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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Romios Gold Resources (TSXV: RG) announced that it has acquired, by staking, 142 claims adjacent to the company’s recent gold discovery in the northwest portion of its Lundmark-Akow Lake project in northwestern Ontario.
In a press release, the Toronto-based company said that the claims cover approximately 2,987 hectares and were staked over areas that are of geophysical interest based on the geological model of the discovery zone area.
Romios says that the recently discovered veins have distinctive textures typical of the barren to weakly mineralized carbonate veins found near the high-grade gold veins in the Newmont Goldcorp Red Lake mine
“Romios’ gold discovery in June 2019 was highlighted by a quartz-pyrrhotite vein, with numerous specks of visible gold, which assayed 8.64 g/t Au over 4.75 metres,” the media brief states. “This vein was intersected in drill hole RGR-19-5 at the eastern end of a coincident VTEMTM airborne EM conductor which is 300 to 400 metres long and is noticeably stronger west of the intercept.”
According to the miner, a geologically similar but lower grade vein 7.35 metres wide was intersected in hole RGR-19-6, 330 metres NE of the discovery vein, and returned individual assays between 96 ppb and 1.9 g/t Au.
“Both of these mineralized veins are associated with large, sporadically gold-mineralized carbonate (mainly calcite) veins,” the media statement reads.
Romios has a 100% working interest in the 8,022-hectare Lundmark-Akow Lake property, located in the
