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Romios Gold and Copperhead Resources Sign Option Agreement for Red Line Project
Toronto, Ontario--(Newsfile Corp. - April 6, 2022) - Romios Gold Resources Inc.  (TSXV:...
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[{"type":"text","content":"Romios Gold and Copperhead Resources Sign Option Agreement for Red Line ProjectToronto, Ontario--(Newsfile Corp. - April 6, 2022) - Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) (\"Romios Gold\" or the \"Company\") and Copperhead Resources Inc. (\"Copperhead\") are pleased to announce that they have signed a definitive option agreement dated April 6th, 2022 (the \"Option Agreement\") pursuant to which Copperhead can acquire a 75% ownership interest in the Red Line Project (the \"Project\") from Romios. Copperhead is a private British Columbia based natural resources exploration company.Red Line Project The Red Line claims cover over 1,851 hectares and are located in the central part of the \"Golden Triangle\" mineralized district of NW British Columbia. They are situated along the \"Eskay Rift\" belt of rocks that host the Eskay Creek Au-Ag deposit 30 km to the south. The original 5 claims were staked by Romios on August 27, 2020 to cover a section of the \"red line\" contact between Lower Jurassic Hazelton Group rocks and Upper Triassic Stuhini Group rocks, a highly prospective regional contact along which numerous porphyry Cu-Au-Ag and several gold deposits are localised. An additional claim was staked by Romios on January 21, 2022 when the ground to the south covering an area of fault-related conglomerates came open.Terms of the Option AgreementPursuant to the Option Agreement, Romios has granted Copperhead the exclusive right and option (the \"Option\") to acquire a 75% ownership interest in the Project.In order to exercise the Option, Copperhead must make the following payments/share issuances to Romios:Issue 1 million Copperhead shares within 5 days of executing the Option Agreement;Issue 500,000 Copperhead shares within 36 months of executing the Option Agreement; andPay CAD$75,000 within 36 months of executing the Option Agreement.In addition to the aforementioned payments, Copperhead must spend a total of CAD$325,000 in exploration expenditures on the Project as follows to exercise the Option:CAD $75,000 within 12 months of executing the Option Agreement;CAD $100,000 within 24 months of executing the Option Agreement; andCAD $150,000 within 36 months of executing the Option Agreement.Copperhead will be the operator of the Project during the term of the Option Agreement. If the Option is exerc...