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Royal Road Minerals to shift attention in Nicaragua to Los Andes

Last updated: 13:05 01 Mar 2018 EST, First published: 08:05 01 Mar 2018 EST

piedra iman
Royal Road hasn’t given up entirely on Piedra Imán, though

Royal Road Minerals Limited (CVE:RYR) is to focus more heavily on the Los Andes project in Nicaragua after the explorer reported disappointing drill results from Piedra Imán, its other copper-gold project in the central American country.

The junior, along with local partner Hemco, drilled ten holes at Piedra Imán to try to confirm results reported by Noranda back in the 1970s which suggested significant widths of copper mineralisation were present at the project.

But Royal Road said its own drill program failed to confirm those intersections, and will focus its attention to drill testing the porphyry copper-gold target at Los Andes.

“These drilling results failed to confirm the copper intersections reported by Noranda in the early 1970s and have revealed that higher grade gold is not spatially related to copper mineralisation,” said president and chief executive Tim Coughlin.

Not giving up yet, though

But Royal Road isn’t giving up entirely at Piedra Imán.

It is only interested in developing projects which are host to 2mln ounces or more of gold and it reckons this could still be possible if the system it has been testing there sits on top of a higher-grade copper-gold mineralised body.

“We intend to test this hypothesis quickly and cheaply by seeking permission to reopen Noranda's historic underground exploration development and resample the underground channels where Noranda have reported significant gold grades over long intervals,” added Coughlin.

As for further drilling though, Royal said it will now focus its attention on the porphyry copper-gold target at Los Andes.

Royal Road shares were down 13.3% to C$0.13 early on Thursday afternoon.

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