Royal Road Minerals Intersects 118 m at 1.0 g/t Gold Including 22 m at 3.9 g/t Gold and 21.0 g/t Silver at Its Gomec Project
Toronto, Ontario--(Newsfile Corp. - July 15, 2015) - Royal Road Minerals Ltd. (TSXV: RYR) ("Royal Road Minerals" or the "Company"), a gold and copper focused mineral exploration and development company, is pleased to announce interim drill results from its Gömeç gold project in Balıkesir province of Western Turkey.
The Gömeç project comprises five contiguous exploration licenses and is an early-stage gold exploration project located in the hinterland of Balıkesir province, immediately adjacent to Koza Gold's Kubaşlar gold project. Gold extends discontinuously over an approximately 10km long, northeast trending ridge comprised of Oligocene age volcanic and intrusive rocks. Gold mineralization is dominantly low-sulfidation epithermal in style and appears to be both stratabound and structurally controlled.
In late 2014 the Company conducted an exploratory reverse circulation drilling program at the Gömeç project, notable results from that program included GRC-014, 76 meters at 1.0g/t (including 24 meters at 2.0g/t gold and 18.7g/t silver), GRC-013, 56 meters at 1.0g/t (including 22 meters at 2.0g/t gold and 15.6g/t silver) and GRC-015, 40 meters at 1.0g/t gold in contiguous drill holes located 100m away from each other.
A follow-up reverse circulation drilling program commenced on June 14 this year. The program is expected to total approximately 3000 meters and will be comprised of a combination of infill holes, step out holes along and across strike of the previous drilling and exploratory holes on newly identified and previously undrilled targets along and adjacent to the 10km long gold mineralized ridge.
Results have now been returned from the first three drill holes at the project (see Table 1 and Figures 1 and 2). All three drill holes have returned significant intersections as follows:
| GRC-021 | 32.0m at 1.1 g/t gold | |
| GRC-022 | 118.0m at 1.0 g/t gold (end of hole); including | |
| 22.0m at 3.9 g/t gold and 21 g/t silver | ||
| GRC-023 | 36.0m at 1.0 g/t gold; and | |
| 22.0m at 1.0 g/t gold | ||
These three drill holes are following a dominantly northwest trending and apparently southerly plunging mineralized brittle fault zone of unknown extent which was identified in previous drilling and is obvious in IP geophysics and ground magnetics. The Gömeç project area is characterized by several of these gold mineralized northwest trending brittle fault zones which appear to transect and offset older east-west oriented fault zones. Older east-west oriented zones and east-west oriented volcanic layering also appear to be gold mineralized and consequently drill holes are angled to test both of these mineralized orientations. GRC-022 intersected 118m at 1.0 g/t gold (including 22.0m at 3.9 g/t gold and 21 g/t silver) and remains open at depth. Whereas this drill hole is located just 50 meters away from existing drill holes, the style of mineralization was quite different with higher grade gold related to carbonate alteration as opposed to silica. This hints at the presence of two distinct styles of gold mineralization at Gömeç that may be related to the differing structural orientations. Management believe that various orientations of gold mineralization, persistence at depth and different gold mineralized "pulses" are positive for the bulk tonnage potential of the Gömeç project.
Figure 2 illustrates the relationship between gold intersected in drilling, planned drill holes and IP chargeability and resistivity. A southerly plunge is obvious in the IP interpretation and there is a good relationship between both chargeability and resistivity anomalies and gold grade. The IP also highlights some further targets at depth.
"These initial drill results are of course encouraging and highlight the obvious bulk tonnage potential at Gömeç" said Tim Coughlin, Royal Road's President and CEO "we are also very much interested in testing the potential where these gold mineralized fault zones extend below the volcanic rocks into the underlying crystalline basement rocks. Examples of mineralized occurrences in the Gömeç region imply that gold grades increase in the basement rocks below the volcanic pile and long, open-at-depth gold intersections such as those encountered in GRC-022 and lower grade long intersections in previous drill holes, suggests good gold continuity at depth. Drilling at Gömeç will take a brief break over the Bajram holiday in Turkey from July 16 to 20."
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4008/16283_figure1enhanced.jpg
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4008/16283_figure2enhanced.jpg
To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/4008/16283_table1enhanced.jpg
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. Reverse circulation drill chips are bagged on-site in 1 meter intervals and split on site into 2 meter composite samples. All assay work for released results are carried out by ALS-Chemex certified analytical laboratory in Izmir, Turkey. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com.
About Royal Road Minerals:
Royal Road Minerals is a gold and copper focused exploration and development company. The Company has projects in Western and Southeast Turkey. In the West the Company is advancing gold and copper projects under an earn-in agreement whereas in the East it is conducting early-stage exploration in a remote, under-explored and highly prospective gold and copper mineralized magmatic belt.
About the Oremine Option Agreement:
The Oremine agreement covers the Gömeç, Uğur Tepe and Ispir license areas. Royal Road Minerals has been granted the option to earn a 50% interest in the JV Companies holding the license rights over these projects. In order to earn this interest, the Company must spend an aggregate of US$2,000,000 on exploration and development work at these projects to earn a 20% interest in the JV Companies and a further US$2,000,000 of such expenditures to earn an additional 30% interest in the JV Companies, in each case, before December 31, 2016. In addition, on or before December 31, 2016, the Company must pay an amount equal to US$3,000,000 to the sole shareholder of the companies as consideration for the waiver or agreement not to participate in a capital increase or in connection with any applicable share transfer transactions, which would result in the Company or RRM Turkey acquiring a 50% shareholding in each of the JV Companies.
Cautionary statement:
Neither 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. 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 Option Agreement. 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 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:
Donna Pugsley
Investor Relations Manager
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
info@royalroadminerals.com