Exploration is planned this year for the Harmony (formerly Cinola) gold project on Graham Island, B.C.
Romulus Resources (VSE), which is earning a half interest from Misty Mountain Gold (TSE) by spending $15 million, has expanded the project area to 168 from 100 square miles.
The expansion entailed staking, as well as optioning a 75% interest in the 0.8-sq.-mile El Ninio mineral claim owned by Doromin Resources (VSE). Romulus has identified prospective environments for hosting additional gold deposits, based on a review of data from previous work on Cinola’s Specogna deposit (34.5 million tons grading 0.064 oz. per ton), as well as preliminary surface geology. While previous work concentrated on the bulk-tonnage potential of Specogna, the joint venture plans to focus on the possibility of developing a smaller-scale, high-grade underground operation. The Specogna deposit is within the Specogna-Sandspit Fault system, over which Romulus is flying a $400,000, high-resolution geophysical survey. The junior plans to explore the property’s potential for hosting bonanza-style gold veins. Previous drilling within the comparatively large, low-grade Specogna deposit was highlighted by individual vein intersections of up to 4.55 oz. gold over 6.6 ft.
Drilling this summer will test the Specogna at depth, as well as along strike and downdip from the Marino Bonanza zone in the exposed footwall of the deposit. A previous operator shipped 7 tons of ore grading 4.2 oz. from the Marino Bonanza zone.
Romulus has $4 million in working capital and 11.4 million shares outstanding, whereas Misty Mountain has 32 million shares outstanding (42 million fully diluted).
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