Romios Gold Resources Inc.

TSX VENTURE : RG
OTCBB : RMIOF
FRANKFURT : D4R


Romios Gold Resources Inc.

November 13, 2012 08:00 ET

Romios Encounters Gold, Copper, Silver and Significant Scandium Mineralization at the Ken Zone, Newmont Lake Project, B.C.

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2012) - Romios Gold Resources Inc. (TSX VENTURE:RG)(OTCBB:RMIOF)(FRANKFURT:D4R) ("Romios" or the "Company") is pleased to announce results from its diamond drill program at the Ken Zone, located at the Newmont Lake Project within the Golden Triangle mineralized district in Northwestern British Columbia. This is the third and last set of drill results, which consists of the final six of 14 holes that were drilled on Romios' Newmont Lake Project this last summer in addition to a historic hole that was resampled. The first set of drill results highlighted the 72 Zone, recently reviewed in a Press Release dated October 10, 2012, and the second set highlighted the Northwest Zone, reviewed in a Press Release dated October 25, 2012.

Tom Drivas, President and CEO, stated: "Drill hole intersections of visible gold and gold-copper-silver-bearing sulphides demonstrate the potential for enhanced mineralization at the Ken Zone. Additionally, the discovery of impressive amounts of scandium, an important rare earth element, encountered in all of the Ken Zone holes, adds another potentially significant, high value component to the mix."

During July and August of 2012, Romios drilled 6 holes at the Ken Zone, which totalled 804.5 metres (2,634 feet) in length. This drilling identified three distinct zones of mineralization: 1) an Upper Gold Zone characterized by sulphides and magnetite-rich skarns containing gold (Au), copper (Cu), silver (Ag) and scandium (Sc); 2) a Lower Gold Zone featuring a network of thin veins hosting visible gold; and 3) a Scandium Zone which appears to correlate with an underlying volcanic basalt. Collectively, these three zones are believed to be a volcanic massive sulphide (VMS) mineralizing system. Historic drilling in the area was limited to shallow observations; Pezgold Resources first tested the Ken Zone in 1988, and in 2007 Romios drilled a single hole R-07-01 (Press Release dated December 18, 2007) which, subsequently was resampled over a greater core length during the summer of 2012.

Typical mineralization encountered at the Ken Zone is best observed in drill hole KZ12-12 where a continuous mineralized interval, 105.57 metres (346.35 feet) in width, assayed 0.40 g/t Au and 25.98 g/t Sc. The most notable mineralization within the Upper Gold Zone was encountered in drill hole KZ12-08 which intersected 3.28 metres (10.76 feet) that assayed 1.39 g/t Au, 0.43% Cu, 5.34 g/t Ag and 8.30 g/t Sc within which a 0.68 metre (2.23 feet) interval assayed 5.75 g/t Au, 1.73% Cu, 14.70 g/t Ag and 7.90 g/t Sc.

Another Upper Gold Zone intersection of note was encountered in drill hole KZ12-13 where a continuous intersection of 6.08 metres (19.95 feet) assayed 1.50 g/t Au, 0.35% Cu, 3.89 g/t Ag and 3.72 g/t Sc.

The type of mineralization which characterizes the Lower Gold Zone is featured in drill hole KZ12-12, where two distinct mineralized sections were encountered, one, 6.44 metres (21.13 feet) in width which assayed 0.92 g/t Au and 35.09 g/t Sc, and the second, 10.77 metres (35.33 feet) in width that assayed 0.87 g/t Au and 36.55 g/t Sc. Within the latter section, a 1.60 metre (5.25 feet) assayed 3.13 g/t Au and 47.00 g/t Sc.

Significant scandium mineralization was encountered essentially throughout drill hole KZ12-12. The assays over the entire length of the hole, 198.20 metres (650.25 feet), averaged 0.23g/t Au and 32.67 g/t Sc. Scandium enrichment is not visually detectable, and the hole was terminated while still in a scandium-rich zone.

Scandium is one of the rare earth elements and is generally produced as a by-product from the extraction of uranium and other rare earth elements. It is used as an alloying agent in aerospace, sporting equipment, solar cells, fuel cells, and high intensity lamps. Scandium use has been limited by its scarcity and lack of reliable supply and is sold as a chemical or metallic alloy compound with pricing dependent on refinement quality. The 2011 prices for scandium oxide Sc2O3 of 99.999% purity is reported at US$5,200 per kilogram or US$5.20 per gram (USGS Mineral Commodity Summaries, Scandium 2012).

Drill holes KZ12-10 and KZ12-11, located 200 metres to the south of the principal mineralized area at the Ken Zone, intersected an intrusion believed to be related to the Ken Zone hydrothermal event, however, these holes did not intersect significant mineralization.

Historic drill hole R-07-01, located 50 metres south of hole KZ12-08 and within the principal mineralized area at the Ken Zone, was resampled for a more complete analysis of precious and base metals, and rare earth elements, and is shown in the table below.

