The Caribe gold project is located in Nicaragua’s North Caribbean Coast Autonomous region, close to the historic mining town of Rosita and 30km to the southeast of Bonanza and the gold mining operations of Royal Road’s 50-50% strategic partner in Nicaragua, Hemco Mineros Nicaragua.
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 Cu-Au), La Luz – Siuna (Skarn Au-Cu) and Bonanza (Low Sulfidation Epithermal). 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) and is located approximately 16 kilometers to the southeast of the Company’s Luna Roja Gold Skarn project. Royal Road Minerals is operator of the Strategic Alliance.
Royal Road’s exploration team discovered the Caribe prospect during a reconnaissance follow-up of airborne geophysical anomalies in February of 2018. Topographically the prospect area is relatively planar, there is no outcrop and there is no previous record of mineralization in the area. Initial grab sampling of strongly weathered, argillic-altered and variably-brecciated felsic volcanic float material returned anomalous gold with associated anomalous values in molybdenum and arsenic.
Follow-up deep auger soil sampling was then conducted using a 3-meter long hand-auger to access the residual soil horizon located below the organic and saprolitic layers. Soil-sampling has identified a strongly anomalous area of gold geochemistry of 800 by 500 meters. Additionally, 18 1 meter squared and 2 to 3 meter deep shafts were dug in order to expose bed-rock, assist mapping and collect channel and grab rock-chip samples. The highest grab rock-chip sample collected from these shafts to-date returned 3.5 grams per tonne gold from quartz-veinlet stockwork hosted in strongly oxidized rhyodacite with potassium feldspar alteration.
In August and September of 2019, Royal Road and Hemco completed an initial 4-hole, 413 meter, exploratory drilling program at Caribe. All drill holes intersected gold with significant intersections including:
CB-DDH-001 28m at 1.1 g/t gold
CB-DDH-002 14m at 1.0 g/t gold
CB-DDH-004 18m at 1.0 g/t gold
The lack of outcrop at Caribe means the Company is relying on petrographic observations from drill core to interpret the style of gold mineralization and results from deep auger sampling, hand dug pits and geophysics to target extensions and potential bulk-tonnage drilling objectives. Drill core petrography has revealed that host rocks to gold mineralization at Caribe are predominantly silica and sericite altered brecciated porphyritic rocks of dacitic to andesitic composition and gold is hosted for the most part in micro-veinlets comprised of quartz, carbonate and adularia. Gold is associated with molybdenite, covellite, chalcopyrite and bornite. These observations suggest a porphyry-epithermal style of gold mineralization at Caribe and may be interpreted to imply that initial drilling is located on the outlying alteration of a nearby porphyry gold and/or copper system.
Caribe was initially discovered during reconnaissance follow-up of a discrete, approximately 500 meter diameter, magnetic high anomaly interpreted to represent the possible magnetic core to a porphyry copper and/or gold occurrence. This anomaly is completely concealed and so surface samples could not be collected at its locality. New ground magnetic data (collected in Q1 of 2020) has now confirmed the location of the airborne anomaly and 3D inversion suggests that it is located between some 100 and 200 meters below surface. The location of auger sampling and scout drilling at Caribe is approximately 2 kilometers to the southwest of this anomaly and is associated with magnetic lows which parallel a strong and persistent gravity high feature over a strike length of some 1.5 kilometers.
The Company expects to advance in the planning and execution of a new round of diamond drilling of around 1,500 to 2,000 meters in Q3 of 2020.
We are the largest title and title application holder in Colombia with quality gold and copper exploration projects located in two main regions; The Northern Block, encompassing the prolific Middle Cauca belt, and the Southern Block, incorporating the most prospective and under-explored regions of the Andes.
Operating under the structure of a 50-50 strategic alliance with HEMCO Mineros Nicaragua, we are the exploration largest license holder in the Country. Currently, the exploration work in Nicaragua is focused on drill-testing three drill-permitted gold and copper-gold projects.
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