leadf
logo-loader
viewRoyal Road Minerals Ltd

Royal Road Minerals unveils encouraging new drill results from Luna Roja gold project in Nicaragua

Last year, the pair completed an initial 17-hole drilling program at the project, with assays including 49 metres (m) at 2.8 grams per ton (g/t) gold

Royal Road Minerals -
Results from the first nine holes, have included 65m at 6.9 g/t gold, including 41m at 10 g/t of the yellow metal

Royal Road Minerals Limited (CVE:RYR) has posted encouraging drill results from the Luna Roja gold project in Nicaragua, which have provided the firm with more insight into how to extend mineralization there.

The asset lies in the highly prospective Golden Triangle, a region that has produced some eight million ounces of gold since the early 1900's and is part of Royal Road's strategic-alliance with Hemco Mineros Nicaragua.

READ: Royal Road Minerals releases geophysical results suggesting porphyry-style gold mineralization at Caribe project

Last year, the pair completed an initial 17-hole drilling program at the project, with assays including 49 metres (m) at 2.8 grams per ton (g/t) gold, including an intersection of 22m at 5.3 g/t gold.

A follow-up program commenced at Luna Roja in May this year, comprising around 3,000m of diamond drilling aimed at extending known gold mineralization and exploring deeper ground microgravity targets.

Results from the first nine holes, have included  65m at 6.9 g/t gold, including 41m at 10 g/t of the yellow metal, noted Royal Road.

"These drill results answer key questions in respect of grade distribution and depth-potential at Luna Roja" Dr Tim Coughlin, Royal Road's president and chief executive said in a statement.

"It appears that the gold-skarn system is characterized by steeper-dipping, higher-grade, breccia bodies, surrounded by lower-grade gold mineralization which is oriented broadly parallel to bedding.

"Both styles of mineralization show promise in respect of extending gold mineralization at depth, which will be an important parameter in terms of quantifying plus million ounce potential at Luna Roja," he added.

Hemco Mineros Nicaragua owns and operate the Bonanza gold mine which lies just 26 kilometres to the northwest of Luna Roja.

Royal Road Minerals is the operator of the strategic alliance.

Shares in Toronto gained 17.5% to C$0.44 each.

---Updates for share price---

Contact the author at giles@poroactiveinvestors.com

Quick facts: Royal Road Minerals Ltd

Price: 0.275 CAD

TSX-V:RYR
Market: TSX-V
Market Cap: $71.69 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 Ltd named herein, including the promotion by the Company of Royal Road Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Royal Road Minerals' announce 'massively exciting' drilling results from...

Royal Road Minerals Limited's (CVE:RYR) CEO Tim Coughlin talks to Proactive London's Katie Pilbeam about the initial drilling results from its follow-up diamond drilling program at the Caribe gold discovery in Nicaragua. Coughlin says 'this is massively exciting for an exploration company...

2 weeks, 4 days ago

2 min read