Romios Announces Financial Support for its Akow Lake Project in Northwestern Ontario
TSX VENTURE: RG
TORONTO, ONTARIO--(Marketwired - May 19, 2016) - Romios Gold Resources Inc. ("Romios") (TSX VENTURE:RG) (OTC PINK:RMIOF) (FRANKFURT:D4R) is pleased to announce that the Ontario Prospectors Association, ("OPA"), sponsored by the Northern Ontario Heritage Fund, has agreed to provide financial assistance under the Junior Exploration Assistance Program, ("JEAP"). The JEAP provides financial assistance for Project Eligible Costs which the Company expects to incur this year on a drill program on its Lundmark-Akow Lakes property. The drill program will test the significance of the geophysical anomalies which are deeper than those tested in previously drilled holes. The Lundmark-Akow Lakes claims are located just north of Goldcorp's Musselwhite Mine, within the North Caribou Lake greenstone belt in the Patricia Mining Division, northwestern Ontario.
Under the terms of the Agreement, the OPA will provide the Company with the lesser of $97,824 or one-third of the Project Eligible Costs actually incurred. As previously reported, Romios and the North Caribou Lake First Nation have entered into an exploration Memorandum of Understanding to work together to establish a long-term mutually beneficial and cooperative relationship.
The previously reported five holes drilled by Romios to test the copper zone during the winter of 1998-1999 (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). One of the more notable holes (hole RGRI-99-3) intersected 94.0 metres (308 feet) of stringer-type copper mineralization. Highly anomalous gold values were encountered over 96.32 metres (316.0 feet) within this zone. 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. (Press Release dated November 24, 1997).
The technical information in this news release was reviewed and 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 recently focused on gold, silver and copper in its properties in British Columbia, centrally located between Galore Creek Mining Corporation's large copper-gold-silver deposit and Barrick's high grade gold mine at Eskay Creek. Other property interests are in Northern Ontario, Quebec and Nevada.
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.
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