Toronto, Ontario--(Newsfile Corp. - June 28, 2022) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") announces results from a further three diamond drill holes at its Guintär copper-gold exploration project and initial drill results from the immediately contiguous El Aleman option agreement area, in Antioquia Department, Colombia.
The Guintär project is part of the Guintär-Niverengo and Margaritas (GNM) project area which comprises the two contiguous Guintär and Niverengo concession contracts and the neighboring Margaritas concession contract, located approximately 50 Km west of Medellin in Antioquia Department, Colombia (see Figure 1). The titles were acquired through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited (see Press Release May 31, 2019). The GNM project is a 50-50 exploration joint venture pursuant to a strategic alliance agreement dated March 2, 2020 between the Company and Mineros S.A. ("Mineros" TSX:MSA; MINEROS:CB; see Press Release March 3, 2020). Royal Road is operator of the strategic alliance.
Drilling at Guintär commenced in July of 2021 and was aimed principally at testing for an underlying intrusive or porphyry-related source to the gold and copper mineralization which had been intersected in previous drilling and is evident in surface geochemical sampling over an area of more than 10 square kilometers (see Figure 1). Results to-date have been encouraging and include; GUI-DD-012, 303.7 meters at 1.0 grams per tonne gold equivalent[1] (including 62.0 meters at 2.1 grams per tonne gold, 12.4 grams per tonne silver and 0.62% copper), GUI-DD-013, which returned 126.0 meters at 1.4 grams per tonne gold equivalent, GUI-DD-020 which returned 118.0 meters at 1.0 grams per tonne gold equivalent and GUI-DD-021 which returned 181.0 meters at 1.1 grams per tonne gold equivalent (including 43.0 meters at 2.4 grams per tonne gold, 8.0 grams per tonne silver and 0.40% copper), from diorite-hosted, porphyry-style mineralization.
In December of 2021, the Company entered into option agreements with neighboring and immediately contiguous property holders (see Press Release December 14, 2021) including the El Aleman Mining title area (see Figure 1). Drill hole ALM-DD-001 is the first exploratory drill hole to have been completed on the El Aleman property. The drill hole targeted an approximately 200 meter wide, east-west oriented zone of polymetallic veins, hosted in metasedimentary rocks and intersected 80.5 meters at 1 gram per tonne gold, including 18 meters at 3 grams per tonne gold (from 323 meters down hole depth: See Table 1). The mineralization is located approximately 500 meters to the northwest of - and is interpreted to represent a lateral and vertical extension to - the porphyry-style mineralization intersected at Guintär.
The Company has also received results from a further three diamond drill holes from the Guintär project (see Figure 1 and Table 1). Significant intersections include:
GUI-DD-023 14 meters at 1.2 grams per tonne gold equivalent (1.0 grams per tonne gold, 2.8 grams per tonne silver and 0.2% copper); and
31 meters at 1.1 grams per tonnne gold equivalent (0.8 grams per tonne gold, 3.3 grams per tonne silver and 0.23% copper)
GUI-DD-024 177.0 meters at 1.0 grams per tonne gold equivalent (0.8 grams per tonne gold, 3.3 grams per tonne silver and 0.16% 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)
Figure 1
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Table 1
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Gold and copper mineralization at Guintär is associated with porphyry-style veins hosted in diorite dykes and sills, skarn and siliceous hornfels. From surface and over its entire length, GUI-DD-24 returned 260.35 meters at 0.8 grams per tonne gold equivalent (0.5% copper equivalent) and extends mineralization at Guintär a further 100 meters towards the west (the drill hole ended in 0.3 grams per tonne gold: See Figure 1).
The generally broad distribution of gold and copper mineralization in drill holes at Guintär, together with the style of alteration, the block-dyke and sill relationships and extensive regional roof-type geometry is interpreted to imply potential for a major mineralized probably porphyry-style intrusion at depth. The Company is currently drilling to test the deeper (to maximum 1000 meter) extents of the mineralizing system.
"We are becoming more familiar with the geometry and depth potential of gold, copper and silver mineralization at Guintär". said Dr Tim Coughlin, Royal Road's President and CEO. "We believe we are in the aerially extensive roof zone to a major underlying mineralized body and our drilling program has now been adapted to test this concept".
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:
Sample preparation and analyses are conducted according to standard industry procedures. Drill core and saw-cut channel samples are crushed, split and pulverized prior to analysis of Gold by fire assay and Atomic Absorption and multi-elements by ICP-AES and ICP-MS after four acid digestion. Soil samples are sieved to -200 mesh and analyzed for Gold by fire assay and ICP AES and multi-elements by ICP-AES and ICP-MS after aqua regia digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Surface samples have been prepared in ALS Chemex preparation lab in Colombia and analyses have been completed in ALS Chemex Lima.
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") 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, 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 the Company's 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 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 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
+44 (0)1534 887166
info@royalroadminerals.com
[1] Gold equivalent calculation assumes USD $1850/Oz gold, USD $25/Oz silver, USD $4.0/lb copper and 90% recovery for all metals
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