Royal Road Minerals Announces Initial Gold Channel - Sampling Results from the Luna Roja Gold Skarn Project; Nicaragua
TSX VENTURE: RYR
Toronto, Ontario--(Newsfile Corp. - September 25, 2018) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to announce initial surface channel rock-chip sample results from its newly identified Luna Roja Gold Skarn project in the Golden Triangle region of northeastern Nicaragua.
The Luna Roja prospect forms a part of the Company's 50-50 Strategic-Alliance agreement (see press release; September 6, 2017) with HEMCO Nicaragua (a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective Golden Triangle of northeastern Nicaragua (Figure 1), 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. HEMCO Nicaragua own and operate the Bonanza gold mine in the Golden Triangle and manage an innovative toll-treatment program which processes mineralized material from artisanal operations throughout the region. Royal Road Minerals is operator of the Strategic Alliance.
The Luna Roja project is a newly identified gold-skarn mineralized system represented by a metasomatized sequence of felsic intrusive and carbonate rocks, overprinted by a low-sulfide, skarn-type alteration characterized by: 1) a strongly oxidized and well-exposed exo-skarn, developed in marble; and 2) a partially-exposed massive endo-skarn developed in intrusive rocks. 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: Figure 1).
So far the company has collected 318 continuous rock-chip channels from 50 localities over an area of 550 x 250m across the project with results presented in Table 1. Where continuous outcrop was present, channels were cut in a northeasterly direction across the strike of mineralized skarn bodies.
Best results are as follows:
Locality 2 40.65 meters at 2.5 grams per tonne gold
Locality 5 23.5 meters at 5.1 grams per tonne gold
Locality 1 21.85 meters at 1.1 grams per tonne gold
Locality 1 13.4 meters at 0.9 grams per tonne gold
Locality 33 12.0 meters at 7.1 grams per tonne gold
Locality 16 8.4 meters at 7.2 grams per tonne gold
Locality 10 8.3 meters at 3.2 grams per tonne gold
Locality 1 7.25 meters at 2.0 grams per tonne gold
Locality 12 5.05 meters at 2,3 grams per tonne gold
Locality 11 6.5 meters at 4.0 grams per tonne gold
Locality 2 6.15 meters at 8.1 grams per tonne gold
Locality 31 6.0 meters at 6.4 grams per tonne gold
Locality 2 5.5 meters at 12.2 grams per tonne gold
Locality 35 5.2 meters at 7.0 grams per tonne gold
Locality 16 4.8 meters at 9.1 grams per tonne gold
The Company plans to complete further geologic mapping, channel sampling and ground geophysics at Luna Roja before advancing the project to drilling stage.
"We believe that the Luna Roja project is further testament to the remarkable and undiscovered potential of Nicaragua's Golden Triangle area" said Tim Coughlin, Royal Road Minerals President and CEO "Together with the nearby Caribe Project, we now have two promising systems which management believes have the potential to host multi-million ounce gold projects"
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. 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. 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 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 is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. 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