Romarco Expands 2006 Drilling Programs.
During the first half of 2006, Romarco will be conducting drill programs on the following four projects:
1. Pine Grove Gold Project (60%, Nevada) - Phase I drilling is currently underway with results anticipated by mid-March 2006. Phase II drilling will begin in October 2006;
2. Cori Puncho Gold Project (Peru, 50/50 JV with New Dimension Resources, formerly NDT Ventures Ltd.) - Drilling scheduled for early March 2006;
3. Roberts Mountains Gold Project (100%, Nevada) - Drilling scheduled for April 2006;
4. Buckskin-National Gold Project (100%, Nevada) - Drilling scheduled for July 2006
Romarco currently has approximately C$ 3 million in cash and no debt and has sufficient funds to complete the proposed 2006 drilling.
Details and targets of each property are discussed in detail below:
Pine Grove Gold Project (60%) - Nevada
(See also press release dated January 25, 2006) The Pine Grove project area hosts the historic Rockland Mine which produced approximately 35,000 ounces of gold equivalent with grades of 2.6 ounces per ton (opt) gold and 50.1 ounces per ton (opt) silver. Previous drilling by Inmet Mining intersected 100 feet grading 0.04 opt gold including 10 feet grading 0.18 opt gold. The project has never been drilled below 600 feet.
Romarco will be testing two target areas in the Phase I drilling program: (1) follow up drilling on the positive results from Inmet's drilling in the late 1990's; and (2) vein targets which crop out on surface and have never been drill tested. Phase II drilling is currently scheduled for the third quarter of 2006 and will follow up on Phase I drill results and test the area in and around the Rockland Mine.
The Pine Grove property consists of 138 unpatented lode mining claims covering approximately 2,760 acres, and situated in the Walker Lane Mineral Belt, approximately 23 miles south of the town of Yerington. Romarco has an option agreement with Toquima Minerals US Inc. to earn a 60% (70% under certain conditions) interest in the Pine Grove Project by spending US$ 2 million in exploration and project holding costs prior to December 31, 2009. Romarco may at its discretion accelerate such expenditures in order to earn its interest at an earlier date. Upon the completion of its earn-in, Romarco shall have for a period of 90 days the option to elect to earn an additional 10% interest (total 70%) by committing to take the project to final feasibility within three years.
Romarco will be the Operator of the Project during the term of the Agreement. Romarco's Qualified Person at Pine Grove is Mr. Mark Reischman. Eklund Drilling Company has been selected as the drilling contractor. Dr. Tommy Thompson, Romarco's V.P. Exploration is overseeing the exploration program.
Cori Puncho Gold Project (50/50 JV with New Dimension Resources, formerly NDT Ventures, Ltd.) - Peru
(See also press release dated January 17, 2006) The Joint Venture plans to drill a minimum of 1,000 metres to test a significant gold-bearing structural zone that has not been drill tested before. The local "informales" have been mining gold on surface (see photos on www.romarco.com, under "projects") The 50/50 Joint Venture owns 100% of the zone to be tested, which has returned values from surface trenching of 2.10 grams per tonne (g/t) gold over seven metres grading 1.58 g/t gold. The Joint Venture's claims cover the majority of a 5 kilometre long structural zone which shows significant potential to host large bulk minable and underground gold deposits.
Dr. Tommy Thompson is Romarco's Qualified Person on the Cori Puncho Gold Project.
Roberts Mountains Gold Project (100%) - Nevada
(See also press release dated November 28, 2005) The Roberts Mountains Gold Project is located along the Cortez Trend of Nevada. The project is approximately six miles southeast of the Tonkin Springs Mine (U.S. Gold) and is immediately adjacent to the Gold Stone deposit, one of five deposits from which Atlas Precious metals produced gold.
Romarco has recently completed a first stage exploration program which was comprised of project-level geologic mapping and a focused soil sampling program in order to determine drill targets. The Roberts Mountain Gold Project exhibits characteristics consistent with Carlin-style sedimentary rock-hosted gold deposits. The results were very encouraging with identification of drill targets and Romarco is currently seeking drill permits and anticipates drilling the property in April 2006.
The recently completed mapping program identified two contact zones which are known to host significant ore deposits in the trend:
1. The Devonian Devils Gate Limestone overlying the Devonian Denay Formation - which is the historic ore host in the district and is the equivalent unit to the ore-hosting zone at Placer Domes' Cortez Complex; and
2. The Devils Gate contact with the Mississippian Webb Formation which is the primary zone where gold is mined at the Rain (Newmont Mining) and Emigrant (Newmont Mining) Mines.
Upon completion of the geologic mapping of the contact zones, Romarco collected 247 soil geochemical samples to expand upon historic soil sampling (376 samples) completed by Atlas. The results of the soil sampling demonstrated strong gold values along the contacts. (See map on Romarco's website: www.romarco.com).
The results included a 0.030 ppm gold contour value that outlined a zone over 3000 feet long (northwest-southeast) and up to 1750 feet wide. Significant multipoint anomalies within this broad gold zone are up to 600 feet long and over 350 feet wide incorporating as many as nine samples greater than 0.100 ppm gold with values up to 0.600 ppm gold. Surface rock samples within this broad soil anomaly returned up to 1.35 ppm (0.04 oz Au/ton) gold. This sampling strongly coincides with the northwest-southeast trending Devils Gate-Webb contact.
Mr. Buster Husaker is Romarco's Project Geologist at Roberts Mountains and Dr. Tommy Thompson is Romarco's Qualified Person on the Project.
Buckskin-National Gold Project (100%) - Nevada
(See also press release dated October 31, 2005) During 2005 Romarco conducted a core drilling program at Buckskin-National and discovered a wide zone of significant gold mineralization consisting of 55ft (16.8m) averaging 0.042 oz/ton (1.44 g/t) gold, and a 5ft zone of significant grade silver mineralization that assayed 16.1 oz/ton (552 g/t). The wide zone of gold mineralization occurs 1400ft (427 m) west of the surface outcrop of the Bell Vein, and is the most significant gold ever found at Buckskin-National except for along the Bell Vein. Additionally, the drilling revealed the presence of multiple vein systems that need to be drill tested at greater depth, new targets that were previously unknown and broad zones of strongly enriched associated elements. Romarco will be following up on these results with a drill program planned for July 2006. Dr. Tommy Thompson, Romarco's VP Exploration is the Qualified Person for Buckskin-National.
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett, President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this press release, which h as been prepared by management.
Romarco Minerals Inc. (TSX VENTURE:R)
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|Date:||Feb 23, 2006|
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