Royal Road Minerals Provides Drilling Update from Its Caribe Gold Discovery; Nicaragua

2022-08-03 04:11:55

Infill Diamond Drilling Intersects 66 Meters at 1.3 Grams Per Tonne Gold, Scout – RC Drilling Extends Gold Mineralization 300 Meters to the Southwest

Toronto, Ontario–(Newsfile Corp. – August 3, 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 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 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).

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 test for a possible intrusive source to later-stage, pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies.

Significant new results from infill diamond drilling include:

CB-DDH-039 68 meters at 0.9 grams/tonne gold
CB-DDH-040104 meters at 0.8 grams/tonne gold; and
66 meters at 1.3 grams/tonne gold
CB-DDH-044 114 meters at 1.0 grams/tonne gold

(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      
*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

Junior Mining NetworkFigure 1

Drill hole CB-DDH-040 in particular has identified significant further gold mineralization within the carbonate-sericite zone at-depth (see Table 1 and Figure 1) and interestingly beyond this zone and within mafic lavas that were previously interpreted as basement to the mineralizing system at Caribe. Step-out exploratory drill holes have intersected native copper, copper oxides and anomalous gold (see Figure 1) but have not, as yet, identified a possible copper and gold mineralized intrusive source.

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 have now been returned for 312 vertical scout-RC drill holes averaging approximately 18m in depth (see Figure 1).

Results received to-date imply that the gold mineralized system remains open for a further approximately 300 meters towards the west and southwest and suggests a broad and significant copper anomaly towards the east (Figure 1). Interestingly, the newly identified gold mineralization located to the west of the project area, is hosted in the footwall to a major crustal scale fault-zone (see Figure 1B), which was previously assumed to be barren. 25m-spaced infill scout-RC drilling is planned in this newly identified area in order to better constrain geometry prior to diamond drilling.

“Infill drilling in the main breccia body at Caribe is further extending gold mineralization to depth and the Scout-RC program is fully functioning and identifying some interesting new targets for further potential gold and possibly copper mineralization at the project,” said Tim Coughlin, Royal Road’s President and CEO “New discoveries are full of new surprises, Caribe is reminding us of the power of observation and the value of an open mind”.

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
This email address is being protected from spambots. You need JavaScript enabled to view it.

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