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Royal Road Minerals – site visit day 2

Proactive's mining analyst, Dr Ryan Long, updates us on day two of his site visit, in which he visited Royal Road’s Caribe Gold Project, located in Nicaragua’s North Caribbean Coast Autonomous Region.

Royal Road Minerals - Royal Road Minerals – Site Visit Day 2
Royal Road Minerals Caribe Gold Project

On the second day of my site visit to see the projects of Royal Road Minerals Ltd (CVE:RYR), the day started with an hour-long flight from Managua to the town of Bonanza. We then drove southwest for about an hour to the town of Rosita, where we stopped for a short break, before continuing southwest to the village of Wasa King. The roads were unsealed and in a fair condition, though in some areas the roads required some maintenance.

From Wasa King, we travelled southwest and then south for around an hour on the Rio Bambana in a dug-out canoe, with a small outboard motor, to reach our destination, the Caribe Gold Project (Figure 1).

Figure 1: Location of the Caribe Gold Project

Source: Royal Road Minerals

At Caribe, it appears there is the potential for a porphyry gold deposit to be defined. Royal Road commenced its first drilling programme consisting of four holes at the project in 2019 and got some interesting results.

The rocks were extensively brecciated and appeared to contain several phases of brecciation, with extensive argillic alteration (Figure 2) with some large intercepts of low-grade gold mineralisation.

Figure 2: Argillic alteration at the Caribe Project

Source: Proactive

Significant results from the drilling programme, included: 28 metres (m) at a grade of 1.06 grams per tonne (g/t) gold (Au) from 2m (CB-DDH-001); 18m at a grade of 1.01 g/t Au from 13m (CB-DDH-004); and 13m at a grade of 1.00g/t Au from 1m (CB-DDH-002) (Figure 3).

Figure 3: The location of drill holes CB-DDH-001 and CB-DDH-002

Source: Proactive

Associated with the drilling results is a 600m by 400m gold-in-soil anomaly, which also appears spatially related to magnetic anomalies (Figure 4).

Figure 4: Magnetic and gold-in-soil anomaly and drill hole locations at the Caribe Project

Source: Royal Road Minerals

Royal Road’s geologists believe that repeated brecciation, argillic alteration with low-grade gold mineralisation, combined with the presence of an isolated magnetic anomaly could be indicative of a buried gold-bearing porphyry.

A follow-up drill programme is currently being planned for 2020.

Other articles in this series: Day one ¦ 

Quick facts: Royal Road Minerals

Price: 0.25 CAD

Market: TSX-V
Market Cap: $57.37 m

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