Royal Road Minerals Limited (CVE:RYR) (OTCMKTS:RRDMF) released the latest round of drill results from its Luna Roja gold project in Nicaragua that indicate a potential new mineralized zone on the property.
Highlights from the six holes returned include drill hole LR-DDH- 30, which returned 95 metres (m) at 1.5 grams per ton (g/t) gold, including 45 m at 3 g/t, and LR-DDH-34 that returned 18 m at 1.1 g/t gold.
Drill hole LR-DDH-34 intersected gold mineralization around 200 m across strike from the gold mineralized anticlinal fold structure, which may indicate a new gold mineralized zone at Luna Roja or a faulted continuation of known gold mineralization, the junior company said in a statement.
The latest results follow earlier drill programs at Luna Roja in 2019 that intersected 49 m at 2.8 g/t gold, including 22 m at 5.3 g/t gold, and a follow-up program in 2020 that intersected 65 m at 6.9 g/t gold, including 41 m at 10 g/t gold. Drill results so far support the interpretation that gold mineralization extends at depth and down plunge towards the northwest at Luna Roja, according to the company.
The most recent drill program aimed to extend gold mineralization along strike and at depth and to test interpreted geophysical targets, according to Royal Road CEO Tim Coughlin.
"We are still awaiting final results, but at this stage, the system remains continuously open along strike to the north and at depth,” Coughlin told shareholders Monday.
“In the south, where we interpret the system to be downthrown and offset by faulting, we have yet to drill-test a deep circular gravity high feature and although a modest intersection, drill hole 34 in the north has raised some interesting questions regarding the across-strike potential of the system.
The firm has moved the drill rig to Caribe, 16 kilometres south of Luna Roja, to start a 1,500-metre drill program as it waits for final results from Luna Roja.
Coughlin added: “Our plan is to conclude the drilling at Caribe and then return the drill rig to Luna Roja for a further drilling program aimed at testing well-defined targets and resolving resource potential."
Luna Roja is part of Toronto-based Royal Road’s strategic Hemco Mineros Nicaragua, a subsidiary of Colombia's Grupo Mineros SA, and is located in the highly prospective Golden Triangle of northeastern Nicaragua, a region that has produced nearly eight million ounces of gold since the early 1900s.
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