October 18, 2016 – Toronto, Ontario: Royal Road Minerals Limited (TSXV:RYR) (“Royal Road Minerals” or the “Company”), a gold focused mineral exploration and development company, is pleased to provide an update on its exploration activities in southern Colombia.
The first diamond drill hole of the planned 1000 meter scout drilling program at the La Golondrina project has been completed. Vertical drill hole (PQ-sized drill core) GOL-16-01 terminated at 131.25 meters. The hole commenced in variably biotite and amphibole altered diorite and at 76 meters crossed into strongly metasomatized and partially-melted hornfels. The drill hole intersected seven sub-horizontal vein bodies down to 67m and then continued in zones of veinlets and stringer veins comprised of quartz-carbonate-pyrrhotite-pyrite-chalcopyrite with associated biotite alteration across the diorite hornfels contact to the end of the hole. Pyrrhotite is a magnetic iron sulfide mineral and its occurrence in the drill hole appears to correspond with the discrete magnetic anomaly which is obvious in cross-section (See attached Figure). Pyrrhotite is related to higher gold grades in quartz-calcite veins sampled from underground workings (see Press Release March 1st) but veinlet and stringer vein zones, such as those observed in this initial drill hole have not yet been observed or sampled at surface.
Royal Road Minerals has filed application for in excess of 120,000 Ha of exploration contracts in southern Colombia extending down to the countries border with Ecuador. The company’s intention is to apply its current business model of inclusive and sustainable local joint-venture arrangements within these application areas and has commenced work by engaging with local miners and community leaders in the region.
La Maria Project
The Company executed an exclusivity arrangement on the Mina La Maria gold project (see Press Release July 12th) which is located approximately 4 kilometers to the west of the Company’s La Golondrina and La Redención gold projects. A field and due diligence review of the project has been completed. Field work has revealed that gold mineralization at La Maria is related primarily to sub-meter, steeply-dipping fault zones and that potentially bulk-tonnage gold-mineralized pegmatite bodies do not extend onto the property (see Press Release July 12th). Consequently and at this stage, the Company has resolved not to proceed with a joint-venture arrangement at La Maria.
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 exploration work including sampling techniques and sample results meet international reporting standards. 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. Drill core is logged and then cut on-site. In areas identified as having potential to host gold mineralization, three quarters of the drill core is sampled and bagged whereas in areas considered to be fresh and unmineralized rock, one quarter of the drill core is sampled and bagged. All assay work for released results is carried out by internationally certified SGS labs in Colombia and Canada. All samples are analyzed by fire assay for gold and high-grade samples may be assayed by gravimetric fire assay and metallic screen (150#). Multielement analysis by ICP-MS is also conducted. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements regarding the Offering and the use of proceeds therefrom. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the hiring and retention of directors and officers, exploration and development of mineral properties, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors”, which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information please contact:
Dr. Tim Coughlin President and Chief Executive Officer USA-Canada toll free 1800 6389205+44 (0)1534 email@example.com
In Colombia Royal Road Minerals operates through its wholly-owned Colombian companies Minerales Camino Real SAS founded in 2015 and Exploraciones Northern Colombia SAS acquired from previous owners in 2019. In Argentina Royal Road Minerals operates through its wholly owned Argentinian company, Minerales Camino Real Argentina. In Saudi Arabia and Morocco the Company operates through its 50% owned Saudi Arabian registered subsidiary, Royal Road Arabia.