leadf
logo-loader
viewRoyal Road Minerals

Royal Road Minerals releases promising new drill results from Luna Roja gold project in Nicaragua

The results indicate a potential new gold mineralized zone on the property, which is in Nicaragua's famed Golden Triangle area

Royal Road Minerals -
One drill hole intersected 95 m at 1.5 g/t gold, including 45 m at 3 g/t

Royal Road Minerals Limited (CVE:RYR) (OTCMKTS:RRDMF) released the latest round of drill results from its Luna Roja gold project in Nicaragua that indicate a potential new mineralized zone on the property.

Highlights from the six holes returned include drill hole LR-DDH- 30, which returned 95 metres (m) at 1.5 grams per ton (g/t) gold, including 45 m at 3 g/t, and LR-DDH-34 that returned 18 m at 1.1 g/t gold.

Drill hole LR-DDH-34 intersected gold mineralization around 200 m across strike from the gold mineralized anticlinal fold structure, which may indicate a new gold mineralized zone at Luna Roja or a faulted continuation of known gold mineralization, the junior company said in a statement.

READ: Royal Road Minerals names noted mining advisor Liz Wall as executive director, sustainability

The latest results follow earlier drill programs at Luna Roja in 2019 that intersected 49 m at 2.8 g/t gold, including 22 m at 5.3 g/t gold, and a follow-up program in 2020 that intersected 65 m at 6.9 g/t gold, including 41 m at 10 g/t gold. Drill results so far support the interpretation that gold mineralization extends at depth and down plunge towards the northwest at Luna Roja, according to the company.

The most recent drill program aimed to extend gold mineralization along strike and at depth and to test interpreted geophysical targets, according to Royal Road CEO Tim Coughlin.

"We are still awaiting final results, but at this stage, the system remains continuously open along strike to the north and at depth,” Coughlin told shareholders Monday.

“In the south, where we interpret the system to be downthrown and offset by faulting, we have yet to drill-test a deep circular gravity high feature and although a modest intersection, drill hole 34 in the north has raised some interesting questions regarding the across-strike potential of the system.

The firm has moved the drill rig to Caribe, 16 kilometres south of Luna Roja, to start a 1,500-metre drill program as it waits for final results from Luna Roja.

Coughlin added: “Our plan is to conclude the drilling at Caribe and then return the drill rig to Luna Roja for a further drilling program aimed at testing well-defined targets and resolving resource potential."

Luna Roja is part of Toronto-based Royal Road’s strategic Hemco Mineros Nicaragua, a subsidiary of Colombia's Grupo Mineros SA, and is located in the highly prospective Golden Triangle of northeastern Nicaragua, a region that has produced nearly eight million ounces of gold since the early 1900s.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Royal Road Minerals

Price: 0.36 CAD

TSX-V:RYR
Market: TSX-V
Market Cap: $93.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Royal Road Minerals named herein, including the promotion by the Company of Royal Road Minerals in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Royal Road Minerals looking to get drills turning on their projects in Lain...

Royal Road Minerals (CVE: RYR) President and CEO Tim Coughlin sat down with Andrew Scott from Proactive at the PDAC in Toronto to talk about the junior exploration company.    The company is focussed on gold assets in Nicaragua and Colombia. The company is planning an extensive...

on 03/02/2020

3 min read