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 follow-up of airborne geophysical anomalies in February of 2018. Topographically the prospect is planar, outcrop is concealed under soil and laterite cover and there is no previous record of mineralization in the area. Initial grab sampling of strongly weathered float material returned anomalous gold with associated anomalous values in molybdenum and copper.
Follow-up auger soil sampling was then conducted and successfully identified a strongly anomalous area of gold geochemistry where soil and laterite cover was less than 3 meters deep (recent drilling suggests soil and laterite cover can exceed 30 meters in thickness). In 2019 Royal Road and Hemco completed an initial 4-hole, 413 meter, exploratory drilling program at Caribe which returned significant intersections including CB-DDH-001, 28 meters at 1.1 grams per tonne and CB-DDH-004, 18 meters at 1.0 grams per tonne gold.
A follow-up approximately 2000m diamond drilling program commenced at the project during August of last year and has so far returned initial significant results including:
CB-DDH-006 74 meters at 0.9 grams per tonne gold; and 14 meters at 1.0 grams per tonne gold
CB-DDH-009 45 meters at 1.0 grams per tonne gold; and 35 meters at 1.1 grams per tonne gold (bogged and abandoned above objective)
CB-DDH-015 63 meters at 1.0 grams per tonne gold (bogged and abandoned above objective)
CB-DDH-016 100.45 meters at 1.0 grams per tonne gold (to end of hole and bogged and abandoned above objective)
CB-DDH-017 90 meters at 1.0 gram per tonne gold (bogged and abandoned above objective)
CB-DDH-019 35 meters at 1.0 and 10 meters at 1.0 grams per tonne gold (bogged and abandoned above objective)
Generally gold mineralization at Caribe is associated with chalcopyrite and molybdenum with traces of bornite and covellite hosted in carbonate-quartz vein stockworks. Molybdenum and copper grades are irregular and related to fine-grained sulphide-rich hydrothermal breccias.
Gold, copper and molybdenum mineralization is hosted within an upper dacite-composition lapilli tuff unit containing mixed cognate and accessory clasts, a lower dacite-composition block-and-ash unit containing basaltic-andesite clasts from the volcanic basement and a silicified glass-shards coarse tuff sub-unit which appears to be emplaced within the lapilli tuff. Gold of up to 19.0 grams per tonne has been returned from the silicified coarse tuff (CB-DDH-009, 130-131 meters). Alteration is predominantly sericite-illite-pyrite overprinted by silica with a late pervasive hematite. Although geological observations are limited to drill core only, the system is so far interpreted to represent pyroclastic fissure, multi eruption events originated within a caldera environment and possibly associated with a porphyritic intrusion at depth.
As of May 2021 the drilling program was ongoing at Caribe. The program is combining infill and step-out drilling with the intention of delineating scale and defining a maiden resource by the end of 2021. A RAB program aimed at testing the aerial extent of the system (beneath soil and laterite cover) is planned to commence in late June-July of 2021.