Royal Road Minerals Limited provided a drilling update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. 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 saprolite cover and there is no previous record of mining 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 2020 and has returned encouraging results including; CB-DDH-025, 207.45 meters at 1.1, CB-DDH-016, 100.45 meters at 1.0; CB-DDH-044, 114 meters at 1.0, CB-DDH-017, 90 meters at 1.0 and CB-DDH-015, 63 meters at 1.0 grams per tonne gold. Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to resolve geometry within the known breccia body (carbonate-sericite zone) and to test for a possible intrusive source to pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. Significant new results from infill diamond drilling include: CB-DDH-049: 18 meters at 0.9 grams/tonne gold; CB-DDH-050: 172 meters at 1.4 grams/tonne gold; including 18 meters at 2.5 grams/tonne gold and 0.2% Molybdenum; CB-DDH-051: 109 meters at 1.0 grams/tonne gold; including 12 meters at 2.6 grams/tonne gold and 0.1% Molybdenum.

Drill holes CB-DDH-050 and CB-DDH-051 both intersected higher-grade intervals of sulfide mineralization hosted in hydrothermal breccias with very high molybdenum grades interpreted to be indicative of a steeply dipping "feeder zone" which remains open and untested at depth. Scout reverse circulation drilling which drills through soil and saprolite cover to sample the top 2-3 meters of weathered rock, implies that the gold mineralized system at Caribe has a bulk northeast-southwest trend and remains open along a total strike length of approximately 2.5 kilometers. Both diamond and scout-RC drilling at Caribe has been suspended pending an in-house resource assessment and geological review.