Royal Road Minerals Receives Drilling Permit for Its Piedra Im'an Copper-Gold Project; Nicaragua
Royal Road Minerals Receives Drilling Permit for Its
Piedra Im'an Copper-Gold Project; Nicaragua
Toronto, Ontario--(Newsfile Corp. - October 26, 2017) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the
"Company") is pleased to announce that the Territorial Delegation of the Department of Chinandega, a division of the Ministry
for Environment and Natural Resources ("MARENA") in Nicaragua, has issued the Company with an environmental permit (EP)
which allows the Company to conduct further exploration activities, including drill-testing at its Piedra Imán copper-gold project in
northeastern Nicaragua.
The Piedra Imán concession area is located in Chinandega District, 200km northwest of Managua via the Pan American
Highway (Figure 1). The concession extends over approximately 8000Ha and is in force for a further 20 years. Royal Road
acquired 100% of Piedra Imán through its acquisition of Caza Gold Corporation in May 2017 (see press release May 23, 2017).
The project now forms part of the Company's strategic alliance with local partner Hemco, a subsidiary of Grupo Mineros S.A.
(MINEROS:CB), Colombia's largest gold producer (see press release September 6, 2017).
Piedra Imán is a copper and gold project which shares many geological similarities with "cordilleran-style" Iron Oxide Copper
Gold (IOCG) systems such as those which occur in Chile and Peru. The Piedra Imán project was initially explored in the early
1970's by Noranda Inc ("Noranda"). Noranda's work included the drilling of 17 shallow diamond drill holes and the development
of one exploration adit. Noranda's drilling and underground sampling intersected significant widths of copper mineralization
including DDH-851 (36.6 meters at 1.13% Copper), DDH-876 (14.8 meters at 1.65% Copper), DDH-846 (14.3 meters at 1.42%
Copper) and DDH-818 (9.1 meters at 1.50% Copper). Samples were only sporadically assayed for gold, but drilling results
included one interval of 3.6 meters at 6.3 g/t gold. These results were provided in analogue format, compiled by Royal Road, are
historic in nature and have not been verified by a qualified person. Noranda abandoned the project due to the onset of hostilities
related with the Sandinista revolution in 1974.
Recent geological mapping at Piedra Imán has revealed that copper (chalcopyrite and bornite) and gold mineralization is
associated with a breccia body and most commonly with magnetite-actinolite-albite alteration. Higher-grade gold mineralization
is related to steep-dipping actinolite bearing fractures in granitic rock which is located adjacent to and possibly structurally
beneath the breccia body (manto-style).
In order to assess the continuity and local extent of copper and gold mineralization at Piedra Imán, Royal Road collected
horizontal saw-cut channel samples (see press release June 21, 2017). A total of 9 channels were cut and sampled on 1 meter
intervals over a total strike distance of approximately 400m. Results are presented in Figure 1.
Royal Road will conduct an initial scout drilling program of 10 reverse-circulation drill holes for a total of 2000 meters to test
potential and help reveal the geometry and extent of copper and gold mineralization at the Piedra Imán project.
"With our permits now in place, we intend to mobilize drilling rigs and commence drilling at Piedra Imán as soon as possible"
said Dr Tim Coughlin, Royal Road's President and CEO. "When the project was initially drilled by Noranda in the early 1970's,
core recoveries were low, gold was not a principal focus and the Iron Oxide Copper Gold deposit-model was non-existent. We
are very excited by the potential of this project and committed to ensuring our work exceeds the requirements of MARENA and
is exemplary in terms of community engagement and environmental stewardship".
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/4008/29972_figure1_enhanced.jpg
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