Royal Road Minerals Provides an Exploration Update on the Los Andes Project, Nicaragua
Toronto, Ontario--(Newsfile Corp. - April 18, 2017) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to provide an exploration update from its Los Andes project in Nicaragua.
The Los Andes project is located 90 km from Managua in the Department of Boaco, Nicaragua and is being acquired by Royal Road from Caza Gold Inc ("Caza Gold", see press release 15th March).
Recent field reviews have confirmed what management believes is a compelling drill-ready porphyry copper (± gold) target at Los Andes. Very thorough Terraspec® alteration analyses, conducted by Caza Gold and using a database containing in excess of 4,500 rock-chip samples has identified that the most intense hydrothermal alteration at Los Andes is related to an outcropping porphyry body with strongly pyritic breccia located peripheral to it (see Figure 1).
One drill hole, QZP-003 which was drilled in 2014 (see Figure 1), collared into the porphyry body and intersected approximately 130 meters of intensely altered and pyritic breccia which is anomalous in copper and which we interpret as a "pyrite-shell", possibly related to underlying porphyry-style copper (± gold) mineralization (see Figure 1). Drill hole QZP-003 is the only drill hole to target the area of most intense hydrothermal alteration at Los Andes.
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In 2015 Caza completed an airborne geophysical survey over the Los Andes area which highlighted a well-defined magnetic anomaly corresponding to the area of most intense hydrothermal alteration (see Figure 2). 3D modelling of this data implies a magnetic body, possibly related to a potassic core (see Figure 1, C), at a depth of approximately 500 meters below the porphyry outcrop mapped at surface. Royal Road is currently conducting geophysical measurements (magnetic susceptibility) on drill core from QZP-003 with the aim being to better constrain the 3D model and providing a robust porphyry drill-target. The Los Andes target is fully permitted for drill testing.
"We are very excited by these observations and the potential of an underlying porphyry copper-gold body at Los Andes," said Dr Tim Coughlin, Royal Road's President and CEO. "We believe this target, which is technically well-constrained, is simple to test and very much fits our mandate of finding something new, large and exciting."
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101. Royal Road Minerals employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com.
This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements") and includes statements relating to the Offer and those describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company and Caza, or developments in the Company's and Caza's business or in the mineral resources industry, or with respect to the Offer, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words "plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's take-over bid circular prepared and filed in accordance with applicable securities laws in Canada as well as the ability of the Company to effect a compulsory acquisition and to de-list the Caza shares from the TSX Venture Exchange.
The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Offer and the Company's and Caza's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's and Caza's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and information provided to the Company by Caza, and, except as required by law, the Company and Caza do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this news release should be construed as either an offer to sell or a solicitation to buy or sell the Company's securities.
For further information please contact:
Dr. Timothy Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166