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Royal Road Intersects 207 Meters at 1.1 Grams per Tonne Gold at Its Caribe Discovery; Nicaragua

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Royal Road Intersects 207 Meters at 1.1 Grams per Tonne Gold at Its Caribe Discovery; Nicaragua

 

 

 

 

 

Including 21 meters at 4.1 grams per tonne gold

 

Royal Road Minerals Limited (TSX-V: RYR) is pleased to announce further interim drilling results 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 Colombia’s Grupo Mineros S.A.) 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 laterite 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 (see Press Release October 7, 2019). A follow-up diamond drilling program commenced at the project during August of last year and has returned encouraging initial results including 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 and Table 1). Results for a further 6 exploratory drill holes have now been returned. Significant results include:

 

CB-DDH-025 207.45 meters at 1.1 grams/tonne gold (including 21 meters at 4.1 grams/tonne gold)
CB-DDH-027 31 meters at 1.0 gram/tonne gold
CB-DDH-029
37.8 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)

 

Gold at Caribe is hosted in hydrothermal breccia bodies with a sulfide-rich matrix composed of pyrite, chalcopyrite and molybdenite and in surrounding (host) volcanic breccias as a broader, locally stratabound lower temperature gold-mineralized halo. Drill hole CB-DDH-025 which intersected 207.45 meters at 1.1 grams per tonne gold is representative of the broader, volcanic breccia-hosted style of gold mineralization and drill holes CB-DDH-027 and CB-DDH-029 both intersected the hydrothermal breccia style of mineralization and have extended the potential of the gold mineralized system towards the north (see Figure 1). The extent of gold mineralization at Caribe is unknown, due principally to extensive soil and saprolite cover with the system remaining open to the north, possibly also to the south and at depth.

 

 

Figure 1

Exploratory drilling is continuing at Caribe. The Company is also currently completing IP geophysics at the project and Rotary Air Blast/Reverse Circulation (RAB/RC) drilling, aimed at sampling beneath the soil and laterite cover, is expected to commence later this week.

 

“The fact that drill hole CB-DDH-025 is not dominated by hydrothermal breccia and that its 207 meters of gold mineralization is of the lower-temperature, volcanic-breccia-hosted style, is interesting and encouraging,” said Dr. Tim Coughlin, Royal Roads President and CEO. “It implies that we are still some way off locating the intrusive source of the gold and perhaps copper, but that in any case, even the lower temperature halo is carrying potentially economic grades and volumes. These recent results open up potential towards the north and we are confident that the RAB rig will assist in further expanding the surface extent of this exciting new discovery.”

 

 

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

 

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  
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 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 67.1 NO SIGNIFICANT INTERSECTIONS >1g/t GOLD BOGGED AND ABANDONED  
CB-DDH-021 793349 1530846 34 60 125 250.1 88.00 117.00 29 1.0  
CB-DDH-022 793498 1530892 37 60 236 353.8 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  

 

*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
COPPER EQUIVALENT = COPPER % + (GOLD% X 5850) + (MOLYBDENUM% X 3) + (SILVER% X 83)

 

 

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.

 

Posted September 1, 2021

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