24 May Press Release, 24th May 2016
ROYAL ROAD MINERALS ANNOUNCES RECEIPT OF DRILLING PERMISSIONS; LA GOLONDRINA GOLD PROJECT, NARIÑO PROVINCE, COLOMBIA
May 24, 2016 – Toronto, Ontario: Royal Road Minerals Limited (TSXV:RYR) (the “Company”), a gold focused mineral exploration and development company, is pleased to announce that pursuant to the approved work program (“PTO”, approved by Colombia’s Agencia Nacional de Minería) and environmental license (see Press Release April 27) for the La Golondrina gold mine, exploration drilling is now permitted at the project.
An initial scout diamond drilling program of between 1000 and 1500 meters is planned at La Golondrina. This will be the first drilling program to be conducted at the project with drilling expected to commence by August of this year. Holes will target known vein and vein-zone occurrences close to the intrusive contact with adjacent metasomatic hornfels, along strike extensions of this contact as indicated by ground magnetic data and other high-grade gold mineralized vein occurrences corresponding to often coincident magnetic and IP chargeability anomalies.
“In preparation for drilling we have commissioned a significant reprocessing and overhaul of geophysical and other available data at the La Golondrina project” said Dr Tim Coughlin, President and CEO of Royal Road Minerals “The geophysics is currently being reprocessed using mapped geological constraints and measured rock properties such as magnetic susceptibility, estimated resistivity and IP-chargeability. Early indications are encouraging, showing convincing sub-horizontal combined magnetic and IP anomalies some of which appear to be spatially related to known high-grade gold veins and underground mine development. We have received quotations and expressions of interest from five drilling contractors and depending on rig availability, we hope to commence drilling sometime before the end of August.”
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 exploration work including 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 may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements regarding the Offering and the use of proceeds therefrom. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the hiring and retention of directors and officers, exploration and development of mineral properties, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors”, which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information please contact:
Dr. Tim Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800