Royal Road Updates Scout RC Drilling from Its Caribe Gold Discovery; Nicaragua
Royal Road Updates Scout RC Drilling from Its
Caribe Gold Discovery; Nicaragua
Toronto, Ontario--(Newsfile Corp. - November 14, 2022) - Royal Road Minerals Limited (
TSXV: RYR
)
("Royal Road" or the "Company") is pleased to provide a reverse circulation (RC) 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 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 results for gold 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).
Gold at Caribe is hosted in a shallow northeast dipping volcanic breccia body and is associated with
carbonate-sericite alteration and later-stage, pyrite, chalcopyrite and molybdenite mineralized
hydrothermal breccia bodies.
In September 2021, the Company commenced 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. Results received to-date imply that the gold mineralized system remains
open for a further approximately 300 meters towards the southwest and for over 1 kilometer towards the
northwest (Figure 1).
"The scout RC drilling program is functioning well and beginning to delineate a significant gold
mineralized system which remains open to the southwest and northeast," said Tim Coughlin, Royal
Road's President and CEO. "Currently we are relogging diamond drill core and preparing for an in-
house resource estimation which, together with this scout-RC data, will assist us in determining next
steps at this exciting new discovery."
Figure 1
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4008/144008_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
Royal Road Provides Drilling Update From Caribe | Nicaragua
Intersects 66m at 1.3 g/t Gold, Extends Mineralization 300m Southwest
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/144008