The El Gualtal gold mine is located in the La Llanada-Sotomayor goldfield, approximately 60km west-northwest of Pasto in Nariño province of southern Colombia and within Royal Road’s mining concession contract FD5-10k.
In October of 2019 Royal Road entered into a formalization agreement and a related earn-in option and royalty agreement with Sociedad Minera San Antonio S.A.S, a company representing the interests of over 1000 informal miners that have been carrying out mining activities at the El Gualtal gold mine.
The Agreements were entered into under the framework of the Colombian government’s National Policy for Mining Formalization adopted by the Ministry of Mines and Energy. Under the terms of the formalization agreement, a specific portion of the area under the Concession will be returned by Royal Road so that a new concession contract may be granted to San Antonio for the benefit of the informal miners, enabling the implementation of legal and responsible mining operations at the El Gualtal gold mine. In exchange, Royal Road receives a quarterly royalty equivalent to 3% of the doré extracted from the El Gualtal Concession and has been granted the sole and exclusive right to carry out all exploration activities on the El Gualtal Concession and the right to acquire 70% of the El Gualtal Concession.
The El Gualtal gold mine is a shallow-dipping, quartz-carbonate vein system, with 75 room and pillar style production adits, developed over at-least nine different levels and 140 meters of vertical separation. The mine is one of the largest informal mining operations located in the prolific La Llanada Goldfield. Information about historic gold production reveals that past production at the El Gualtal gold mine may have been in the order of 300 tonnes of hand-picked ore per day. The gold mined at El Gualtal is coarse and free and is recovered by gravity separation. Watch video. Underground rock-chip channel face sampling that has been carried out by Royal Road at the mine, has returned significant results including:
1.3 Meters at 136.5 grams per tonne gold
0.5 Meters at 164.0 grams per tonne gold
1.0 Meters at 69.0 grams per tonne gold
1.1 Meters at 66.3 grams per tonne gold
0.6 Meters at 50.1 grams per tonne gold
0.9 Meters at 22.7 grams per tonne gold
The Company’s plans to complete the formalization process in late 2019 and then commence underground sampling and mapping with a view to commence drilling in middle 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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