Royal Road Minerals Limited released new results from its exploratory drilling program at the Caribe gold discovery in Nicaragua that revealed encouraging mineralization, according to the company.
Highlights from six new holes released include 207.45 meters (m) at 1.1 grams per ton (g/t) gold, including 21m at 4.1 g/t gold.
Other intercepts returned 31m at 1 g/t gold and 37.8m at 1 g/t gold.
READ: Royal Road Minerals reports positive results from exploratory drilling at its Caribe gold project in Nicaragua
Located in the Golden Triangle area of northeastern Nicaragua, Caribe was discovered by Royal Road in February 2018. An initial four-hole drill program in 2019 returned “promising” results, according to the company, and a follow-up program in August 2020 returned results like 100.45m at 1 g/t; 90m at 1 g/t and 63m at 1 g/t.
Royal Road told investors that drill hole CB-DDH-025, which intersected 207.45m at 1.1 g/t, is “representative of the broader, volcanic breccia-hosted style of gold mineralization". Drill holes CB-DDH-027 and CB-DDH-029 both intersected the hydrothermal breccia style of mineralization and have extended the potential of the gold mineralized system towards the north, the company added.
"The fact that drill hole CB-DDH-025 is not dominated by hydrothermal breccia and that its 207 meters of gold mineralization is of the lower-temperature, volcanic-breccia-hosted style, is interesting and encouraging," Tim Coughlin, Royal Road’s CEO, said in a statement.
"It implies that we are still some way off locating the intrusive source of the gold and perhaps copper, but that in any case, even the lower temperature halo is carrying potentially economic grades and volumes. These recent results open up potential towards the north and we are confident that the RAB rig will assist in further expanding the surface extent of this exciting new discovery."
Royal Road will continue exploratory drilling at Caribe, and is currently completing an IP geophysics program at the project.
Additional Rotary Air Blast/Reverse Circulation drilling to sample underneath the soil and laterite cover is expected to start later this week.
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