Romanium. Polymetallic and Gold Project
BIHOR COUNTY, ROMANIA
The Romanium Gold Project is a very exciting gold property located in the Carpathian Mountains of Romania. It is property that was mined extensively until the fall of the Iron Curtain in 1991 when all mining fell silent. It is generally known that a tremendous amount of mineral still exists in the 35km of mine tunnels, but these mines have largely been silent for over 30 years. The Romanian government is modernizing its Mining Act in February 2021 which will bring Romanian mining projects into the 21st century. Deeprock is excited to be an early adopter of this burgeoning new global gold play.
Deeprock has entered into an agreement to acquire a 100% interest in a 7.641 km² land package situated in the Apuseni mountains of western Romania’s Bihor County.
Lying within an area where multiple skarn and hydrothermal stockwork deposits have evidence of exploitation dating back many centuries, the Perimeter and Prospecting Permit #21.711 referred to as Valea Cohului - Valea Zăpozilor (the “Property”) is known to host skarn and hydrothermal stockwork deposits that are mineralized in Gold, Silver, Copper, Lead and Zinc that were the subject of extensive underground exploration, development and exploitation works carried out during the 1980’s and early 1990’s before activities ceased due to the political and economic climate at that time. Consequently, the resource estimate of remaining ore tonnages defined in accordance with (historical) Russian resources classification standards DOES NOT CURRENTLY comply with National Instrument NI 43-101 that governs the Company’s disclosure requirements and will therefore not be referenced at this time.
An application for graduating the perimeter’s status to an exclusive Exploration License has been recently filed and accepted for review by Romania’s National Agency for Mineral Rights in early February 2021, and where the review and approval is anticipated to require up to 90 days thereafter.
During these past two fieldwork seasons the Vendor has successfully deployed technical personnel on numerous site visits and programs to carry out further assessment work that to date has comprised LIDAR, soil and rock samples including trenching with sample assays tested by both University of Bucharest’s faculty of geology and ALS, (2D) Induced Polarization as well as metallurgical testing. Final reporting on this information and data, along with awaiting results on an additional 450 samples being tested by ALS Chemex that are due in the coming weeks, will be included with finalized compilation mapping and is anticipated to be completed and received by early in 2021.
Located approximately 75 to 80 kms due East from the city of Oradea there is excellent existing all season paved highway access directly to and through the property, along with multiple access points to grid scale power within close proximity. Water supply is abundant and nearby towns offer up a considerable and skilled labor force.