Royal Road Minerals Announces Initial Soil Geochemical Results from Newly Identified Caribe Gold Prospect, Golden Triangle; Nicaragua
Royal Road Minerals Announces Initial Soil Geochemical
Results from Newly Identified Caribe Gold Prospect,
Golden Triangle; Nicaragua
Toronto, Ontario--(Newsfile Corp. - May 15, 2018) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the
"Company") is pleased to announce initial deep auger soil sample results from its newly identified Caribe prospect in the
Golden Triangle region of northeastern Nicaragua.
The Caribe prospect forms a part of the Company's 50-50 Strategic-Alliance agreement (see press release; September 6,
2017) with Hemco (a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective
Golden Triangle of northeastern Nicaragua (Figure 1), a region characterized by epithermal style gold veins, skarn and porphyry-
style mines that have combined to produce in excess of an estimated 8 million ounces of gold since the early 1900's. Hemco
own and operate the Bonanza gold mine in the Golden Triangle and manage an innovative toll-treatment program which
processes mineralized material from artisanal operations throughout the region. Royal Road Minerals is operator of the
Strategic Alliance.
Royal Road's exploration team discovered the Caribe prospect during reconnaissance follow-up of airborne geophysical
anomalies in February of 2018. Topographically the prospect area is relatively planar, outcrop is limited to creek exposures and
there is no previous record of mineralization in the area. Initial grab sampling of strongly weathered, argillic-altered and variably-
brecciated felsic volcanic float material returned anomalous gold with associated anomalous values in molybdenum and arsenic.
Follow-up deep auger soil sampling was then conducted using a 3-meter long hand-auger to access the residual soil horizon
located below the organic and saprolitic layers. Soil-sampling to-date has identified a strongly anomalous area of gold
geochemistry (range 20 to 983ppb, mean 149ppb gold) of 600 by 400 meters in area which remains open to the north and east
(see Figure 1). Additionally, 18 small 1 meter square and 2 to 3 meter deep shafts were dug in order to expose bed-rock, assist
mapping and collect channel and grab rock-chip samples. The highest grab rock-chip sample collected from these shafts to-
date returned 3.5 grams per tonne gold (range 0.01 to 3.536 grams per tonne gold; note grab samples are selective samples
and are not necessarily representative of the mineralization hosted on the property) from quartz-veinlet stockwork hosted in
strongly oxidized rhyodacite with potassium feldspar alteration.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4008/34645_Figure soils.jpg
Shaft and float mapping reveal that gold mineralization is associated predominantly with stringer-style veinlets hosted in strongly
argillic-altered felsic volcanic rocks located in the immediate roof and/or adjacent to dioritic intrusive rocks. Due to intense
weathering the preservation of hypogene assemblages is highly localized, but where observed, suggests that hydrothermal
alteration is represented by strongly pervasive chlorite, locally pervasive epidote and microcrystalline-quartz-rich stringers with
associated potassic feldspar and pyrite.
Royal Road is currently extending the deep auger soil sampling at Caribe towards the north and east and is planning a ground
magnetic and radiometric survey to assist in interpretation and drill-targeting.
"Early signs from the newly-discovered Caribe prospect suggest that it has the size-potential we are seeking," said Dr Tim
Coughlin, Royal Road's President and CEO. "Given the paucity of outcrop, depth of saprolite and intensity of weathering, it is still
too early to speculate on mineralization-style and underlying gold grades. However, the extension to the deep auger soil grid and
the planned ground geophysical survey should aid our understanding significantly. It is worth noting that Caribe is one of several
projects the exploration team is currently developing in Nicaragua which includes further targets in the Golden Triangle and the
Los Andes porphyry project in the west."
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
.
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-l
ooking statements") including e
statements relating to
the
Alliance
and
those describing
the Company
'
s
future plans and the expectations of its management that a state
d 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, or with respect to
the
Alliance
, 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,
those related to the Alliance, Hemco, and
the
Company's plans
exploration plans
.
The Company
caution
s
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
Alliance
and 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
, in part,
on
information provided to the Company by Hemco
, and, except as
required by law,
the Company
do
es
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. Tim
othy
Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800