Royal Road Minerals | Piedra Iman
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Piedra Iman

Piedra Iman Iron Oxide Cu-Au Project

The Piedra Iman project is located 100km northwest of Managua via the Pan American Highway and 30 km north of B2 Gold’s El Limon Mine.  Within the greater region numerous small artisanal gold mines, including over 80 small gold processing plants, have been recorded. Royal Road Minerals controls 100% of the 7,947 hectare Aguas Calientes concession encompassing the Piedra Iman project.

Piedra Iman, was explored in the 70’s by a Noranda subsidiary and included drilling to 200m depth and the completion of one exploration adit. This drilling and underground sampling intersected significant widths of copper and gold mineralisation but is historic in nature and can not be verified by Royal Road. A selection from the copper results include the following intervals:

  DDH_818  9.1m @ 1.50% Cu

  DDH_846  14.3m @ 1.42% Cu

  DDH_851  36.6m @ 1.13% Cu

  DDH_876  14.8m @ 1.65% Cu

Mineralisation was initially thought to be porphyry in style, but a recent visit by Royal Road geologists suggest that it is more likely to be an intrusion related iron oxide copper-gold target (“IOCG”). Gold and copper mineralisation is associated with biotite and quartz veining and brecciation with the presence of magnetite, specularite and rose actinolite having been recorded in both historic drill core and hand specimen.

IOCG deposits are some of the most valuable in the world hosting considerable quantities of copper and gold, the deposits are typically characterised by:

  • Cu, commonly with Au, are the primary economic metals; Ag, REE’s & U are secondary,
  • hydrothermal ore styles with strong structural controls,
  • abundant magnetite and/or hematite

Results from Noranda underground sampling were very encouraging with number of cross-cuts and part of the main drive returning channel sample results as high as 4.3% Cu.

Regional exploration over the Aguas Calientes licence in 2014 included stream sediment sampling and geological mapping. New Au & Cu anomalous areas were identified highlighting the licences prospectivity (Fig 3). These priority targets will be fully explored once all permits are in place.

Subsequent outcrop sampling returned very encouraging grades of up to 60g/t Au and numerous copper samples grading +1%, Figure 4. The Company recently completed a channel sampling programme with results expected to guide drill hole planning and future exploration.

Managements view is that the Piedra Iman project represents an outcropping IOCG target and is a high priority project. The presence of high grade mineralisation on surface combined with encouraging widths of Cu mineralisation reported from historic drilling and underground channel sampling suggests the potential for a significant IOCG deposit exists. The Company is in the process of obtaining the necessary drilling permits and anticipates completing a maiden drill programme in 2017-18. Access to the underground adit will also be obtained providing further valuable geological information.