Royal Road Provides Drilling Update from Its Caribe Gold Discovery; Nicaragua Infill Diamond Drilling Intersects 172 Meters at 1.4 Grams Per Tonne Gold, including 18 Meters at 2.5 Grams Per Tonne Gold and 0.2% Molybdenum
Royal Road Provides Drilling Update from Its
Caribe Gold Discovery; Nicaragua
Infill Diamond Drilling Intersects 172 Meters at 1.4 Grams Per
Tonne Gold, including 18 Meters at 2.5 Grams Per Tonne Gold
and 0.2% Molybdenum
Toronto, Ontario--(Newsfile Corp. - December 6, 2022) - Royal Road Minerals Limited (
TSXV: RYR
)
("Royal Road" or the "Company") is pleased to provide a drilling update from its Caribe gold discovery
in northeastern Nicaragua.
The Caribe project forms a part of the Company's Strategic-Alliance agreement (see press release;
September 6, 2017) with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Mineros S.A.,
TSX:
MSA
) and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road
Minerals is operator of the Strategic Alliance.
Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in
February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no
previous record of mining in the area. In 2019, Royal Road and Hemco completed an initial 4-hole,
exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond
drilling program commenced at the project during August of 2020 and has returned encouraging results
including;
CB-DDH-025, 207.45 meters at 1.1, CB-DDH-016, 100.45 meters at 1.0; CB-DDH-044,
114 meters at 1.0, CB-DDH-017, 90 meters at 1.0 and CB-DDH-015, 63 meters at 1.0 grams per
tonne gold
(see Press Releases November 10, 2020, February 11, 2021, March 17, 2021, September
1, 2021, August 3, 2022; Table 1)
Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to
resolve geometry within the known breccia body (carbonate-sericite zone) and to test for a possible
intrusive source to pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies.
Significant new results from infill diamond drilling include:
CB-DDH-049
18 meters at 0.9 grams/tonne gold
CB-DDH-050
172 meters at 1.4 grams/tonne gold; including
18 meters at 2.5 grams/tonne gold and 0.2% Molybdenum
CB-DDH-051
109 meters at 1.0 grams/tonne gold; including
12 meters at 2.6 grams/tonne gold and 0.1% Molybdenum
(not true width and the company does not have sufficient information to make a determination of the true
widths of the drill hole intersections)
TABLE 1: CARIBE PRELIMINARY DRILL RESULTS TABLE
GOLD
COMMENTS
HOLE ID
E
N
Z(m)
DIP
AZIM
DEPTH
FROM
TO
LENGTH
(m)*
GRADE
(g/t)
2019 Program
CB-DDH-001
793252
1530691
49
-60
306
94.55
2.00
30.00
28
1.1
CB-DDH-002
793252
1530688
49
-60
111
138.57
1.00
14.00
13
1.0
33.00
37.00
4
1.0
CB-DDH-003
793254
1530689
49
-60
42
112.85
78.00
80.00
2
1.7
BOGGED AND ABANDONED
110.00
112.85
(EOH)
2.85
1.2
CB-DDH-004
793346
1530775
44
-60
40
67.10
13.00
31.00
18
1.0
BOGGED AND ABANDONED
62.00
67.00
(EOH)
5
1.0
2020-2021 Program
CB-DDH-005
793258
1530689
43
-60
220
100.65
NO SIGNIFICANT INTERSECTIONS >1g/t GOLD
CB-DDH-006
793350
1530772
36
-60
40
160.12
28.00
102.00
74
0.9
129.00
143.00
14
1.0
CB-DDH-007
793349
1530769
36
-60
220
123.52
22.00
28.00
6
1.0
BOGGED AND ABANDONED
61.00
63.00
2
1.0
65.00
77.00
12
1.0
83.00
89.00
6
1.0
CB-DDH-008
793395
1530824
35
-60
40
79.30
NO SIGNIFICANT INTERSECTIONS >1g/t GOLD
CB-DDH-009
793270
1530770
38
-60
125
161.65
9.00
14.00
5
1.0
BOGGED AND ABANDONED
37.00
82.00
45
1.0
123.00
158.00
35
1.1
CB-DDH-010
793296
1530664
37
-60
305
114.37
0.00
42.00
42
1.0
CB-DDH-011
793338
1530633
35
-60
40
80.82
38.00
80.00
42
1.0
BOGGED AND ABANDONED
CB-DDH-012
794646
1532046
37
-60
360
184.52
NO SIGNIFICANT INTERSECTIONS >1g/t GOLD
CB-DDH-013
794646
1532046
37
-60
335
131.15
CB-DDH-014
793875
1532118
40
-60
40
180.00
CB-DDH-015
793349
1530771
43
-90
0
190.62
18.00
26.00
8
1.0
BOGGED AND ABANDONED
53.00
62.00
9
1.0
88.00
151.00
63
1.0
CB-DDH-016
793314
1530813
43
-60
125
149.45
49.00
