Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining or mineralization in the area.
The Caribe project is a part of the Company's 50-50 Strategic-Alliance Agreement with Hemco Mineros Nicaragua, a subsidiary of Mineros S.A and has been defined under terms of the agreement as a Designated Project Area. Caribe is located in northeastern Nicaragua some 15km south of the mining town of Rosita.
In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold.
Follow-up diamond drilling over the last three years has returned encouraging results, including:
CB-DDH-025, 207.5 meters at 1.1 grams per tonne gold
CB-DDH-050, 172 meters at 1.4 grams per tonne gold
CB-DDH-051, 109 meters at 1.0 grams per tonne gold
CB-DDH-016, 100.5 meters at 1.0 gram per tonne gold
CB-DDH-017, 90 meters at 1.0 gram per tonne gold
CB-DDH-015, 63 meters at 1.0 gram per 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 a northeast dipping volcanic breccia body and is associated with carbonate-sericite alteration and later-stage, pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. Molybdenum can reach significant concentrations over short intervals, for example CB-DDH-050 intersected 18 meters at 2.5 grams per tonne gold and 0.2% Molybdenum.
Grid-based scout reverse-circulation drilling at Caribe has returned positive results, indicating that the gold mineralized system extends over approximately 1.3 kilometers strike length and remains open towards the northeast and southwest.
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 Nicaragua Royal Road Minerals operates through its wholly owned Nicaraguan company Minerales Camino Real Nicaragua SA (previously Nicaza SA) acquired from previous owners in 2017. In Argentina Royal Road Minerals operates through its wholly owned Argentinian company Minerales Camino Real Argentina founded in 2022.
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