Royal Road Minerals Limited (CVE:RYR) (OTCMKTS:RRDMF) Tuesday announced initial results from its follow-up drill program at the Caribe gold discovery in Nicaragua.
The company noted that greater than 0.9 grams per tonne (g/t) gold was realized from the first seven drill holes of this program, including 74 meters at 0.9 g/t gold and 45 meters at 1.0 g/t gold.
In a statament, Royal Road Minerals CEO Tim Coughlin said: "Firstly, I would like to express our solidarity with Nicaragua following the landfall of hurricane Eta and confirm our commitment to assist in the relief effort and ensure the recovery and well-being of rural and indigenous communities in the northeast of the country."
He added: "These are very positive initial drill results from Caribe. They indicate potential for a bulk-tonnage objective hosted in the breccia and for an intrusive, probably porphyry style target at depth or adjacent to the breccia body. It is important to amplify that there is no outcrop at Caribe and that it is in every sense a new mineral discovery with new and unknown potential. We are very excited by the promise of this new project and the unexplored potential of the district in which it resides."
READ: Royal Road Minerals reveals "encouraging" initial drill results from the GNM gold project in Colombia
Hurricane Eta made landfall in Nicaragua on November 3, 2020, prompting the company to pause its drilling until November 9. Some drill holes became bogged in clay material and failed to meet planned drilling objective. Royal Road added that it is considering a RAB drilling program to penetrate soil and laterite cover and better define the surface extent of gold mineralization at Caribe.
Royal Road's exploration team discovered the Caribe project during reconnaissance follow-up of airborne geophysical anomalies in February 2018. Royal Road Minerals is exploring for Tier-1 gold and copper deposits in Nicaragua, operating as part of a 50-50 joint venture with Hemco-Mineros Nicaragua, as well as in Colombia.
Contact Sean at sean@proactiveinvestors.com