The Haile Mine is located within the Carolina Slate Belt of the Southeastern United States – a unique geologic feature that trends from Georgia to Virginia. The Slate Belt has been the host to many gold deposits covering five states. The Haile Mine is strategically located within the Slate Belt trend between two past gold mines – the Ridgeway Mine and the Brewer Mine. The Carolinas were the first gold rush before California dating back to the early 1800’s and was explored and produced by many of the senior gold companies throughout the 1980’s. Significant potential still exists in the region as evidenced by the exploration successes Romarco has achieved since acquiring the property in late 2007.
The Haile Gold Mine reserve and resource estimate currently stand at:
- 53.4 million tonnes at 1.82 g/t for 3.1 million oz gold resource 1
- Measured 27.8 million tonnes at 1.89 g/t for 1.7 million oz
- Indicated 25.6 million tonnes at 1.75 g/t for 1.4 million oz
- Includes 30.5 million tonnes at 2.06 g/t for 2.0 million ounces 2P Reserves - 24.9 million tonnes at 1.34 g/t for 1.1 million oz in Inferred
Romarco has increased its exploration drilling program each year and in 2011 plans to complete 172,000 meters of drilling. In February 2011, Romarco announced that it was adding an eleventh drill rig to site.
The Haile mineralized corridor remains open in all directions and at depth. The discovery of a new zone (Horseshoe) early in 2010 confirmed underground potential does exist at Haile. The Company is continuing to delineate and define the Horseshoe area as well as continue expanding the mineralized corridor. Also in 2010 the Company began conducting its regional assessment of the area recognizing that Haile is part of a much larger gold district.
1 As per NI 43-101 Technical Report filed December 14, 2010
2 As per NI 43-101 Technical Report filed February 22, 2011