Royal Road Minerals Announces Drilling Results and Provides an Exploration Update for Its Guintär-Niverengo Gold Project; Colombia
Royal Road Minerals Announces Drilling
Results and Provides an Exploration Update
for Its Guintär-Niverengo Gold Project;
Colombia
Toronto, Ontario--(Newsfile Corp. - September 29, 2020) - Royal Road Minerals Limited (TSXV: RYR)
("Royal Road" or the "Company") is pleased to announce drilling results and provide an exploration
update for its Guintär-Niverengo and Margaritas (GNM) gold project in Antioquia, Colombia.
The GNM project area comprises two contiguous concession contracts and one title application area
located in the Anza mining district, approximately 50 Km west of Medellin. The titles were acquired
through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold
Ashanti Limited (see Press Release May 31, 2019). The GNM area is subject to a Strategic Alliance
Agreement between the Company and Mineros S.A. ("Mineros"; see Press Release March 2, 2020).
Under the terms of the Agreement, Mineros may acquire a 50% interest in the GNM project by providing
USD $2.5M of exploration funding. Royal Road Minerals are operators of the Strategic Alliance.
AngloGold-Ashanti ("AGA") commenced work on the project area in 2015 and completed two scout
drilling campaigns for a total of 5662 meters. The Guintär title area covers an artisanal mining district
with more than 50 known historic underground adits developed on steeply-dipping, east-west oriented
gold mineralized vein structures. AGA's 8-hole, scout-drilling program at Guintär targeted steeply-
dipping sheeted vein structures and returned best results of; GUI-DD-009, 28 meters at 0.9 grams per
tonne and GUI-DD-006, 12 meters at 1.8 grams per tonne gold (not true width). Outcrop on the
neighboring Niverengo title area is limited and so AGA's drilling was focused on a 2000 by 800 meter
wide target zone identified primarily using geophysical data and soil geochemical results. Best
intersections were from NIV-DD-003, 36m @ 1.2g/t gold from surface and NIV-DD-004, 10m @ 1.6g/t
gold and 88m @ 0.9g/t gold.
Royal Road has completed an initial 1179m diamond drilling program focused on the Niverengo title
area. Drilling intersected skarn-style mineralization hosted primarily in folded calc-silicate sedimentary
rocks and crosscutting east-west oriented pyrrhotite vein and breccia bodies with elevated gold, silver
and copper (see Table 1: Intersections are not true widths and the Company does not have sufficient
information to make a determination of the true widths of the drill hole intersections of the mineralized
zones). Best results are:
NIV-DDH-007
14 meters at 4.1 grams per tonne gold equivalent
[1]
NIV-DDH-008
10 meters at 2.3 grams per tonne gold equivalent
NIV-DDH-010
18 meters at 1.9 grams per tonne gold equivalent; and
21.5 meters at 1.3 grams per tonne gold equivalent
NIV-DDH-015
10.8 meters at 3.4 grams per tonne gold equivalent
At Niverengo gold mineralization is related to garnet, pyroxene skarn alteration and pyrrhotite vein and
breccia bodies. Recent multi-element geochemical vector studies have identified that this assemblage
may be laterally and vertically distal from the primary gold source. This implies that further drilling should
target deeper, probably intrusion or porphyry-related, vein or breccia bodies identified in the vector study
as possibly east-west oriented "metal domain" hot spots to the west at the Guintär title area and
elsewhere throughout the project (see Figure 1).
Figure 1
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"The results of this initial drilling program are encouraging and when combined with existing
geochemical information, they have assisted us in identifying regions where deeper drilling, targeting
potentially underlying larger-scale intrusion-related gold systems, is required," said Tim Coughlin, Royal
Road Minerals President and CEO. "Our plan for the GNM project now is to complete further field-based
studies and refine our drill targeting. At the same time, we are working with the Secretary of Mines in
Antioquia in order that the nearby Margaritas title application may be converted to a Concession
Contract before we return with the drill rig to conclusively test all targets in the GNM area sometime in
early 2021."
Table 1
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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.
The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc
(Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of
Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101. Royal
Road Minerals employees are instructed to follow standard operating and quality assurance
procedures intended to ensure that all sampling techniques and sample results meet international
reporting standards. More information can be found on Royal Road Minerals web site at
www.royalroadminerals.com
.
Quality Assurance and Quality Control:
Sample preparation and analyses are conducted according to standard industry procedures. Rock
samples are crushed, split and pulverized prior to analysis of Gold by fire assay and Atomic
Absorption and multi-elements by ICP-AES and ICP-MS after four acid digestion. Stream sediment
samples are sieved to -200 mesh and analyzed for Gold by fire assay and ICP AES and multi-
elements by ICP-AES and ICP-MS after aqua regia digestion. Analytical performance is monitored by
means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples.
Surface samples have been prepared, for the most part, in ALS Chemex preparation lab in Colombia
and analyses have been completed in ALS Chemex Lima.
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, 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.
For further information please contact:
Dr. Timothy Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
[1]
See Table 1 for gold equivalent calculations: DDH-007 14m at 392.7 grams per tonne silver
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