Romarco buoyed by Goldfield results

Initial drilling at the Goldfield project in southwestern Nevada has returned encouraging results for Romarco Minerals (R-T).

The company drilled 77 holes (33,865 ft.) at the 15,000-acre property in a program aimed at expanding mineralization along major structural trends. The drilling targeted five zones, including areas of historic production.

In the Main district, where more than 4 million oz. have been mined, Romarco recently drilled 21 holes totalling 11,465 ft. Mineralized zones were found to be as thick as 100 ft., and many contained stope fill, indicating previous mining activity.

However, Romarco also encountered intervals of high-grade mineralization not associated with stope fill. For example, hole 52 hit 10 ft. grading 0.16 oz. gold per ton in the Mohawk Ledge.

Hole 55 intercepted a northerly trending vein between the Jumbo and Combination open pits, which averaged 0.41 oz. gold. The company hit several other high-grade intercepts on similar northerly trending veins, including hole 64, which returned 5 ft. of 0.245 oz. gold and hole 76, which cut 10 ft. of 0.12 oz. The intercepts are still open along strike, indicating potential for further veins in the Main district.

At the McMahon Ridge zone, Romarco drilled 16 holes totalling 6,385 ft. The results confirmed previous silicified breccia intercepts, including 10 ft. of 0.91 oz. gold from hole 56 at a depth of 165 ft. At a depth of 370 ft., the hole hit 15 ft. grading 0.22 oz. gold.

Hole 57 encountered 35 ft. grading 0.16 oz. gold, followed by 10 ft. of 0.24 oz. gold.

Drilling also encountered anomalous gold mineralization in several holes at the Sandstorm-Kendall, COD Ridge and East Goldfield zones.

To date, exploration crews have tested only about 15% of the property, and Romarco plans to carry out more mapping and geophysical surveys before drilling is resumed.

Romarco recently participated in a private placement with sister company Tullaree Resources (TUL-V) for $1 million. Proceeds will be applied to a drill program at the Marysvale project in central Utah.

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