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.
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