (PR-13-10449) has been issued
to Romios by the Mineral Development and Lands Branch of the
Ministry of Northern Development and Mines. In conjunction with the
issuance of the exploration permit, Romios signed a binding Letter
of Intent ("LOI") with the North Caribou Lake First Nation
("NCLFN"), which is broadly defined as the Community of Weagamow
Lake, Chief and Council, Trappers and the Traditional
Territory.
The exploration permit (the "Permit") is subject to the
requirements of the Mining Act of Ontario and all applicable
Provincial Standards for early exploration and is effective for a
period of three (3) years with options to renew. The Permit is
specific to Romios' claims in the vicinity of Akow Lake in the
North Caribou Lake area, which has been the subject of ongoing
discussions with the NCLFN for some time.
Romios looks forward to developing the positive relationship
with the NCLFN in accordance with the LOI, which recognizes the
need for both parties to benefit and coexist through a process of
mutual respect, ongoing dialogue and regular interaction in order
to realize the objectives of both Romios and the NCLFN. Based on
the LOI, both parties will work towards completing a Memorandum of
Understanding, which will govern the relationship of both parties
during the early exploration phase on the Lundmark-Akow Lake
property.
The exploration permit and the LOI will allow Romios to resume
exploration on its Lundmark-Akow Lake property, located within the
North Caribou Lake greenstone belt in the Patricia Mining Division
in northwestern Ontario. Earlier exploration carried out by Romios
identified indications of widespread gold mineralization associated
with banded iron formations ("BIFs") analogous to those hosting the
Musselwhite gold deposits approximately 18 km to the southeast and
with a highly siliceous deformation zone adjacent to the BIFs. In
addition, an extensive zone of stringer-type copper mineralization,
believed to reflect a more massive copper sulphide occurrence at
depth, was discovered by Romios.
Five holes were drilled to test the copper zone during the
winter of 1998-1999 by Romios. All five drill holes (holes
RGRI-99-1 to RGRI-99-5) intersected wide zones of potentially
significant copper and gold mineralization over a strike length of
more than 1,000 metres (3,280 feet). Geophysical evidence suggests
that the zone is much more extensive than that tested by the
diamond drilling. Rather than assay the entire width of the
stringer-type copper mineralization in each hole, a number of
samples were collected throughout the zone to determine roughly the
tenor of the copper and gold contained within the mineralized
zone.
One of the more notable holes (hole RGRI-99-3) intersected 94.0
metres (308 feet) of the stringer-type copper mineralization. A
total of 25 samples collected over 12.21 metres (40.05 feet) within
the mineralized zone assayed a weighted average of 0.39% copper.
Highly anomalous gold values were encountered over 96.32 metres
(316.0 feet) within this zone. A total of 22 samples over 11.30
metres (37.07 feet) averaged 0.36 gpt in gold. Similar copper and
gold grades over comparable widths were encountered in the other 4
holes. (Press Release dated March 31, 1999).
In the most southerly exposed portion of the gold-bearing
deformation zone, 14 grab and channel samples collected from an
outcrop area assayed from a low of 12.26 gpt (0.358 oz/ton) to a
high of 1,323.81 gpt (38.612 oz/ton) of gold. The arithmetic
average of the 14 samples was 402.85 gpt (11.75 oz/ton) of gold.
(Press Release dated November 24, 1997).
Prior to further diamond drilling on the property, Romios plans
to conduct an airborne deep penetrating, geophysical survey in the
vicinity of the known copper mineralization in order to determine
locations for a number of drill holes to evaluate the significance
of the stringer-type copper mineralization encountered in earlier
drill programs.
The Management of Romios would like to express its sincere
appreciation and gratitude to the Ministry of Northern Development
and Mines for its understanding and patience in granting exclusions
of time for assessment work requirements during the discussions
with the North Caribou Lake First Nation.
This press release was approved by Thomas Skimming, P.Eng,
Vice-President of Exploration and a Director of Romios and a
Qualified Person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios is a progressive Canadian mineral exploration company
established in 1995 and is actively engaged in precious and base
metal exploration in North America with a primary focus on gold,
silver and copper. Romios has significant property interests in
British Columbia, Ontario, Quebec and Nevada. The Company and is
currently exploring its Golden Triangle area properties in British
Columbia which are centrally located between Galore Creek Mining
Corporation's large copper-gold-silver deposit and Barrick's high
grade gold mine at Eskay Creek.
This News Release contains forward-looking statements which
are typically preceded by, followed by or including 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.
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.
Romios Gold Resources Inc.Tom DrivasPresident and
Director416-221-4124416-218-9772romios@romios.comRomios Gold
Resources Inc.Thomas Skimming, P.Eng.Vice-President and
Director(416)-444-0900tmsk8ing@hotmail.comRomios Gold Resources
Inc.Frank van de WaterChief Operating Officer and Director(416)
221-4124fvandewater@on.aibn.com
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