December 5th, 2019 – Toronto, Ontario: Royal Road Minerals Limited (TSXV:RYR) (“Royal Road” or the “Company”) is pleased to announce that the Regional Autonomous Corporation of Antioquia (Corantioquia), has provided approval for the Company to conduct further drilling on mining concession contracts IJN-14221 (Guintar) and IJN-11331 (Niverengo) in Antioquia district, Colombia.
The Guintar and Niverengo concession contracts are contiguous title areas, totaling approximately 2,254 hectares, located in the Company’s “Northern Block” (Figure 1) and in the Anza mining district, 50 Km west of Medellin. The titles were acquired through the Company’s purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited (see Press Release May 31, 2019).
AngloGold-Ashanti (“AGA”) commenced work on the project area in 2015 and completed two scout drilling campaigns for a total of 5662 meters. The Guintar title area covers an artisanal mining district with more than 50 known historic underground adits developed on steeply dipping east-west oriented gold mineralized vein structures. AGA’s 8-hole, scout-drilling program at Guintar targeted steeply-dipping sheeted vein structures and returned best results of; GUI-DD-009, 28 meters at 0.9 grams per tonne and GUI-DD-006, 12 meters at 1.8 grams per tonne gold (not true width). Outcrop on the neighboring Niverengo title area is limited and so AGA’s drilling was focused on a 2000 by 800 meter wide target zone identified primarily using ground magnetic data, IP-geophysical data, and soil geochemical results. Drill core revealed that gold mineralization at Niverengo is hosted in pyrrhotite-pyrite-silica-calcite breccias, veins and fractures which are oriented at a high-angle to bedding in a well-laminated black-grey shale sequence (see Figure 1). Gold at Niverengo correlates well with elevated silver, copper and tin. Best intersections were from drill holes 3 and 4 which were drilled from the same drill pad at 180-degrees from each other in an area of little to no outcrop. NIV-DD-003 intersected 36m @ 1.2g/t gold from surface and drill hole NIV-DD-004 intersected 10m @ 1.6g/t gold and 88m @ 0.9g/t gold. Projected to surface, the two drill holes have identified a gold mineralized zone of approximately 130m width which remains open to the east and possibly also the west-northwest.
Management believe that potential exists for higher-grade bulk-tonnage targets at depth, as sheeted vein structures or hydrothermal breccia in strongly hornfelsed host rocks at Guintar and possibly associated with concealed high-grade hydrothermal breccias (similar to those exposed at the Company’s nearby Margaritas application, Figure 1), beneath the gold mineralized shale package at Niverengo.
“We have completed an initial reinterpretation of drill-core, geophysics and geology at Guintar-Niverengo and we are excited by the potential for underlying, possibly higher-grade, bulk-tonnage vein and breccia bodies located beneath strong hornfels alteration at Guintar and below the gold mineralized shale package at Niverengo” said Tim Coughlin, Royal Road Minerals President and CEO “We have more field and core studies to complete before locating the next round of drill holes, but we expect to commence drilling before end Q1, 2020”.
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:
The following information was made available to the Company by AngloGold Ashanti.
Sample preparation and analyses are conducted according to standard industry procedures. Rock samples are crushed, split and pulverized prior to analysis of Gold by fire assay and Atomic Absorption and multi-elements by ICP-AES and ICP-MS after four acid digestion. Stream sediment samples are sieved to -200 mesh and analyzed for Gold by fire assay and ICP AES and multi-elements by ICP-AES and ICP-MS after aqua regia digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Surface samples have been prepared, for the most part, in ALS Chemex preparation lab in Colombia and analyses have been completed in ALS Chemex Lima.
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”) 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, 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 the Company’s 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 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 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:
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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.