Toronto - Royal Road Minerals Limited (TSXV: RYR) ('Royal Road' or the 'Company') is pleased to provide an exploration 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 ('Hemco' a subsidiary of Mineros S.A., TSX: MSA) 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 or mineralization 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 initial results including CB-DDH-025, 207.45 meters at 1.1 grams per tonne, CB-DDH-016, 100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH-015, 63 meters at 1.0 gram per tonne gold.
Drilling at Caribe has revealed that in some cases, soil and laterite cover extends to depths in excess of 30 meters, concealing important geological and geochemical information and frustrating efforts to interpret geometry and predict extensions to known gold mineralization. Consequently, in September 2021, the Company took the decision to suspend diamond drilling and commence a program of grid-based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man-portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first 2-3 meters of weathered rock where a sample is taken for analysis. 210 vertical scout-RC holes averaging approximately 18m in depth have so far been completed.
Results received to-date imply that the gold mineralizing system remains open to the west and southwest and portable XRF analyses[1] suggest a broad and significant copper anomaly towards the east.
Gold at Caribe is hosted in coarse pyroclastic rocks and associated with multi-phase stockwork and hydrothermal breccia events within a broad low-temperature sericite halo and in later-stage sulfide-rich hydrothermal breccia bodies with a matrix composed of pyrite, chalcopyrite and molybdenite. Previous interpretations had assumed a fault- limited control to the western extent of gold mineralization at Caribe, however this new scout-RC data clearly implies continuity across the fault and/or some element of fault control to gold mineralization at the project.
'We are pleased that the scout-RC program is returning the information we had hoped for and revealing further potential for gold and possibly copper mineralization at Caribe' said Tim Coughlin, Royal Road's President and CEO 'The influence of such deep saprolite cover and the inability to confidently predict geometry and continuity, made locating diamond drill holes something of a challenge towards the latter end of last years campaign. With these new scout-RC results, as further results are received and as we extend and infill the scout-RC grid, we will be better able to understand controls and guide the location of our diamond drill holes'.
Cautionary statement
This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, 'forward-looking statements') including statements relating to the Hemco-Mineros Alliance and those describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in the mineral resources industry, or with respect to the Hemco-Mineros Alliance, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words 'plans', 'prospective', 'expect', 'intend', 'intends to' and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to, those related to the Hemco-Mineros Alliance, Hemco-Mineros, and the Company's plans exploration plans.
The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Hemco-Mineros Alliance and the Company's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and, in part, on information provided to the Company by Hemco-Mineros, and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
Contact:
Dr. Timothy Coughlin
Tel: +44 (0)1534 887166
Email: info@royalroadminerals.com
ROYAL ROAD MINERALS LIMITED 
