RYR.V · 2022-03-02 12:00:00

Royal Road Provides Exploration Update for Its Caribe Gold Discovery; Nicaragua Scout RC Drilling Extends Gold Mineralization to the West, Diamond Drilling Commences

Drill Results Exploration Programs

Royal Road Provides Exploration Update for Its

Caribe Gold Discovery; Nicaragua

Scout RC Drilling Extends Gold Mineralization to the West,

Diamond Drilling Commences

Toronto, Ontario--(Newsfile Corp. - March 2, 2022) - Royal Road Minerals Limited (

TSXV: RYR

) ("Royal

Road" or the "Company") is pleased to provide an exploration 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 or mineralization 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 initial results including CB-DDH-025, 207.45 meters at 1.1 grams per tonne, CB-DDH-016,

100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH-

015, 63 meters at 1.0 gram per tonne gold (see Press Releases November 10, 2020, February 11,

2021, March 17, 2021, September 1, 2021 and

Table 1

Drilling at Caribe has revealed that in some cases, soil and laterite cover extends to depths in excess of

30 meters, concealing important geological and geochemical information and frustrating efforts to

interpret geometry and predict extensions to known gold mineralization. Consequently, in September

2021, the Company took the decision to suspend diamond drilling and commence a program of grid-

based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man-

portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first

2-3 meters of weathered rock where a sample is taken for analysis. 210 vertical scout-RC holes

averaging approximately 18m in depth have so far been completed (see

Figure 1

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/4008/115362_rr.htm2.jpg

Results received to-date imply that the gold mineralizing system remains open to the west and southwest

and portable XRF analyses

[1]

suggest a broad and significant copper anomaly towards the east (

Figure

Gold at Caribe is hosted in coarse pyroclastic rocks and associated with multi-phase stockwork and

hydrothermal breccia events within a broad low-temperature sericite halo and in later-stage sulfide-rich

hydrothermal breccia bodies with a matrix composed of pyrite, chalcopyrite and molybdenite. Previous

interpretations had assumed a fault- limited control to the western extent of gold mineralization at Caribe,

however this new scout-RC data clearly implies continuity across the fault and/or some element of fault

control to gold mineralization at the project.

Diamond drilling has now recommenced at the project and further infill and extensions to the scout-RC

program are planned.

TABLE 1: CARIBE PRELIMINARY DRILL RESULTS TABLE (> 0.9 g/t GOLD)

GOLD

COMMENTS

HOLE

Z(m)

DIP

AZIM

DEPTH

FROM

LENGTH

(m)*

GRADE

(g/t)

2019 Program

CB-

DDH-

001

793252

1530691

306

94.55

2.00

30.00

1.1

CB-

DDH-

002

793252

1530688

111

138.57

1.00

14.00

1.0

33.00

37.00

1.0

CB-

DDH-

003

793254

1530689

112.85

78.00

80.00

1.7

BOGGED AND ABANDONED

110.00

112.85

(EOH)

2.85

1.2

CB-

DDH-

004

793346

1530775

67.10

13.00

31.00

1.0

BOGGED AND ABANDONED

62.00

67.00

(EOH)

1.0

2020-2021 Program

CB-

DDH-

005

793258

1530689

220

100.65

NO SIGNIFICANT INTERSECTIONS >1g/t GOLD

CB-

DDH-

006

793350

1530772

160.12

28.00

102.00

0.9

129.00

143.00

1.0

CB-

DDH-

007

793349

1530769

220

123.52

22.00

28.00

1.0

BOGGED AND ABANDONED

61.00

63.00

1.0

65.00

77.00

1.0

83.00

89.00

1.0

CB-

DDH-

008

793395

1530824

79.30

NO SIGNIFICANT INTERSECTIONS >1g/t GOLD

CB-

DDH-

009

793270

1530770

125

161.65

9.00

14.00

1.0

BOGGED AND ABANDONED

37.00

82.00

1.0

123.00

158.00

1.1

CB-

DDH-

010

793296

1530664

305

114.37

0.00

42.00

1.0

CB-

DDH-

011

793338

1530633

80.82

38.00

80.00

1.0

BOGGED AND ABANDONED

CB-

DDH-

012

794646

1532046

360

184.52

NO SIGNIFICANT INTERSECTIONS >1g/t GOLD

CB-

DDH-

013

794646

1532046

335

131.15

CB-

DDH-

014

793875

1532118

180

CB-

DDH-

015

793349

1530771

190.62

18.00

26.00

1.0

BOGGED AND ABANDONED

53.00

62.00

1.0

88.00

151.00

1.0

CB-

DDH-

016

793314

1530813

125

149.45

49.00

149.45

(EOH)

