Royal Road Provides Update on Strategy and Exploration Plans for 2023
- Written by Reporters
Toronto, Canada - Newsfile Corp. - January 24, 2023 - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to provide an update to its exploration strategy and details of its plans for 2023. Over the last six months Royal Road has engaged in an exercise of assessing global political trends and observing policy development in its host countries to evaluate potential impacts on the mining sector and on its current project portfolio. The Company perceives broad global trends, reinforced by policy makers at a national level that require a proactive response. Royal Road will adapt its general strategy such that for any jurisdiction it will rigorously and efficiently rationalize exploration portfolios down to single assets of world class copper and gold potential. The Company will focus on these assets, suspend, vend, or joint venture its remaining portfolio and then advance and repeat in different, prospective and supportive jurisdictions. The Company's aim is to own or part-own several world class copper and gold assets spread across different jurisdictions and with most effort applied to those jurisdictions which are operable, financeable and provide evidence of long-term support to the mining sector. The Company's immediate focus is its Santo Domingo porphyry copper and gold project in San Juan province, Argentina, an established and supportive mining jurisdiction (see Press Release; November 29, 2022). The Santo Domingo project is considered technically drill-ready, pending necessary regulatory permissions. In relation to the Company's current property portfolio in Nicaragua and Colombia, Royal Road has elected to focus on the Caribe gold project and the Guintär-Niverengo-Margaritas ("GNM" and neighboring El Aleman) copper and gold projects respectively. The Caribe project forms a part of the Company's Strategic-Alliance Agreement ("the Agreement" see press release; September 6, 2017) with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Mineros S.A., TSX:MSA) and is located in northeastern Nicaragua. On October 26, 2022, the Caribe project was designated a project area ("DPA"). Under terms of the Agreement, the Rights applicable to a DPA shall as soon as practicable be assigned and transferred to a newly incorporated company to be owned equally between the Parties. Notwithstanding other provisions of the Agreement, the Parties, at any time, may mutually agree to determine the appropriate structure and timing for the transfer of interests in a DPA. Except for Caribe and its contiguous license application area, Royal Road intends to relinquish its interest in all other Hemco Licenses which are subject to the Agreement. The GNM project is located approximately 50 Km west of Medellin in Antioquia Department, Colombia. The project was 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; see Press Release March 3, 2020). Royal Road is operator of the strategic alliance. Mineros and Royal Road have agreed to suspend activities at GNM until such point as the Colombian government has clarified its policies on mining and completed its proposed redraft of the current mining code. The remainder of Royal Road's property portfolio in Colombia is either at the application stage or, suspended under force majeure due to civil unrest. KEY PROJECT HIGHLIGHTS; NICARAGUA AND COLOMBIACaribe 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. Follow-up diamond drilling over the last three years has returned encouraging results, including:
[1] Gold Equivalent Calculation Assumes USD $1850/Oz Gold, USD $25/Oz Silver and USD $4.0/lb Copper. 90% recovery for all metals
- CB-DDH-025, 207.5 meters at 1.1 grams per tonne gold
- CB-DDH-050, 172 meters at 1.4 grams per tonne gold
- CB-DDH-051, 109 meters at 1.0 grams per tonne gold
- CB-DDH-016, 100.5 meters at 1.0 gram per tonne gold
- CB-DDH-017, 90 meters at 1.0 gram per tonne gold
- CB-DDH-015, 63 meters at 1.0 gram per tonne gold
- 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, 126.0 meters at 1.4 grams per tonne gold equivalent (including 55.0 meters at 1.5 grams per tonne gold. 10.8 grams per tonne silver and 0.60% copper)
- GUI-DD-020, 118.0 meters at 1.0 grams per tonne gold equivalent
- GUI-DD-021, 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)
[1] Gold Equivalent Calculation Assumes USD $1850/Oz Gold, USD $25/Oz Silver and USD $4.0/lb Copper. 90% recovery for all metals
The issuer is solely responsible for the content of this announcement.
Source https://www.media-outreach.com/news/united-kingdom/2023/01/25/194854/