Royal Road Minerals and Carbomine SARL Enter into a Binding Letter of Intent for the Exploration and Development of the Lalla Aziza Copper Mine, Kingdom of Morocco
Royal Road Minerals and Carbomine SARL
Enter into a Binding Letter of Intent for the
Exploration and Development of the Lalla
Aziza Copper Mine, Kingdom of Morocco
Toronto, Ontario--(Newsfile Corp. - September 3, 2024) - Royal Road Minerals Limited
(TSXV: RYR)
("
Royal Road
" or the "
Company
") is pleased to announce that it has entered into a binding letter of
intent (the "
LOI
") with Carbomine SARL
("Carbomine"
), which provides the Company with an option to
acquire 100% of the Lalla Aziza mining license (
"Lalla
Aziza
"), located in the Kingdom of Morocco.
Lalla Aziza is an underground copper-mine located in Morocco's Western High Atlas, approximately 90
kilometers southwest of Marrakesh (see Figure 1). Sulphide ore (principally chalcopyrite; see Figure 2)
is mined from moderate-dipping, shear-hosted sheeted-sulphides, vein-stockworks and breccia up to 12
meters wide and from three underground levels over a vertical interval of 150 meters. Whole ore is
shipped for sale at a cut-off grade of 2.5% copper (Non-JORC compliant, 35 dry-ton ore assay records,
minimum 0.99% maximum 5.1% copper).
Figure 1
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Figure 2
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Lalla Aziza is located at the southwestern extent of Carbomine's mining license area (see Figure 3). The
mineralized shear-hosted vein-stockworks and breccia are nucleated on a carbonaceous schist horizon
which extends diagonally in a northeast direction across the license area for approximately 4 kilometers
strike length. Small-scale workings and anomalous copper rock-chip samples have been collected by
Carbomine along the length of the schist horizon. No exploration drilling has been conducted on the
license area.
Royal Road intends to complete mapping, underground and surface rock-chip and soil geochemical
sampling with a view to drill-testing potential along-strike and down-dip at Lalla Aziza by early 2025.
Figure 3
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Summary legally binding terms of the LOI are as follows:
Royal Road have paid to Carbomine the sum of USD$50,000 upon execution of the LOI
For a period that is 120-days from the date of the LOI (terminating on December 29, 2024) Royal
Road shall, on a sole and exclusive basis, be entitled to conduct an exploration work program at
Lalla Aziza
On or before the date being 60-days following completion of the exploration program to the
satisfaction of Royal Road, Royal Road shall be entitled in its sole and absolute discretion to
proceed with drill testing targets at Lalla Aziza
If Royal Road elects to proceed with a drilling program at Lalla Aziza, it shall commit to a program
of at-least 2000 total aggregate meters and the parties shall enter into a definitive agreement
incorporating the binding terms and following the form and function of the LOI
Upon receipt of all requisite drilling permits, Royal Road shall make a one-time payment of
USD$200,000 to Carbomine
On or before the date being 60-days after completion of the drilling program, Royal Road shall
have a one-time option to acquire the Lalla Aziza license for a payment of USD$1,500,000
Further Payments/Consideration
Upon the completion of the first bankable feasibility study on the property and the drawdown
of project finance for the purpose of such feasibility study, RRM shall pay Carbomine the sum
of USD$2,500,000
Upon commencement of commercial production RRM shall grant a 2.5% net smelter royalty
to Carbomine
Following acquisition of the Lalla Aziza license and until completion of the bankable
feasibility study, Royal Road shall pay an annual fee of USD$300,000 to Carbomine
About Royal Road Minerals:
Royal Road Minerals is a mineral exploration and development company with its head office and
technical-operations center located in Jersey, Channel Islands. The Company is listed on the TSX
Venture Exchange under the ticker RYR and on the Frankfurt Stock Exchange under the ticker RLU.
The Company's mission is to apply expert skills and innovative technologies to the process of
discovering and developing copper and gold deposits of a scale large enough to benefit future
generations and modern enough to ensure minimum impact on the environment and no net loss of
biodiversity. The Company currently explores in the Kingdoms of Saudi Arabia and Morocco. More
information can be found on the Company's website
www.royalroadminerals.com
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary statement:
This news release contains certain statements that constitute forward-looking information and forward-
looking statements within the meaning of applicable securities laws (collectively, "forward-looking
statements") describing the Company's future plans and the expectations of its management that a
stated result or condition will occur. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual results, performance or achievements
of the Company, or developments in the Company's business or in the mineral resources industry, to
differ materially from the anticipated results, performance, achievements or developments expressed
or implied by such forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based on assumptions about,
among other things, the Alliance, the intention to form a joint venture, enter into a related agreement
and establish Newco and, more generally, future economic conditions and courses of action, and
assumptions related to government approvals, and anticipated costs and expenditures. The words
"plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward-looking
statements, which may also include, without limitation, any statement relating to future events,
conditions or circumstances. Forward-looking statements of the Company contained in this news
release, which may prove to be incorrect, include, but are not limited to the Company's exploration
plans.
The Company cautions you not to place undue reliance upon any such forward-looking statements,
which speak only as of the date they are made. There is no guarantee that the anticipated benefits of
the Company's business plans or operations will be achieved. The risks and uncertainties that may
affect forward-looking statements include, among others: economic market conditions, anticipated
costs and expenditures, government approvals, and other risks detailed from time to time in the
Company's filings with Canadian provincial securities regulators or other applicable regulatory
authorities. Forward-looking statements included herein are based on the current plans, estimates,
projections, beliefs and opinions of the Company management and the Company does not undertake
any obligation to update forward-looking statements should assumptions related to these plans,
estimates, projections, beliefs and opinions change.
Contact
Royal Road Minerals Limited
+44 1534 887166
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