149.45
(EOH)
100.45
1.0
BOGGED AND ABANDONED
CB-DDH-017
793295
1530744
43
-60
90
244.00
51.00
141.00
90
1.0
BOGGED AND ABANDONED
CB-DDH-018
793364
1530641
35
-60
40
68.62
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
BOGGED AND ABANDONED
CB-DDH-019
793296
1530664
35
-50
40
102.17
0.00
35.00
35
1.0
BOGGED AND ABANDONED
56.00
66.00
10
1.0
79.00
82.00
3
2.1
CB-DDH-020
793604
1530412
37
-60
40
67.10
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
BOGGED AND ABANDONED
CB-DDH-021
793349
1530846
34
-60
125
250.10
88.00
117.00
29
1.0
CB-DDH-022
793498
1530892
37
-60
236
353.80
75.00
87.00
12
1.2
97.00
99.00
2
1.0
110.00
117.00
7
1.0
186.00
191.00
5
1.0
CB-DDH-023
793498
1530892
37
-60
40
340.07
188.90
199.00
10.10
0.6
0.86
960
43
COPPER
%
MOLYBDENUM
ppm
SILVER
ppm
CB-DDH-024
793338
1530633
34
-50
40
114.57
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
BOGGED AND ABANDONED
CB-DDH-025
793290
1530792
34
-60
125
224.17
3.00
210.45
207.45
1.1
INCLUDING 21m at 4.2 g/t GOLD
CB-DDH-026
793383
1530891
35
-60
125
130.57
116.75
126.57
9.80
1.4
CB-DDH-027
793386
1530889
34
-60
305
149.45
29.00
32.50
3.50
1.0
83.00
114.00
31.00
1.0
CB-DDH-028
793423
1530824
34
-60
305
218.07
101.00
103.00
2.00
1.0
139.90
147.65
7.75
0.4
0.23
COPPER
%
MOLYBDENUM
ppm
SILVER
ppm
155.00
163.00
8.00
1.3
CB-DDH-029
793496
1530893
34
-60
305
242.47
177.70
215.50
37.80
1.0
CB-DDH-030
793454
1530965
35
-60
305
222.65
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-031
793539
1530944
34
-60
305
215.02
CB-DDH-032
793385
1530645
37
-60
305
170.80
62.00
75.00
13.00
0.9
CB-DDH-033
793547
1530903
35
-60
305
218.07
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-034
793289
1530795
35
-90
0
166.22
CB-DDH-035
793289
1530795
37
-60
305
195.63
CB-DDH-036
793399
1530740
37
-60
220
137.25
84.00
105.98
21.98
0.8
CB-DDH-037
793440
1530771
37
-60
220
190.62
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-038
793442
1530712
38
-60
220
140.30
CB-DDH-039
793339
1530739
35
-90
0
166.22
51.00
119.00
68.00
0.90
135.00
139.00
4.00
1.00
CB-DDH-040
793274
1530669
35
-50
40
274.50
0.00
104.00
104.00
0.80
139.00
205.00
66.00
1.30
CB-DDH-041
793859
1530855
37
-50
325
227.22
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-042
793276
1530507
40
-50
250
76.25
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-043
793277
1530509
40
-50
170
56.42
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-044
793313
1530852
40
-55
150
239.42
90.00
204.00
114.00
1.00
CB-DDH-045
794101
1530311
40
-80
230
102.17
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-046
794105
1530316
40
-60
50
112.85
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-047
793991
1530977
36
-55
130
311.10
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-048
794381
1530678
40
-50
300
327.87
NO SIGNIFICANT
INTERSECTIONS >1g/t GOLD
CB-DDH-049
793323
1530648
42
-50
35
225.70
19
24.4
5.40
0.9
50.8
53.8
3.00
1.2
71.60
89.97
18.37
0.9
CB-DDH-050
793414
1530765
41
-50
285
300.42
27.00
199.00
172.00
1.4
Including [email protected]/t gold. 0.2%
Mo
CB-DDH-051
793273
1530852
39
-55
125
282.12
82.00
191.00
109.00
1.0
Including [email protected]/t gold. 0.1%
Mo
*NOT TRUE WIDTH AND THE COMPANY DOES NOT HAVE SUFFICIENT INFORMATION TO MAKE A DETERMINATION OF THE TRUE WIDTHS OF
THE DRILL HOLE INTERSECTIONS
DOWN HOLE CUT-OFF 0.2 g/t gold
MAXIMUM INTERNAL DILUTION, 10 Meters
Drill holes CB-DDH-050 and CB-DDH-051 both intersected higher-grade intervals of sulfide
mineralization hosted in hydrothermal breccias with very high molybdenum grades interpreted to be
indicative of a steeply dipping "feeder zone" which remains open and untested at depth (see Figure1).
Scout reverse circulation drilling which drills through soil and saprolite cover to sample the top 2-3
meters of weathered rock, implies that the gold mineralized system at Caribe has a bulk northeast-