100.45

1.0

BOGGED AND ABANDONED

CB-

DDH-

017

793295

1530744

244

51.00

141.00

1.0

BOGGED AND ABANDONED

CB-

DDH-

018

793364

1530641

68.62

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

BOGGED AND ABANDONED

CB-

DDH-

019

793296

1530664

102.17

0.00

35.00

1.0

BOGGED AND ABANDONED

56.00

66.00

1.0

79.00

82.00

2.1

CB-

DDH-

020

793604

1530412

67.1

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

BOGGED AND ABANDONED

CB-

DDH-

021

793349

1530846

125

250.1

88.00

117.00

1.0

CB-

DDH-

022

793498

1530892

236

353.8

75.00

87.00

1.2

97.00

99.00

1.0

110.00

117.00

1.0

186.00

191.00

1.0

CB-

DDH-

023

793498

1530892

340.07

188.90

199.00

10.10

0.6

0.86

960

COPPER

MOLYBDENUM

ppm

SILVER

ppm

CB-

DDH-

024

793338

1530633

114.57

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

BOGGED AND ABANDONED

CB-

DDH-

025

793290

1530792

125

224.17

3.00

210.45

207.45

1.1

INCLUDING 21m at 4.2 g/t GOLD

CB-

DDH-

026

793383

1530891

125

130.57

116.75

126.57

9.80

1.4

CB-

DDH-

027

793386

1530889

305

149.45

29.00

32.50

3.50

1.0

83.00

114.00

31.00

1.0

CB-

DDH-

793423

1530824

305

218.07

101.00

103.00

2.00

1.0

139.90

147.65

7.75

0.4

0.23

DDH-

028

793423

1530824

305

218.07

139.90

147.65

7.75

0.4

COPPER

MOLYBDENUM

ppm

SILVER

ppm

155.00

163.00

8.00

1.3

CB-

DDH-

029

793496

1530893

305

242.47

177.70

215.50

37.80

1.0

CB-

DDH-

030

793454

1530965

34.64

-60

305

222.65

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

CB-

DDH-

031

793539

1530944

34.36

-60

305

215.02

CB-

DDH-

032

793385

1530645

-60

305

170.8

62.00

75.00

13.00

0.9

CB-

DDH-

033

793547

1530903

-60

305

218.07

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

CB-

DDH-

034

793289

1530795

-90

166.22

CB-

DDH-

035

793289

1530795

-60

305

195.63

CB-

DDH-

036

793399

1530740

-60

220

137.25

84.00

105.98

21.98

0.8

CB-

DDH-

037

793440

1530771

-60

220

190.62

NO SIGNIFICANT INTERSECTIONS

>1g/t GOLD

CB-

DDH-

038

793442

1530712

-60

220

140.3

*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

"We are pleased that the scout-RC program is returning the information we had hoped for and revealing

further potential for gold and possibly copper mineralization at Caribe" said Tim Coughlin, Royal Road's

President and CEO "The influence of such deep saprolite cover and the inability to confidently predict

geometry and continuity, made locating diamond drill holes something of a challenge towards the latter

end of last years campaign. With these new scout-RC results, as further results are received and as we

extend and infill the scout-RC grid, we will be better able to understand controls and guide the location of

our diamond drill holes".

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

USA-Canada toll free 1800 6389205

+44 (0)1534 887166

[email protected]

[1]

Semi-quantitative only, derived from in-house portable Olympus Delta XRF Premium DP-6000

analyzer, results require confirmation by an independent certified laboratory. XRF cannot analyze for

gold.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/115362

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