Royal Road Minerals Announces Final Drilling Results From Gomec Project

The Gömeç project comprises five contiguous exploration licenses and is an early-stage gold exploration project located in the hinterland of Bal1kesir province Western Turkey. Royal Road Minerals was granted an option to earn a 50% interest in the Gömeç property and in other exploration properties under the same ownership by spending an aggregate of US$2M on exploration and development work to earn a 20% interest and a further US$2M of such expenditures to earn an additional 30% interest. In addition, on or before December 31, 2016, the Company would pay an amount equal to US$3M to the sole owner of the properties which would result in the Company acquiring a 50% shareholding.

Royal Road Minerals has spent a total of US$1.2M in exploration work at Gömeç and at other gold and copper-gold exploration licenses covered under the Option Agreement. At Gömeç the Company has completed 4,494m of combined reverse circulation and diamond drilling in two separate drilling campaigns during 2014 and 2015. The 2015 drilling program, comprising 2,571m is now complete with all final analytical results returned on October 22. Of the final drill holes, 5 reverse circulation drill holes (GRC 29-33) were drilled into specific targets over an approximately 5km strike length along the Gömeç ridge to the southeast (see Figure 1). None of these drill holes returned significant gold. GRC-28 which was drilled in the Kubaslar area (Figure 1) returned 10m @ 1 gram per tonne gold, whereas diamond drill holes, GK 11 and GK 12 which aimed to test the potential for deeper, higher-grade gold mineralization at Kubaslar (see Press Release August 17), have not returned any significant intersections for gold (see Table 1).

In light of these results and after a full technical assessment of all available geological data, management’s view is that any potentially economic gold mineralization at Gömeç will likely be low-grade and as such does not fit the Company's focus at this time and given current market conditions. The Company has thoroughly explored new partnership and alternative deal and funding structures for Gömeç, however the enervating influence of political and regulatory uncertainty in Turkey has generally served to impede any possible third party interest. Consequently Royal Road Minerals has terminated the Option Agreement covering the Gömeç property.

As a consequence of the above and given the Company’s new focus on Colombia and on what Management believes is a promising high-grade gold project at La Golondrina, the Company has taken the decision to divest all other interests in Turkey as soon as practicable.

"We are working on various exit deals with partners who have been close to the Company since it commenced exploration operations in Turkey" commented Tim Coughlin, Royal Road’s President and CEO. "The March 2013 Peace Process in southeast Turkey provided us with a remarkable opportunity for the discovery of potentially large gold and copper resources in a previously under-explored and prospective region. Since August of this year however, there has been a significant increase in ethnic tension in that region to the extent that it is now considered difficult to work there. This convergence of recent drill results and political events in Turkey, when contrasted with promising high-grade prospects at La Golondrina and in Colombia as a whole, have led to what we consider is a necessary and logical strategic shift in focus".

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, UÄŸur 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:
Investor Relations

USA-Canada toll free 1800 6389205
+44 (0)1534 887166
info@royalroadminerals.co


TABLE 1. GOMEC, DRILL HOLE SUMMARY TABLE (INTERSECTIONS GOLD GREATER THAN 1g/t, SILVER GREATER THAN 10g/t)

TOTAL   
         
              HOLE ID     
             PROSPECT 
             EASTING 
             NORTHING 
             ELEVATION  
             DIP  
              AZIMUTH
              DEPTH 
             FROM 
             TO 
              LENGTH (m) 
             GRADE (g/t)  
              INCLUDES (g/t)
             SUB 1g/t HAL 

             (m) 

             (m) 

               
             GOLD    
             SILVER 
             LENGTH 
             GOLD 
             SILVER 

             110.7 
             112.8 
             2.1 
             1.0 
   
             
             56.4m @ 0.31g/t Au 
             
         
         
              GK-11 
             Kubaslar 
             495585 
             4354400 
             571 
             70 
             360 
             308.0 
               281.65 
              283.8  
               2.15 
               2.79 
        
              GK-12 
             Kubaslar 
             495582 
             4354400 
             592 
             70 
             360 
             305.6 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD 
             
                  
              GRC-028 
             Kubaslar 
             496068 
             4354389 
             556 
             60 
             360 
             168.00 
             110.0 
             120.0 
             10.0 
             1.0 
             3.7  
              
             
              
              32m @ 0.54g/t Au  
                  
              GRC-029 
             Akcakil 
             494005 
             4352871 
             435 
             60 
             220 
             118.00 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD 
              
                  
              GRC-030 
             Akcakil 
             493994 
             4352815 
             430 
             70 
             310 
             126.00 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD 
              
                  
              GRC-031 
             Sahman 
             493115 
             4353265 
             506 
             60 
             40 
             138.00 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD 
              
                  
              GRC-032 
             Sahman 
             493056 
             4353352 
             476 
             45 
             48 
             66.00 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD 
              
                  
              GRC-033 
             Kutuk 
             491296 
             4352214 
             417 
             45 
             13 
             90.00 
             NO SIGNIFICANT INTERSECTIONS GREATER THAN 1g/t GOLD

* NOT TRUE WIDTH
DOWN HOLE CUT-OFF 0.2g/t GOLD
MAXIMUM INTERNAL DILUTION 10m

FIGURE 1

Image: https://orders.newsfilecorp.com/files/4008/17772_royalr1.jpg

To view an enhanced version of this image, please visit:
http://orders.newsfilecorp.com/files/4008/17772_royalr2.jpg

SOURCE: Royal Road Minerals Ltd.