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Royal Road Minerals updates on southern Colombia activities

Tuesday, October 18, 2016 9:01
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Royal Road Minerals Limited (CVE:RYR) shares were up more than 8% on Tuesday after the gold-focused mineral explorer, provided an update on its activities in southern Colombia.

The first diamond drill hole of the planned 1000 meter scout drilling program at the La Golondrina project has been completed.

Vertical drill hole (PQ-sized drill core) GOL-16-01 terminated at 131.25 meters. The hole commenced in variably biotite and amphibole altered diorite and at 76 meters crossed into strongly metasomatized and partially-melted hornfels.

The drill hole intersected seven sub-horizontal vein bodies down to 67m and then continued in zones of veinlets and stringer veins comprised of quartz-carbonate-pyrrhotite-pyrite-chalcopyrite with associated biotite alteration across the diorite hornfels contact to the end of the hole.

Pyrrhotite is a magnetic iron sulfide mineral and its occurrence in the drill hole appears to correspond with the discrete magnetic anomaly which is obvious in cross-section.

Pyrrhotite is related to higher gold grades in quartz-calcite veins sampled from underground workings but veinlet and stringer vein zones, such as those observed in this initial drill hole have not yet been observed or sampled at surface.

Regional Exploration

Royal Road Minerals has filed application for in excess of 120,000 Ha of exploration contracts in southern Colombia extending down to the countries border with Ecuador. The company’s intention is to apply its current business model of inclusive and sustainable local joint-venture arrangements within these application areas and has commenced work by engaging with local miners and community leaders in the region. 

La Maria Project

The Company executed an exclusivity arrangement on the Mina La Maria gold project which is located approximately 4 kilometers to the west of the Company’s La Golondrina and La Redención gold projects.

A field and due diligence review of the project has been completed. Field work has revealed that gold mineralization at La Maria is related primarily to sub-meter, steeply-dipping fault zones and that potentially bulk-tonnage gold-mineralized pegmatite bodies do not extend onto the property. Consequently and at this stage, the Company has resolved not to proceed with a joint-venture arrangement at La Maria. 

Royal Road shares were up 8.3% to C$0.13 on Tuesday.

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