Toronto, Ontario - May 15, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to announce initial deep auger soil sample results from its newly identified Caribe prospect in the Golden Triangle region of northeastern Nicaragua.
The Caribe prospect forms a part of the Company's 50-50 Strategic-Alliance agreement (see press release; September 6, 2017) with Hemco (a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective Golden Triangle of northeastern Nicaragua (Figure 1), a region characterized by epithermal style gold veins, skarn and porphyry-style mines that have combined to produce in excess of an estimated 8 million ounces of gold since the early 1900's. Hemco own and operate the Bonanza gold mine in the Golden Triangle and manage an innovative toll-treatment program which processes mineralized material from artisanal operations throughout the region. Royal Road Minerals is operator of the Strategic Alliance.
Royal Road's exploration team discovered the Caribe prospect during reconnaissance follow-up of airborne geophysical anomalies in February of 2018. Topographically the prospect area is relatively planar, outcrop is limited to creek exposures and there is no previous record of mineralization in the area. Initial grab sampling of strongly weathered, argillic-altered and variably-brecciated felsic volcanic float material returned anomalous gold with associated anomalous values in molybdenum and arsenic. Follow-up deep auger soil sampling was then conducted using a 3-meter long hand-auger to access the residual soil horizon located below the organic and saprolitic layers. Soil-sampling to-date has identified a strongly anomalous area of gold geochemistry (range 20 to 983ppb, mean 149ppb gold) of 600 by 400 meters in area which remains open to the north and east (see Figure 1). Additionally, 18 small 1 meter square and 2 to 3 meter deep shafts were dug in order to expose bed-rock, assist mapping and collect channel and grab rock-chip samples. The highest grab rock-chip sample collected from these shafts to-date returned 3.5 grams per tonne gold (range 0.01 to 3.536 grams per tonne gold; note grab samples are selective samples and are not necessarily representative of the mineralization hosted on the property) from quartz-veinlet stockwork hosted in strongly oxidized rhyodacite with potassium feldspar alteration.
Shaft and float mapping reveal that gold mineralization is associated predominantly with stringer-style veinlets hosted in strongly argillic-altered felsic volcanic rocks located in the immediate roof and/or adjacent to dioritic intrusive rocks. Due to intense weathering the preservation of hypogene assemblages is highly localized, but where observed, suggests that hydrothermal alteration is represented by strongly pervasive chlorite, locally pervasive epidote and microcrystalline-quartz-rich stringers with associated potassic feldspar and pyrite.
Royal Road is currently extending the deep auger soil sampling at Caribe towards the north and east and is planning a ground magnetic and radiometric survey to assist in interpretation and drill-targeting.
"Early signs from the newly-discovered Caribe prospect suggest that it has the size-potential we are seeking," said Dr Tim Coughlin, Royal Road's President and CEO. "Given the paucity of outcrop, depth of saprolite and intensity of weathering, it is still too early to speculate on mineralization-style and underlying gold grades. However, the extension to the deep auger soil grid and the planned ground geophysical survey should aid our understanding significantly. It is worth noting that Caribe is one of several projects the exploration team is currently developing in Nicaragua which includes further targets in the Golden Triangle and the Los Andes porphyry project in the west."
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.
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 e statements relating to the 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 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 Alliance, Hemco, 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 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, 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
+44 (0)7797 742800
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