Royal Road Minerals Limited (CVE:RYR) has released new results from geophysical surveys at its Caribe gold project in Nicaragua that shed light on what could be a significant porphyry-epithermal style of gold mineralization.
New ground magnetic data confirmed that the location of an airborne anomaly identified through earlier geophysical work is around 100 to 200 metres below surface and near previous scout drilling at Caribe.
In a statement, Royal Road CEO Tim Coughlin said that new analysis and interpretation of drill core at Caribe implies a porphyry to epithermal mineralizing environment.
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Royal Road completed an initial four-hole program in the summer of 2019, where all drill holes intersected gold with significant intersections ranging from 1 gram per ton gold to 2.3 grams per ton gold.
The lack of outcrop at Caribe means Toronto-based Royal Road has to rely on other forms of exploration other than surface sampling, such as airborne geophysics and drill core analysis. Current understanding of the results suggests a porphyry-epithermal style of gold mineralization at Caribe, which might imply that initial drilling is located on the outlying alteration of a nearby porphyry gold-copper system.
"New analysis and interpretation of the drill core at Caribe is implying a porphyry to epithermal mineralizing environment which is in keeping with our initial interpretation of the airborne geophysics and the main driving factor behind our exploration of the area in early 2018," CEO Coughlin said.
"The new geophysical information has confirmed target criteria, implied bulk tonnage potential and identified drilling objectives not only in the immediate vicinity of our 2019 scout drilling, but also and more conceptually, at the magnetic anomaly located some two kilometers to the northeast," he added.
Royal Road plans to drill test the targets this year once it completes expansion drilling at the nearby Luna Roja project.
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