Royal Road Minerals Reports on Drilling Results from Its Piedra Iman Copper-Gold Project; Nicaragua
Royal Road Minerals Reports on Drilling Results from Its
Piedra Iman Copper-Gold Project; Nicaragua
Toronto, Ontario--(Newsfile Corp. - March 1, 2018) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the
"Company") reports on drilling results from its recently completed 9-hole reverse-circulation drilling program at its Piedra Imán
copper-gold project in northeastern Nicaragua (see Table 1).
The Piedra Imán concession area is located in Chinandega District, 200km northwest of Managua via the Pan American
Highway. The project forms part of the Company's 50-50 strategic alliance with local partner Hemco, a subsidiary of Grupo
Mineros S.A. 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 grams per tonne gold. Channel results from underground sampling are reported to
have returned best results of 52 meters at 6.2 and 50 meters at 6.4 grams per tonne 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.
Results from this drilling program include best intersections of PI-006; 8 meters at 9.3 grams per tonne gold and 31 meters at
0.5% copper, PI-008; 103 meters at 0.36% copper and PI-007, 40 meters at 0.38% copper (see Table 1). Gold and copper
mineralization are hosted in the same magmatic breccia but are spatially distinct, with gold generally occurring structurally below
the copper mineralization (see Figure 1). Gold mineralization is commonly related with molybdenum and accompanied by albite,
actinolite, tourmaline and magnetite. Gold mineralization appears to be superposed on the overlying copper-mineralization
which is generally accompanied by potassium feldspar. The occasionally high-grade (up to 70.5 grams per tonne) and irregular
distribution of gold in duplicate sample results suggests that it is coarse in nature.
"These drilling results failed to confirm the copper intersections reported by Noranda in the early 1970's and have revealed that
higher grade gold is not spatially related to copper mineralization," said Dr Tim Coughlin, Royal Road's President and CEO.
"The Royal Road-Hemco strategic-alliance is focused on discovering and developing significant resources in excess of two
million gold or gold-equivalent ounces. Whilst the geological style of mineralization at Piedra Imán is promising, these new
drilling results suggest that the project would only meet our target criteria should the system we have been testing reside above
and/or adjacent to a more coherent and higher-grade gold or copper-gold mineralized body. We intend to test this hypothesis
quickly and cheaply by seeking permission to reopen Noranda's historic underground exploration development and resample
the underground channels where Noranda have reported significant gold grades over long intervals. In terms of further drilling, the
strategic alliance will now focus its attention on the porphyry copper-gold target at Los Andes."
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
Figure 1
To view an enhanced version of Figure 1, please visit:
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Table 1
To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/4008/33224_table1_enhanced.jpg