Royal Road Minerals Ltd (CVE:RYR) (OTCMKTS:RRDMF) saw its shares shoot higher Thursday as it updated on progress in Colombia, where it has now been granted a 30 year mining contract.
Shares in Royal Road added 13.16% in Toronto on Thursday to stand at C$0.215.
In May this year, with its acquisition of a portfolio of exploration assets from mining major AngloGold Ashanti (JSE:ANG), Royal Road became the largest exploration holder of claims in the country - at around 600,000 hectares. Anglo's assets are contained within a northern block grouping and a southern block.
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In a statement Thursday, Royal Road said due to the now completed purchase of the AngloGold Ashanti affiliate, Northern Colombia Holdings Ltd it has now received the rights to a newly granted mining concession contract in the departments of Caldas and Risaralda.
The contract - FG2-08001X - covers epithermal and porphyry style gold occurrences in the municipalities of Filadelfia and Quinchía, in the company's "Northern Block" of titles and title applications, it added.
Acquiring such a contract requires, among other things, the company to present and fulfill a Social Management Plan and the National Mining Agency to complete a Concertation seeking the approval of local authorities, followed by a Public Hearing with local communities.
The public hearing for the concession contract was held on August 6 this year and was attended by representatives of Royal Road, the company said.
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