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Royal Road Minerals shares surge on Colombia mining concession contract news

The firm said the mining contract covers epithermal and porphyry style gold occurrences in the municipalities of Filadelfia and Quinchía

Royal Road Minerals -
Royal Road is the largest exploration holder of claims in the country - at around 600,000 hectares.

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.

READ: Royal Road Minerals appoints Nigel Chapman to lead exploration activities in Colombia, Nicaragua

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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Price: 0.15 CAD

TSX-V:RYR
Market: TSX-V
Market Cap: $34.27 m
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