ROMARCO ENCOUNTERS 30.7 METERS OF 16.1 G/T AND
PROVIDES 2010 EXPLORATION SUMMARY
ROMARCO
MINERALS INC. (TSX:R) (the
�Company�) is pleased to announce ongoing drilling results and a summary of
the 2010 exploration program at its 100%-owned Haile
Gold Mine in South Carolina. The results demonstrate the continued
growth and continuity of the mineralized system at Haile,
which remains unconstrained in all directions and at depth.
DDH-371
encountered 30.7 meters of 16.1 g/t gold at a depth of 57.5 meters in an area
of South Pit now designated as Mill Zone. This mineralized area has
been given a separate name due to the uniqueness of the grades encountered
within a pit that was historically recognized as containing lower grades than
the eastern portions of the Haile system.
Mill Zone encompasses the western portion of the South Pit and its western
extension beyond the currently proposed pit limits. This higher-grade
zone has been the focus of initial mine planning for the pending feasibility
study. The Company previously announced other holes, which were noted as
South Pit and now noted as Mill Zone (see press releases dated April 28,
2010, August 5, 2010, and September 7, 2010) and they are summarized again in
Table 2 below. Drilling was also initiated at Champion, a deposit
located approximately 1 kilometer west of South Pit.
Drill
holes DDH-359 (19.1 meters of 6.2 g/t gold) and RC-1797 (19.8 meters of 4.3
g/t gold), encountered mineralization between Ledbetter and Snake
deposits. The mineralization was intercepted beneath the southeast
portion of Ledbetter and trends toward the western extent of Snake.
These results are continuing to increase the continuity of the
mineralization between the known deposits.
Drilling
beyond the limits of the proposed South, Ledbetter, and Snake pits continues
to identify additional mineralization. RCT-035 encountered 51.8 meters
of 1.3 g/t gold between South and Ledbetter deposits. This mineralized
interval is located beneath the southwest portion of Ledbetter, approximately
144 meters east of previously announced DDH-351 which returned 51.2 meters of
4.1 g/t gold including 14 meters of 8.8 g/t gold (see October 28, 2010 press
release).
Detailed
drill results are listed below in Table 1. Previously announced drill
holes within the Mill Zone area are summarized in Table 2.
2010
Exploration Drill Program:
Approximately
100,000 meters of core and reverse circulation drilling were completed during
the 2010 program. Approximately 40% of the meters drilled in 2010 were
focused on tailings and facility condemnation as the Company prepared for
completion of its feasibility study that is scheduled to be released in the
first quarter of 2011.
Highlights
of the 2010 exploration program are as follows:
- During
2010, the Company made several new mineralized discoveries:
- Horseshoe zone demonstrating deep, high grade
underground potential exists at Haile;
- Horseshoe zone indicating shallow, high grade
intercepts at open pit depths;
- Intercepts between Snake and Horseshoe
demonstrating the potential for continuity of these deposits and an
extension of the Haile system;
- Identification of a high grade zone beneath
the Snake deposit;
- Identification of a high grade zone at the
western extension of Ledbetter;
- Intercepts between South Pit and Ledbetter
indicating the increased continuity of the system;
- High-grade zone within and west of South Pit,
identified as Mill Zone.
- South
Pit, Ledbetter and Snake deposits continue to expand and merge together
through in-fill and step-out drilling.
- Prior
to 2010, the mineralization at Haile was known
to host lower grades on the western portion of the property with
increasing grades and deeper mineralization towards the east. 2010
drilling identified high-grade zones to the west of Ledbetter and on the
western portion of South Pit. These higher grade zones identified
on the western portion of the property provide additional knowledge that
higher grades are not limited to the eastern, deeper mineralization.
- The
Horseshoe zone continues to expand and is extending nearer to the
surface. Also, deeper and higher-grade mineralization encountered
in lower Snake and lower Ledbetter indicates that these areas, as well
as Horseshoe, may warrant underground mining. In 2010, the Snowden
Group (Vancouver, Canada) completed a review of the underground
potential of Horseshoe that determined a more detailed scoping study
should be performed. This
underground scoping study
is planned for 2011.
- The
Company�s NI 43-101 Technical Report dated December 14, 2010 estimated
an in-shell resource at US$1200 gold (also see press release dated
November 2, 2010). This resource estimate demonstrated the
effectiveness of drilling to convert inferred resources into the
measured and indicated categories and showed an overall increase in
grade. Additional information on resources and potential will be
provided in connection with the pending feasibility study.
- During
2010 the Company increased its fleet of drill rigs from five to ten
underscoring the continued potential of Haile
and the increased number of targets identified.
The
Company will be announcing its exploration plans for 2011 in the near
future. While condemnation drilling represented a significant portion
of the 2010 drill program, it is expected to represent a smaller portion of
the drilling in 2011; although, some condemnation will be necessary for
future overburden storage areas and other infrastructure.
