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Royal Road Minerals

Güintar-Niverengo-Margaritas
Colombia

New mines for a new world

Royal Road Minerals

Güintar-Niverengo-Margaritas

The Güintar-Niverengo-Margaritas (GNM) project is located in the Anza district, 50 Km west of Medellin, in the northern portion of Colombia’s prolific Middle Cauca belt.

Rocks within the GNM region are predominantly late Cretaceous-Paleocene age, deep marine meta-sediments and mafic marine volcanic rocks which have been intruded by dioritic to dacitic stocks of Upper Miocene age (Tornonian-Messinian).

The Güintar-Niverengo area is represented by an intermediate to strongly hornfelsed sedimentary sequence with magnetite and biotite forming part of the metasomatic assemblage. Accompanied with this is the formation of gold (±copper) bearing skarns with high temperature calc-silicate minerals and quartz, which have been overprinted by gold bearing epithermal veins.

To the south of the project, the geology and mineralization of the Margaritas Title area differs significantly compared to its northern counterpart (i.e. Güintar-Niverengo). Skarn mineralization is absent and gold mineralization is instead characterised by hydrothermal breccias carrying significant gold but also silver grades (recent sampling by the Royal Road technical team returned gold and silver values of >1 g/t and >100 g/t respectively). Similar to Güintar-Niverengo, epithermal veins remain present in the area with the most anomalous historical samples by AngloGold Ashanti returning 34.9 g/t gold and 2080 g/t silver.


GÜINTAR

In 2015 a 10-hole, 4184m scout drilling program was conducted at Güintar by AngloGold Ashanti. Drilling intersected gold mineralized quartz-veins in addition to low grade skarn mineralization but failed to identify any broad zones of economic value. Best results were 28m at 0.9 g/t gold and 12m at 1.8 g/t gold.

In 2021 Royal Road commenced a 9-hole diamond drilling program at Güintar. Drill holes were centered on a target area which was highlighted by geochemical "vector" studies. The drilling has intersected what the Company believes is the primary source of mineralization at Güintar represented by a strongly altered, porphyritic diorite intrusion. This is the first time typical porphyry style mineralization has been intersected at Güintar. Gold and copper mineralization is related to high-temperature quartz veinlets (sheeted and stockwork) and associated sodic-calcic and potassic (biotite) alteration.

So far the program has returned the following significant results:


GUI-DD-011 17.9 meters at 0.9 grams per tonne gold

GUI-DD-012 303.7 meters at 1.1 grams per tonne gold equivalent¹ (to end of hole)

(0.7 grams per tonne gold, 4.3 grams per tonne silver and 0.22% copper) Including (from 143.0 meters) 62.0 meters at 2.1 grams per tonne gold, 12.4 grams per tonne silver and 0.62% copper


GUI-DD-013 126.0 meters at 1.4 grams per tonne gold equivalent

(0.8 grams per tonne gold, 5.5 grams per tonne silver and 0.34% copper)

Including (from 120.0 meters) 55.0 meters at 1.5 grams per tonne gold, 10.8 grams per tonne silver and 0.60% copper; and

44.0 meters at 1.1 grams per tonne gold


¹Gold equivalent calculation assumes USD $1790/Oz gold, USD $22/Oz SILVER and USD $4.3/lb Copper


GUI-DD-020 118.0 meters at 1.0 grams per tonne gold equivalent

(0.8 grams per tonne gold, 3.8 grams per tonne silver and 0.17% copper)

Including (from 6.0 meters), 54.0 meters at 1.0 grams per tonne gold, 5.5 grams per tonne silver and 0.24% copper


GUI-DD-021 181.0 meters at 1.1 grams per tonne gold equivalent

(0.9 grams per tonne gold, 3.6 grams per tonne silver and 0.20% copper)

Including (from 148.0 meters), 43.0 meters at 2.4 grams per tonne gold, 8.0 grams per tonne silver and 0.40% copper

(Not true width and the company does not have sufficient information to make a determination of the true widths of the drill hole intersections)

¹ Gold equivalent calculation assumes USD $1900/Oz gold, USD $24/Oz SILVER and USD $4.5/lb Copper and 90% recovery for all metals


Güintar-Niverengo-Margaritas Figure




NIVERENGO

In 2016 and 2017 AngloGold Ashanti’s interest shifted to the Niverengo area, some 1.5km east and along-strike of the Aleman mine but across a major north-south oriented reverse fault and into a younger sequence located possibly structurally above the Aleman mineralized system. Magnetics, IP-geophysics, soil and rock-chip geochemistry identified a 2000m by 800m wide target, interpreted to represent the low-sulfidation reflection of an underlying Aleman vein-system.

In Q2 2017 a 6-hole, 1479m scout drilling program was conducted at Niverengo. Best intersections were from drill holes three and four which were drilled from the same drill pad at 180-degrees from each other in an area of deep soil cover with no outcrop. Drill hole 3 intersected 36m at 1.2g/t gold from surface and drill hole 4 intersected 10m at 1.6g/t gold and 88m at 0.9g/t gold. Projected to surface, the two drill holes identified a gold mineralized zone of approximately 100m width which remains open to the east and west. Gold mineralization is related with skarn alteration and pyrrhotite-filled fractures and veins

On September 19th and December 4th of 2019, The Regional Autonomous Corporation of Antioquia - Corantioquia, granted Royal Road Minerals the extension of the current water collection permit and two industrial wastewater discharge permits, necessary to advance in the execution of the exploration program in its mining titles IJN-14221 (Guintar) and IJN-11331 (Niverengo).

In Q1 2020, the Company closed a joint-venture- option agreement with Mineros S.A. to advance the GNM Project. The agreement Under the terms of the agreement Mineros may earn 50% of the project by spending USD $2.5 million in exploration expenditures. Royal Road is operator of the joint-venture

Both companies carried out the evaluation of the project's potential and determined an exploration program, prioritizing bulk tonnage targets.

A follow up drilling program was conducted on Q3 2020. 1179m had been completed on the Niverengo title area.

Drilling intersected skarn-style mineralization hosted primarily in folded calc-silicate sedimentary rocks and crosscutting east-west oriented pyrrhotite vein and breccia bodies with elevated gold, silver and copper.

Significant intersections include:

NIV-DDH-007 14 meters at 4.1 grams per tonne gold equivalent[1]

NIV-DDH-008 10 meters at 2.3 grams per tonne gold equivalent

NIV-DDH-010 18 meters at 1.9 grams per tonne gold equivalent; and 21.5 meters at 1.3 grams per tonne gold equivalent

NIV-DDH-015 10.8 meters at 3.4 grams per tonne gold equivalent

At Niverengo gold mineralization is related to garnet, pyroxene skarn alteration and pyrrhotite vein and breccia bodies. Recent multi-element geochemical vector studies have identified that this assemblage may be laterally and vertically distal from the primary gold source.

This implies that further drilling should target deeper, probably intrusion or porphyry-related, vein or breccia bodies identified in the vector study as possibly east-west oriented “metal domain” hot spots to the west at the Guintär title area and elsewhere throughout the project.

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