Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Romios Gold Resources (TSXV: RG) has staked 81 mining claims totalling 1,576.5 hectares at the Arseno Lake zinc-lead-silver-gold prospect in Ontario.
In a press release, the miner said the claims cover the on-strike continuation of the mineralized iron formation and coincident shear zone in the northwestern part of the province.
Romios’ new claims are located 32 kilometres northwest of the company’s 2019 gold-copper discovery on their Lundmark-Akow property and 58 kilometres northwest of Newmont’s Musselwhite gold mine
According to Romios, this prospect was discovered by Northern Dynasty Explorations in 1987 and is currently held by Newmont Corp (NYSE: NEM, TSX: NGT). However, little work of any material significance has been done on the property since 1988.
“Romios’ new claims flank Newmont’s Arseno Lake claims on both the east and west sides, 2 kilometres and 3 kilometres respectively from the centre of the historic prospect,” the media brief states.
“The westernmost drill hole completed by Northern Dynasty intersected 3.2 m grading 4.8% zinc, 1.1 % lead and 2.4 oz/t silver. This hole is 1.8 kilometres from the western block of Romios’ new claims and no holes were drilled farther west even though the untested horizon carries on westward for at least 3.4 kilometres and possibly as much as 8 kilometres.”
In the view of the Toronto-based company, the potentially significant gold overprint of the Arseno Lake horizon has been underexplored and can now be readily assessed through relatively inexpensive means such as modern soil sampling and advanced analytical techniques.
