Royal Road Minerals Limited (CVE:RYR) said it has restarted drilling at its Caribe gold project in northeastern Nicaragua.
The junior company also revealed a set of new drill results, including 90 metres at 1 gram per tonne (g/t) gold and 35 metres at 1 and 10 metres at 1 g/t gold, both bogged and abandoned above objective, the company said.
Caribe is part of Toronto-based Royal Road’s strategic alliance with Hemco Mineros Nicaragua and is located in the highly prospective Golden Triangle region of the country.
READ: Royal Road reports more results from Caribe gold project in Nicaragua; plans to bring in stronger drill rig
Royal Road said that it brought in a “new and more powerful” drilling rig capable of transecting clay zones on the property, which hampered previous drilling efforts. The company told investors that the new rig is capable of testing the continuity of gold at depth.
In addition, anomalous gold was intersected in drill holes and in deep auger soil samples under soil and laterite cover over a distance of at least 1.2 kilometres at Caribe, according to the company. In order to fully test the spatial extent and continuity of gold at the project, Royal Road and Hemco have jointly acquired a portable Rotary Air Blast/Reverse Circulation (RAB/RC) drilling rig with capacity to test beneath more than 50 metres of soil and laterite cover. Grid-based RAB drilling is expected to commence at Caribe in May, Royal Road told shareholders.
"We are pleased to recommence drilling at Caribe and excited to explore the potential of the mineralized breccia and intrusive bodies at depth," Royal Road CEO Tim Coughlin said in a statement.
"The arrival of the RAB/RC rig is also eagerly awaited. We are of the opinion that Caribe is hosted in a concealed, district-scale, fault-magmatic zone which can only be tested by regional RAB drilling under soil and laterite cover."
Shares of Royal Road were trading around C$0.39 on Wednesday morning in Toronto.
Contact Angela at angela@proactiveinvestors.com
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