Royal Road Minerals Provides Operating Update from Its Gomec, Gold Project, Balikesir Province; Western Turkey
22.04.2015 | Accesswire
TORONTO, April 22, 2015 - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road Minerals", "Royal Road" or the "Company") a gold and copper focused mineral exploration and development company is pleased to provide an operating update on its Gömeç gold project in Balıkesir Province Western Turkey.
The Gömeç project comprises 5-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 and 5km north of Bilfer's Ayazmant copper-iron skarn deposit. 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 is both stratabound and structurally controlled.
The Gömeç project was acquired through government tender by Royal Road's JV-Partner, Oremine Madencilik Sanayi ve Ticaret A.Ş. ("Oremine") in 2008. The first "scout" diamond drilling program on the project was conducted by Oremine in 2012. Some notable intersections from that initial program include GS-07, 16.7 meters at 6.4g/t, GS-19, 52.1 meters at 1.3g/t and GK-07 25.0 meters at 1.0g/t gold (see royalroadminerals.com for results table). Royal Road Minerals executed an option agreement to earn up to 50% of the Gömeç project (and other Oremine projects; see Press Release April 21, 2015) in September of 2014 and since then has conducted ground magnetic and radiometric surveys, soil, rock and drainage geochemistry and geological mapping along the 10km strike length of the gold mineralized system. In late 2014 the Company conducted an exploratory reverse circulation drilling program at the project, notable results from that program include 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-014, 40 meters at 1.0g/t gold in contiguous drill holes located 100m away from each other (see Newsletter February 25, 2015).
The Company is now preparing for a follow-up drilling program which is expected to commence before July of 2015. Soil geochemical surveys have been extended, further reconnaissance rock-chip sampling has been conducted across the entire project area (see Figure 1) and IP geophysics is currently underway. The soil geochemistry has further extended areas of known gold mineralization and identified new areas for further sampling to the northeast and southwest of existing anomalies (Figure 1). Reconnaissance rock-chip geochemistry has highlighted new gold mineralization associated with what appear to be dome bodies at Tıfıllar and breccia bodies to the north of the Kubaşlar area (Figure 1).
"We are beginning to get some idea of the extent and nature of gold mineralization at Gömeç and as work continues and results are returned it looks more encouraging" said Tim Coughlin, Royal Road's President and CEO "The system extends over a significant distance at surface and is still open to the northwest and southeast. We are looking forward to integrating the IP with current information and to drill testing targets this Summer."
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4008/15012_royalroadenhanced.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. All assay work for released results are carried out by ALS-Chemex 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, Ügür 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:
Royal Road Minerals Limited
Donna Pugsley, Investor Relations Manager
USA-Canada toll free 1-800-638-9205
+44 (0)1534 887166
+44 (0)7797 742800
info@royalroadminerals.com
The Gömeç project comprises 5-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 and 5km north of Bilfer's Ayazmant copper-iron skarn deposit. 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 is both stratabound and structurally controlled.
The Gömeç project was acquired through government tender by Royal Road's JV-Partner, Oremine Madencilik Sanayi ve Ticaret A.Ş. ("Oremine") in 2008. The first "scout" diamond drilling program on the project was conducted by Oremine in 2012. Some notable intersections from that initial program include GS-07, 16.7 meters at 6.4g/t, GS-19, 52.1 meters at 1.3g/t and GK-07 25.0 meters at 1.0g/t gold (see royalroadminerals.com for results table). Royal Road Minerals executed an option agreement to earn up to 50% of the Gömeç project (and other Oremine projects; see Press Release April 21, 2015) in September of 2014 and since then has conducted ground magnetic and radiometric surveys, soil, rock and drainage geochemistry and geological mapping along the 10km strike length of the gold mineralized system. In late 2014 the Company conducted an exploratory reverse circulation drilling program at the project, notable results from that program include 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-014, 40 meters at 1.0g/t gold in contiguous drill holes located 100m away from each other (see Newsletter February 25, 2015).
The Company is now preparing for a follow-up drilling program which is expected to commence before July of 2015. Soil geochemical surveys have been extended, further reconnaissance rock-chip sampling has been conducted across the entire project area (see Figure 1) and IP geophysics is currently underway. The soil geochemistry has further extended areas of known gold mineralization and identified new areas for further sampling to the northeast and southwest of existing anomalies (Figure 1). Reconnaissance rock-chip geochemistry has highlighted new gold mineralization associated with what appear to be dome bodies at Tıfıllar and breccia bodies to the north of the Kubaşlar area (Figure 1).
"We are beginning to get some idea of the extent and nature of gold mineralization at Gömeç and as work continues and results are returned it looks more encouraging" said Tim Coughlin, Royal Road's President and CEO "The system extends over a significant distance at surface and is still open to the northwest and southeast. We are looking forward to integrating the IP with current information and to drill testing targets this Summer."
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4008/15012_royalroadenhanced.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. All assay work for released results are carried out by ALS-Chemex 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, Ügür 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:
Royal Road Minerals Limited
Donna Pugsley, Investor Relations Manager
USA-Canada toll free 1-800-638-9205
+44 (0)1534 887166
+44 (0)7797 742800
info@royalroadminerals.com