Royal Road Minerals (TSXV: RYR) reported this week that it received positive results from a recently completed four-hole exploratory diamond drilling program at its Caribe gold project in northeastern Nicaragua.
In a media statement, the Jersey-based company said that all drill holes intersected gold with significant intersections including CB-DDH-001 yielding 28m at 1.1 g/t gold; CB-DDH-002 yielding 14m at 1.0 g/t gold
Royal Road’s exploration team discovered the Caribe prospect during reconnaissance follow-up of airborne geophysical anomalies in February of 2018
According to Royal Road, the style of gold mineralization discovered at Caribe is unusual in the area, which makes it hard to understand.
Drill core revealed that gold is generally hosted in brecciated volcanic rocks and intrusions of possibly intermediate to alkaline affinity and correlates with elevated molybdenum, copper and arsenic.
“The lack of outcrop at Caribe and the fact that this is a completely new gold discovery leads us to consider these very significant drill results,” Tim Coughlin, the firm’s president and CEO, said in the media brief. “That the style of gold mineralization is locally uncommon and poorly understood, adds somewhat to the excitement and intrigue. We will spend some time conducting detailed petrographic studies of the drill core to help us understand more about the mineralizing system at Caribe in preparation for follow-up drilling in 2020.”
Caribe is located in the prospective Golden Triangle of northeastern Nicaragua, approximately 16 kilometers to the southeast of the Luna Roja gold skarn project, also owned by Royal Road.
The project is part of the company’s strategic-alliance agreement with Hemco Mineros Nicaragua, a subsidiary of Colombia’s Grupo Mineros.