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 1800s and was explored and produced by many of the senior gold companies throughout the 1980s. 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:
- Measured and Indicated gold resource of 71.2 million tonnes at 1.77 g/t for 4.0 million ounces (includes proven and probable reserves) 1
- Inferred gold resource of 20.1 million tonnes at 1.24 g/t for 800,000 ounces1
- Proven and Probable gold reserve of 30.5 million tonnes at 2.06 g/t for 2.0 million ounces 1
The discovery of a new zone (Horseshoe) early in 2010 and two new zones (Mustang and Palomino) confirmed underground potential does exist at Haile. The Company plans to continue to delineate and define the underground zones as well as continue expanding the mineralized corridor in the future. Also the Company began conducting its regional assessment of the area recognizing that Haile is part of a much larger gold district. Currently exploration has been significantly reduced as the Company conserves cash during the permitting phase of the project.
1 Based on assumptions, parameters and methods available in the March 13, 2012 Technical Report.