Drilling by
Thirteen angle holes drilled into the discovery area extended known mineralization to 2,400 ft. The mineralization is buried beneath as much as 300 ft. of alluvial gravel.
Highlights include a 30-ft. interval (not true thickness) averaging 0.11 oz. gold and 1.8 oz. silver per ton in hole 20; hole 22 encountered 10 ft. grading 0.3 oz. gold and 0.77 oz. silver; while, hole 30 hit 10 ft. grading 0.28 oz. gold and 1.9 oz. silver.
Testing the downdip potential, hole 31 intercepted the vein at a depth of 525 ft., hitting 10 ft. of 0.27 oz. gold and 1.8 oz. silver. At 695 ft., the hole cut another 5-ft. interval grading 0.5 oz. gold and 0.56 oz. silver. To date, the company has tested mineralization over a vertical extent of 300 ft.
Highlights from drilling in 1998 were even more encouraging, with hole 4 returning 115 ft. of 1.6 oz. gold and 8 oz. silver, and hole 14 hitting 40 ft. of 0.31 oz. gold.
A large right-lateral strike-slip fault cuts across the western edge of the property, which is also characterized by thick gravels and possible multiple vein structures. Romarco has drilled two additional reconnaissance
holes outside the main zone without significant results.
Meanwhile at the Goldfield project, 80 miles southeast of Red Rock, Romarco has increased its planned drilling to 30,000 from 20,000 ft. Results are expected by early August.
Following poor assay results, the company has abandoned three other Nevada projects: South Midas, Red Hill and Golden Repeat.
The Vancouver Stock Exchange has approved a $1-million private placement between Romarco and its subsidiary,
exchange for the funds, Tullaree will issue 6.25 million shares to Romarco at 16 cents per share. Romarco’s interest in the company is expected to increase to 45% of the outstanding shares.
Tullaree, which owns 8,600 acres of patented and unpatented land in central Utah, will use the funds to begin exploration there.
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