Deep auger soil sampling has identified an anomalous area of 1500 by 500 meters
Toronto, Ontario–(Newsfile Corp. – March 12, 2019) – : Royal Road Minerals Limited (TSXV: RYR) (“Royal Road” or the “Company”) is pleased to announce initial deep-auger soil geochemical results from its Luna Roja Gold Skarn project in the Golden Triangle region of northeastern Nicaragua.
The Luna Roja project forms a part of the Company’s 50-50 Strategic-Alliance agreement (see press release; September 6, 2017) with Mineros Nicaragua-Hemco (a subsidiary of Colombia’s Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective Golden Triangle of northeastern Nicaragua, a region characterized by epithermal style gold veins, skarn and porphyry-style mines that have combined to produce in excess of an estimated 8 million ounces of gold since the early 1900’s. Mineros Nicaragua-Hemco own and operate the Bonanza gold mine in the Golden Triangle. Royal Road Minerals is operator of the Strategic Alliance.
The Luna Roja project is a gold-skarn mineralized system. Gold skarn generally occurs as massive bodies with individual outcrops ranging from 2 to 25 meters in width and 2 to 50 meters in strike length. Skarn bodies are subvertical or dip steeply towards the southwest and where exposed, the skarn system extends over a known strike distance of 1100 meters and over a width of 380 meters. The system remains open under recent cover rocks and is interpreted to continue down-plunge towards the southeast (see Figure 1).
The company has previously collected 318 continuous rock-chip channels from 50 localities across the project (see Press Release September 25, 2018 and Figure 1), Best results included 40.65 meters at 2.5 grams per tonne, 23.5 meters at 5.1 grams per tonne, 12.0 meters at 7.1 grams per tonne and 5.5 meters at 12.2 grams per tonne gold.
Follow up grid-based deep auger soil-sampling has identified a coherent and strong gold anomaly extending beyond outcropping occurrences and defining an area of some 1500 by 500 meters. 184 soil samples were collected from 25 meter centers on 200 meter spaced lines using a hand-held auger and sampling at depths of three to four meters below soil and saprolite. Results range from below detection limit to a maximum of 21.9 grams per tonne gold and the mean of all results is .32 grams per tonne gold (see Figure 1).
Figure 1: A: Geology of the Luna Roja Project, rock-chip and channel sample locations (see press release September 25, 2018). B: Soil sample locations and contoured soil geochemical results.
To view an enhanced version of Figure 1, please visit:
The Company is currently finalizing the drill-permitting process at Luna Roja and expects to commence the first drilling program at the project in Q3 of this year.
“This is a strong and coherent soil geochemical anomaly consistent with the rock-chip channel sampling results from last year” said Tim Coughlin, Royal Road Minerals President and CEO “Luna Roja is just one of our current stable of quality gold and copper projects and is a reminder of the largely untapped potential of Nicaragua’s Golden Triangle.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101. Royal Road Minerals employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com
Quality Assurance and Quality Control:
Rock-chip channel samples are collected continuously over 1-2 meter horizontal intervals (unless otherwise indicated) using either a rock-saw or rock hammer and chisel. Soil samples are collected using a hand-held auger from 3-4 meters below soil, detritus and saprolite until the residual soil horizon is intersected. Soil is then sieved on-site to -80 mesh. Samples are prepared and assayed by independent and ISO accredited laboratories of Bureau Veritas Minerals (BVM) and their local subsidiaries. Bagged samples are collected from site and delivered to BVM sample preparation laboratories in Managua. Rock-chip samples are prepared using the BVM codes PRP70-250 plus PUL85, where samples are crushed to 70% less than two millimeters, a riffle split of 250 grams is collected and then both rock-chip and soil samples are pulverized to better than 85 per cent passing 75 microns. Prepared sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold for rock-chip samples are analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Gold for soil-samples are analyzed by fire assay with an atomic absorption finish and a measurement range of 0.001 to 1 ppm. Soil samples over 1 ppm are reassayed by fire assay and both soil and rock-chip samples over 10-ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over 10,000 ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages.
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 e statements relating to the 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 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 Alliance, Hemco, 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 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 Mineros Nicaragua, 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.
For further information please contact:
Dr. Timothy Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43360