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Royal Road Minerals

INVESTOR NEWSLETTER, JULY 2021 EXPLORATION UPDATE

New mines for a new world

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INVESTOR NEWSLETTER, JULY 2021 EXPLORATION UPDATE

Dear Investor,

Today’s confusion of unfathomable variables seems something like a flock of noisy starlings that has converged to block out our summer sun. The eternal words of the Serenity Prayer come to mind.

The view from the wheel house however - where we have control - is steadfast and notwithstanding the odd obstacle, Royal Road remains on course. Drilling is ongoing at Caribe and drilling has commenced today at Guintär. At our earlier stage projects (including two new and exciting developments in our Colombian northern and southern blocks - more on those later in the year), we are unravelling discovery potential and defining new drill objectives. In other words, it’s business as usual.

Drill Projects

At Caribe in northeastern Nicaragua, we are currently on drill hole 30. We are drilling a concealed discovery, it is not a (simpler) tabular structure such as a vein or manto, but a disseminated system with what appears to be both steeply-dipping and sub-horizontal controls, the overall geometry remains ambiguous but importantly - open. It is very clear, that on the whole, we are still in the lower temperature more distal part of the mineralizing system implying there is a more coherent, probably intrusion-related source somewhere else nearby. Our RAB drilling rig, which is currently in customs (due out next week), will help to quickly outline at-least the surface extent of gold and copper mineralization (and geochemical vectors) and the IP-geophysics we have planned, should help us to identify further targets at depth.

Drilling commenced today at our Guintär gold project in Colombia. At Guintär we have applied what we already know about the local geology and previous drilling, together with multi-element geochemistry to define a broad approximately 1km by 2km east-west aligned target zone at depth. In-effect, the story is not all that dissimilar to Caribe, we have been drilling the distal (skarn-style) parts of the system and now we are plumbing the depths, looking for the source.

Drill core photos, showing sulphide-matrix breccia from Caribe drill holes 25 and 28 and native copper from drill hole 27. Results awaited

Drill core photos, showing sulphide-matrix breccia from Caribe drill holes 25 and 28 and native copper from drill hole 27. Results awaited


Drill Pipeline

Projects we are currently advancing to the drilling-stage include Margaritas in Colombia and the Los Andes, Oro Fino and Yuoya copper and gold projects in Nicaragua. The Margaritas project is currently being converted from an application to a mining title which will then permit us to drill and all three projects in Nicaragua are at the drill-permitting stage. In other words, we have four drill-ready projects in the pipeline ready to go, pending permits.

These projects have been variably discussed in corporate presentations and announcements. Oro Fino is located in Nicaragua’s Golden Triangle and is the most recent and perhaps least-known of the drill pipeline projects. Gold at Oro Fino is epithermal in nature, hosted in shallow-moderately dipping vein stockwork zones and probably related to a rhyodacite dome. There are various artisanal operations distributed across the project area, including an intriguing colluvial gold operation located in a circular shaped valley (see the video below). Some notable intercepts from rock-chip channel samples taken from operating artisanal mines include; 2 meters at 188.5 grams per tonne, 1.5 meters at 51.8 grams per tonne and 1.5 meters at 33.4 grams per tonne gold.

Royal Road is discovery-focused. I have heard that phrase variably applied so much so that it is perhaps losing its true significance. I could expand, but won’t. New world-class discoveries take time and require patience, but ultimately the value multiple is significant. Oh and please pay attention to scale bars!

Laboratory turnaround times remain slow, this is an industry-wide issue exacerbated by seasonal exploration in the northern hemisphere. Please bear with us and don’t hesitate to reach out to me directly via email or call on details below.

Respectfully Yours, Tim Coughlin, President & CEO