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Romios focusing on Arseno Lake property adjacent to Newmont

Apr 27, 2020

Romios Gold Resources Inc. is pleased to report that it has acquired by staking 81 mining claims totalling 1,576.5 hectares (3,896 acres) that cover the on-strike continuation of the mineralized iron formation and coincident shear zone that host the Arseno Lake zinc-lead-silver-gold prospect in NW Ontario. This prospect was discovered by Northern Dynasty Explorations Ltd. in 1987 and is currently held by Newmont Corp. Little work of any material significance has been done on the property since 1988. The Romios claims cover approximately 7 km of the east-west trending horizon that hosts the Arseno Lake prospect, as indicated by a series of electromagnetic conductors, a linear magnetic high, and two historic drill holes. The new claims are located 8 km northeast of the road accessible community of Weagamow (Round) Lake and just 4 km from the nearest road. They are 32 km NW of Romios 2019 gold-copper discovery on their Lundmark-Akow property and 58 km NW of Newmont's Musselwhite gold mine. 

The Arseno Lake prospect is a complex, polymetallic deposit described in Northern Dynasty's reports as a massive to disseminated zinc-lead-silver-(gold) deposit within an iron formation that has been deformed and overprinted by a later gold-arsenopyrite-tourmaline-quartz-chromium mica mineralizing event within a 700 metre wide deformation/shear zone. Northern Dynasty's drilling in 1987-1988 intersected mineralization over a strike length of 4 km with intercepts ranging from trace/minor amounts up to 9.2% combined lead-zinc, 70 g/t silver, and 0.4 g/t gold over 6 metres. There is some indication of lateral "metal zoning from high-grade zinc intercepts of 16.7 feet (5.1 m) of 9.2% zinc and 2.0 oz/t silver to high zinc-lead-silver up to 8.0 feet (2.4 m) of 5.2% zinc, 2.5% lead and 6.0 oz/t silver. Gold content is significant but erratic from 0.01 to 0.40 oz/t Au over variable widths" (Northern Dynasty Annual Report 1987). 

Romios' new claims flank Newmont's Arseno Lake claims on both the east and west sides, 2 km and 3 km respectively from the centre of the historic prospect (see Map 1 below). 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 km 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 km and possibly as much as 8 km. The 3 easternmost holes, including a fan of 2 holes on Romios' new eastern claim block, did not intersect significant mineralization but did intersect up to 17 m of the target iron formation.

There is no indication in the available reports that any concerted effort was made in the 1980's or thereafter to delineate the structurally controlled gold mineralization overprinting the earlier base metal zones. Romios believes that 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. A suitable exploration program is now being designed and will be implemented as soon as circumstances permit. Fifty of the newly staked claims are subject to a 1% net smelter returns royalty ("NSR") in favour of three arm's-length parties. Romios can acquire a 0.5% NSR for $1 million and has a right of first refusal on the remaining 0.5% NSR.

The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years conducting exploration and research at the Musselwhite mine.

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