Caribe is located within Nicaragua’s “Golden Triangle”, a well-known historic mining region located in north-eastern Nicaragua. The area is host to three historic mines, Santa Rita – Rosita (Skarn copper/gold), La Luz – Siuna (Skarn gold/copper) and Bonanza (Epithermal gold). Since 1900 the district has produced in excess of 8 million ounces of gold and 12 million ounces of silver mainly from epithermal vein systems and skarns.
The Caribe project forms a part of the Company's 50-50 Strategic-Alliance agreement with Hemco Mineros Nicaragua (a subsidiary of Colombia’s Grupo Mineros S.A. MINEROS:CB). Royal Road Minerals is operator of the Strategic Alliance.
Royal Road’s exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and laterite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold.
A follow-up diamond drilling program commenced at the project during August of last year and has returned encouraging initial results including:
CB-DDH-015 63.00 meters at 1.0 grams/tonne gold
CB-DDH-016 100.45 meters at 1.0 grams/tonne gold
CB-DDH-017 90.00 meters at 1.0 grams/tonne gold
CB-DDH-025 207.45 meters at 1.1 grams/tonne gold (including 21 meters at 4.1 grams/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 hydrothermal breccia bodies with a sulfide-rich matrix composed of pyrite, chalcopyrite and molybdenite and in surrounding (host) volcanic breccias as a broader, "pipe-like" gold-mineralized halo. The extent of gold mineralization at Caribe is unknown, due principally to extensive soil and saprolite cover with the system remaining open to the north, possibly also to the south and at depth.
The Company is currently completing IP geophysics at the project and Rotary Air Blast/Reverse Circulation (RAB/RC) drilling, aimed at sampling beneath the soil and laterite cover.