Table 1. Ken Zone drill hole composite assay highlights, arranged from north to south; upper and lower halves of table separate the 2012 and historic drill assays, respectively. "Gold Zone Total" = weighted composite of mineralization from the Upper & Lower Gold Zones; "Gold Zone" = Upper or Lower Gold Zone; "Scandium Zone" = a separate composite highlighting the occurrence of scandium; "Vein Horizon" = vein sulphides within the overlying rocks.
Hole ID Zone From To Total Total
(ft)
Au
g/t
Cu % Ag
g/t
Sc
g/t
KZ12-12 Entire Drill Hole 1.30 199.50 198.20 650.25 0.23 0.03 0.26 32.67
Gold Zone Total 1.30 106.87 105.57 346.35 0.40 0.04 0.40 25.98
Upper Gold Zone 1.30 23.26 21.96 72.05 0.43 0.13 1.07 9.34
Containing 16.76 23.26 6.50 21.33 0.79 0.24 0.98 5.38
Lower Gold Zone 43.00 106.87 63.87 209.54 0.50 0.01 0.12 33.01
Containing 59.16 65.60 6.44 21.13 0.92 0.02 0.15 35.09
And Containing 96.10 106.87 10.77 35.33 0.87 0.02 0.30 36.55
That Includes 100.30 101.90 1.60 5.25 3.13 0.05 0.70 47.00
Scandium Zone 43.00 199.00 156.00 511.80 0.23 0.01 0.11 37.33
Containing 100.30 199.5 99.20 325.46 0.12 0.01 0.12 40.44
That Includes 199 199.5 0.50 1.64 0.01 0.00 0.01 50.00
KZ12-13 Upper Gold Zone 2.00 31.28 29.28 96.06 0.50 0.11 1.50 13.22
Containing 2.00 8.08 6.08 19.95 1.50 0.34 3.89 3.72
That Includes 5.90 7.65 1.75 5.74 2.77 0.61 5.16 2.71
KZ12-08 Gold Zone Total 47.33 150 102.67 336.84 0.19 0.02 0.37 25.52
Upper Gold Zone 47.11 50.39 3.28 10.76 1.39 0.43 5.34 8.30
Containing 49.30 49.98 0.68 2.23 5.75 1.73 14.70 7.90
Lower Gold Zone 103.63 150 46.37 152.13 0.23 0.01 0.08 29.31
Containing 117.49 126.00 8.51 27.92 0.70 0.01 0.11 30.67
Scandium Zone 117.49 153.00 35.51 116.50 0.26 0.01 0.08 32.76
KZ12-09 Vein Horizon 32.74 33.26 0.52 1.71 0.52 0.16 0.18 10.00
Vein Horizon 42.63 43.35 0.72 2.36 0.61 0.11 0.30 3.50
Vein Horizon 61.97 62.47 0.50 1.64 1.21 0.14 0.24 6.40
Scandium Zone 81.58 132.00 50.42 165.42 0.02 0.01 0.09 37.95
Containing 100.03 132.00 31.97 104.89 0.01 0.01 0.08 40.59
KZ12-10 No significant mineralization
KZ12-11 No significant mineralization
R-07-01 Gold Zone Total 20.52 113.64 93.12 305.50 0.19 0.03 0.17 17.09
Upper Gold Zone 20.52 52.43 31.90 104.67 0.39 0.07 0.13 12.87
Containing 20.52 24.69 4.17 13.67 0.43 0.10 0.17 11.80
Containing 40.84 41.76 0.91 3.00 0.43 0.08 0.10 11.00
Containing 47.24 52.43 5.18 17.00 1.77 0.28 0.35 9.12
That Includes 50.90 52.43 1.52 5.00 4.48 0.62 0.60 6.00
Lower Gold Zone 108.43 116.67 8.24 27.04 0.39 0.00 0.12 33.78
Containing 110.95 113.64 2.69 8.83 0.72 0.00 0.16 32.70
Scandium Zone 89.10 151.49 62.38 204.66 0.09 0.01 0.12 31.81

Observations from drill core suggest that the Upper and Lower Gold Zones, as well as the Scandium Zone, become increasingly enriched toward the west. Surface mapping and sampling additionally indicate the potential for mineralization south of R-07-01 toward KZ12-10 and KZ12-11.

The results from this summer's exploration programme underscore the following observations:

  • VMS deposits in the Golden Triangle area are the regions' historical producers, including both the Eskay Creek and Granduc mines;

  • the British Columbia Geological Survey recently identified the new 36 kilometre-long 'Stikine VMS Belt' (Press Release dated March 3, 2011);

  • the Stikine VMS belt predominantly occurs on Romios' Newmont Lake Project.

  • The Ken Zone, Northwest Zone NI 43-101 inferred resource, and numerous other mineralized zones on the Newmont Lake Project occur within the Stikine VMS Belt, highlighting the significant potential for continued discovery and development.

As a matter of procedure, all drill core is cut at the camp using an electric-powered core saw, bagged and sealed for shipping to SGS Minerals for processing in Telkwa, BC. In addition to the laboratory's quality control program, a rigorous on-site quality assurance and quality control program is implemented involving the insertion of blanks, standards and splits to ensure reliable assay results. Plan-view maps, cross sections, and other detailed information relating to the Ken Zone can be found on Romios' website at www.romios.com/s/Newmont.asp.

The technical information contained in this press release has been reviewed and approved by Mr. Scott Close, P.Geo, Exploration Manager and a Qualified Person as defined by National Instrument 43-101.

About Romios Gold Resources Inc.

Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is headquartered in Toronto and is actively engaged in precious and base metal exploration across 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 is undertaking extensive exploration work on its Golden Triangle area properties in northwestern British Columbia, which are centrally located between Teck and NovaGold's large copper-gold-silver deposit at Galore Creek and Barrick's high grade gold mine at Eskay Creek.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/RomiosGoldfigure1.pdf.

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