Selected
drilling results from the Champion, South Pit (Mill Zone) and Ledbetter zones
are summarized in the table below:
TABLE 1
Hole
|
Interval (meters)
|
From
(meters)
|
To
(meters)
|
Gold
(g/t)
|
|
|
|
|
|
DDH-363
|
|
|
|
|
Champion
|
|
|
|
|
Interval
|
1.8
|
11.0
|
12.8
|
2.9
|
RC-1821
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
3.0
|
67.1
|
70.1
|
0.8
|
Interval
|
21.3
|
187.5
|
208.8
|
2.6
|
Interval
|
3.0
|
211.7
|
214.9
|
1.0
|
Interval
|
4.6
|
291.1
|
295.7
|
1.1
|
DDH-371 (infill)
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
30.7
|
57.5
|
88.2
|
16.1
|
Interval
|
6.1
|
94.5
|
100.6
|
0.7
|
DDH-373 (infill)
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
4.6
|
41.1
|
45.7
|
1.6
|
Interval
|
59.1
|
48.8
|
107.9
|
3.7
|
RC-1878
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
12.2
|
16.8
|
29.0
|
0.6
|
Interval
|
4.6
|
118.9
|
123.5
|
1.0
|
Interval
|
3.0
|
129.5
|
132.5
|
1.2
|
Interval
|
7.6
|
211.8
|
219.4
|
3.6
|
Interval
|
4.6
|
326.1
|
330.7
|
1.2
|
DDH-346
|
|
|
|
|
South Pit
|
|
|
|
|
Interval
|
10.7
|
47.2
|
57.9
|
6.1
|
RC-1778
|
|
|
|
|
South Pit
|
|
|
|
|
Interval
|
6.1
|
4.6
|
10.7
|
1.2
|
Interval
|
4.6
|
73.1
|
77.7
|
6.9
|
Interval
|
7.6
|
85.4
|
93.0
|
4.5
|
Interval
|
3.0
|
277.4
|
280.4
|
0.6
|
Interval
|
6.1
|
283.5
|
289.6
|
1.1
|
RCT-035
|
|
|
|
|
South Pit
|
|
|
|
|
Interval
|
3.0
|
85.4
|
88.4
|
2.5
|
Interval
|
15.2
|
198.1
|
213.3
|
1.2
|
Interval
|
4.7
|
294.1
|
298.8
|
2.1
|
Interval
|
51.8
|
301.8
|
353.6
|
1.3
|
RC-1797
|
|
|
|
|
Ledbetter
|
|
|
|
|
Interval
|
19.8
|
221.0
|
240.8
|
4.3
|
Interval
|
4.6
|
245.4
|
249.9
|
2.9
|
RC-1828
|
|
|
|
|
Ledbetter
|
|
|
|
|
Interval
|
4.6
|
248.4
|
253.0
|
1.3
|
Interval
|
3.0
|
263.7
|
266.7
|
5.8
|
DDH-359 (infill)
|
|
|
|
|
Ledbetter
|
|
|
|
|
Interval
|
19.1
|
211.0
|
230.1
|
6.2
|
Interval
|
3.0
|
234.7
|
237.7
|
2.4
|
In
Table 2 below, the Company highlights a select group of the previously
announced holes, which were noted as South Pit and now noted as Mill Zone
(see press releases dated April 28, 2010, August 5, 2010, and September 7,
2010):
TABLE 2 � Previously announced Mill Zone results
Hole
|
Interval (meters)
|
From
(meters)
|
To
(meters)
|
Gold
(g/t)
|
|
|
|
|
|
1RC-1749
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
16.8
|
184.4
|
201.2
|
11.3
|
Interval
|
3.0
|
207.3
|
210.3
|
0.8
|
Interval
|
3.0
|
234.7
|
237.7
|
1.4
|
2RC-1779
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
16.8
|
21.3
|
38.1
|
0.8
|
Interval
|
3.0
|
192.0
|
195.0
|
3.0
|
Interval
|
21.3
|
207.3
|
228.6
|
7.2
|
2RC-1781
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
4.6
|
19.8
|
24.4
|
0.7
|
Interval
|
3.0
|
29.0
|
32.0
|
0.8
|
Interval
|
10.7
|
198.1
|
208.8
|
4.1
|
Interval
|
4.6
|
214.9
|
219.5
|
6.6
|
3RC-1807
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
21.3
|
195.1
|
216.4
|
3.0
|
Including
|
6.1
|
205.7
|
211.8
|
5.6
|
Interval
|
9.1
|
297.2
|
306.3
|
0.5
|
3RC-1812
|
|
|
|
|
Mill Zone
|
|
|
|
|
Interval
|
7.6
|
121.9
|
129.5
|
1.2
|
Interval
|
27.4
|
176.8
|
204.2
|
3.8
|
Including
|
6.1
|
179.8
|
185.9
|
9.3
|
1 Previously
announced on April 28,2010
2 Previously announced on August 5,
2010
3 Previously announced on September
7, 2010
Drilling
is being performed by Romarco�s company owned
drill, by Connors Drilling, and by Boart Longyear.
The drill samples are prepared and assayed by Alaska Assay
Laboratories. Samples are prepared at their facility in Spartanburg, SC
and assaying is completed in Fairbanks, AK. Blank samples and third
party standards are inserted at random for submittal with all of the drill
samples. The results of the control samples are within acceptable
ranges. Periodic duplicate and check samples are analyzed by ALS Chemex in Reno, NV. For a full discussion of the
Company�s sampling, analysis, quality assurance, quality control, and other
technical disclosure, please see the Company�s NI 43-101 Technical Report
dated December 14, 2010 on SEDAR. Romarco�s
Qualified Person under NI 43-101 is Peter J. Butterfield, senior geologist at
Haile.
About
Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company
focused on production primarily in the US. The Company is currently in
the process of completing a feasibility study and continuing exploration
drilling for its flagship project, the Haile Gold
Mine in South Carolina.
For
further information please contact:
Romarco Minerals Inc.
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