southwest trend and remains open along a total strike length of approximately 2.5 kilometers (see Press
Release, November 14, 2022).
Both diamond and scout-RC drilling at Caribe has been suspended pending an in-house resource
assessment and geological review.
"Holes 50 and 51 at Caribe appear to have located a central, steeper-dipping and molybdenum-rich
feeder zone which will be key for further targeting and sourcing a potentially intrusive-related mineralized
body at depth" said Tim Coughlin, Royal Road's President and CEO "Coupled with the results of the
scout-RC drilling and in-house resource work, we hope to have a clearer picture of the geological
controls and potential at Caribe over the coming months".
Figure 1
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4008/146786_Fig1.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
Quality Assurance and Quality Control:
Diamond drill core is cut in half over 1-meter downhole intervals using a core saw. Samples are
prepared and assayed by independent and ISO accredited laboratories of Bureau Veritas Minerals
(BVM) and their local subsidiaries. Bagged 1-meter samples are collected from site and delivered to
BVM sample preparation laboratories in Managua. Samples are prepared using the BVM codes
PRP70-250 plus PUL85, where samples are crushed to 70% less than two millimeters, a riffle split of
250 grams is collected and then pulverized to better than 85 per cent passing 75 microns. Prepared
sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold is analyzed by fire
assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10-
ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are
analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over
10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively
Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper
pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by
Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate
analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise
stated, gold grades are not capped for calculation of length-weighted averages.
RC chip samples are taken every meter after having entered 2-3 meters within the saprock-fresh rock
boundary. Samples are collected from the drilling site and dried at the core yard. Where dry sample
weights exceed 4.5Kg they are split. Bagged 1-meter samples are collected from site and delivered to
the BVM sample preparation laboratory in Managua. Samples are prepared using BVM codes PRP70-
250 plus PULSW where a riffle split of 250 grams is collected and then pulverized to better than 85 per
cent passing 75 microns. Sample pulps are then sent for analysis to BVM labs in Vancouver Canada.
Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10
ppm. Samples over 10 ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement
concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer.
Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion
and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards
(gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample
stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of
duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless
otherwise stated, gold grades are not capped for calculation of length-weighted averages.
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") including statements relating to the Hemco-Mineros Alliance and those 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, or with respect to the
Hemco-Mineros 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 Hemco-Mineros Alliance,
Hemco-Mineros, and the Company's plans 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
Hemco-Mineros 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-Mineros, and, except as required by law, 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
+44 (0)1534 887166
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/146786