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Royal Road Minerals to exit Gömeç as it focusses on Colombia

Last updated: 14:08 26 Oct 2015 GMT, First published: 10:08 26 Oct 2015 GMT

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La Golondrina, a Colombian gold mine, could host in excess of one million ounces of gold

Royal Road Minerals (CVE:RYR) told investors it would discontinue operations in Turkey as it released the final results from its drilling at the Gömeç gold project.

The company says it intends to focus its activities on the La Golondrina project and Colombia more broadly.

“We are working on various exit deals with partners who have been close to the Company since it commenced exploration operations in Turkey” said chief executive Tim Coughlin.

Coughlin highlighted an increase in “ethnic tension” in in the region, which means it is difficult to operate there, and recent drill results as factors in the company’s decision.

Gömeç, which spans five contiguous exploration licences in the hinterland of Balıkesir province Western Turkey, has not yielded any significant gold results in the exploration holes drilled by Royal Road in 2015.

Royal Road said it has spent US$1.2mln on exploration at Gömeç and other connected properties, and it has completed a total of 4,494 meters of drilling through two separate campaigns.

“This convergence of recent drill results and political events in Turkey, when contrasted with promising high-grade prospects at La Golondrina and in Colombia as a whole, have led to what we consider is a necessary and logical strategic shift in focus,” Coughlin added.

Earlier this month, Royal Road acquired La Golondrina, a Colombian gold mine, which it believes could host a high grade gold resource in excess of one million ounces.

It plans to kick off work at the site, which is already producing on a small scale, by surveying all accessible underground workings, completing channel samples and defining targets for surface drilling as early as possible in 2016.

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