Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) completed its first field program on the Kinkaid property in Nevada, helping to develop its understanding of the property’s mineral potential.
The company said on Friday that the program reinforced suggestions about the potential for a porphyry system underneath the high-grade gold-silver-copper prospects.
In the northern section of the claims, there are at least four documented skarn occurrences that are spread across an area measuring approximately 1.6 kilometers by 600 meters. Among these occurrences, two were previously mined underground, reportedly for gold and tungsten.
Recent mapping conducted by Romios suggests the presence of two major formations that have the potential for much larger deposits compared to the historic mining sites.
“One of the most striking features of the Kinkaid property is the abundance and variety of high-grade vein occurrences clustered in the southern part of the claim block,” said John Biczok, VP of exploration.
There is a specific area with mineral deposits that have undergone changes, and it measures at least 1 kilometer in length and 400 meters in width, according to Biczok.
Copper-rich dump material at one of 4 skarn occurrences at northern Kinkaid. Image via Romios Gold.
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Metals, and copper content, show evidence of porphyry
These deposits contain occurrences that have been previously analyzed and have yielded individual assay results of up to 36.3 grams per ton of gold, 2.16 per cent copper, and 212 grams per ton of silver.
The occurrences show levels of barite, bismuth, antimony and mercury, as well as strong copper content and types of rock formations that provides evidence of a potential presence of a porphyry copper-gold system down deep.
Porphyry deposits are valuable sources of copper, gold, and other metals. They form when large bodies of molten rock, deep beneath the Earth’s surface, introduce heat, fluids, and mineral-rich magma into the surrounding rocks.
As the magma cools and solidifies over time, it can lead to the formation of economically significant mineral deposits. These deposits are typically large but have a relatively low concentration of metals per ton of rock. However, their abundance makes them economically viable for mining.
Assays are now pending from numerous samples collected from the skarns, mineralized veins and alteration zones during the May 2023 program. Along with ongoing studies, the data from which will be used to further refine the geological model of the Kinkaid mineralization and help guide the next phase of the work.
NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is another gold junior operating in Nevada, and more specifically in the Eureka Battle Mountain Trend.
NevGold successfully discovered more gold, and increased the project’s mineralization within the first year of its involvement. This also corresponds with the increased activity level from some of the other companies operating in the region, including Freeport-McMoran (NYSE: FCX) drilling to the company’s southwest, and Centerra Gold (TSX: CG) (NYSE: CGAU) drilling adjacent to NevGold in the southeast.
Romios Gold Resources share rose 50 per cent to $0.03 on Friday on the TSX Venture Exchange.
Subsequently, shares of NevGold rose 4.2 per cent to $0.375 on Friday on the TSX Venture Exchange.
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