Royal Road Minerals Ltd (CVE:RYR) revealed that initial surface sampling results underlined the potential of its Luna Roja gold skarn project in the 'Golden Triangle' region of northeastern Nicaragua.
Luna Roja is a newly identified gold-skarn mineralised system and is part of the resource firm's 50:50 strategic alliance with HEMCO Nicaragua. Hemco is a subsidiary of Grupo Mineros SA - Colombia's largest gold producer - which holds licences covering around 200,000 hectares in the 'Golden Triangle' area. Royal Road and Hemco will share collective experience and databases, co-finance early-stage exploration and jointly seek to advance current projects and pursue new ones in Nicaragua.
"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 chief executive today.
"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."
Highlight assays from the surface sampling included 23.5m (meters) at 5.1 g/t (grams per ton) gold.
There was also 4.8m at 9.1 g/t gold and 5.2m at 7 g/t gold. Another assay showed 5.5 metres at 12.2 g/t gold.
HEMCO Nicaragua owns 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 the operator of the strategic alliance.
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