Permitting is now underway at both sites.
Last September, Royal Road struck a 50:50 strategic alliance with a subsidiary of Grupo Mineros SA - Colombia's largest gold producer, which held licences covering around 200,000 hectares in the historic mining region of northeastern Nicaragua known as the 'Golden Triangle'.
Royal Road's president and chief executive Dr Tim Coughlin said: "By virtue of our strategic alliance with Mineros Nicaragua we are the largest exploration licence holder in that country.
"Our alliance aims to identify and responsibly develop multiple copper and gold projects with at-least plus two million ounce gold or gold-equivalent potential.
"We view the Caribe and Los Andes projects as excellent proof of concept and great examples of rigorous exploration technique."
The Caribe project was discovered by Royal Road during reconnaissance follow-up of airborne geophysical anomalies in February this year.
Two programmes of deep auger soil sampling have now been conducted across the area, and the highest grab rock-chip sample collected from hand dug shafts returned 3.5 grams per tonne (g/t) gold.
"Deep auger soil sampling is currently being extended to the east of the current anomaly but the company now considers the Caribe project as drill-ready," it said, adding it had positioned a series of scout drill holes and begun applying for drilling permissions.
Los Andes is home to a 7km long, strongly altered caldera-controlled "lithocap" which hosts anomalous copper, gold and pathfinder elements.
Recent soil sampling suggests the Carrao area is the upper core of an underlying porphyry copper-gold system, the company said.
The geochemical and geophysical anomalies indicate that any potentially economic mineralisation would deeper than 200 meters below surface.
Royal Road has positioned two scout drill holes to test the underlying porphyry target and begun the application process for drilling permissions, it said.
Royal Road shares in Toronto are at C$0.09.