Royal Road Minerals Receives New 30 Year Mining Concession Contract for Its Margaritas Gold Project in Antioquia; Colombia
The Margaritas gold project is located in the Anza mining district, approximately 50 Km west of Medellin. Margaritas was initially acquired as an application for title through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited ("AGA"; see Press Release May 31, 2019). The Margaritas project, together with the neighboring Guintär and Niverengo project areas, are subject to a Strategic Alliance Agreement between the Company and Mineros S.A. ("Mineros"; see Press Release March 2, 2020). Under the terms of the Agreement, Mineros currently own a 25% interest in the Guintär-Niverengo and Margaritas project areas and may acquire a further 25% (up to a total 50%) interest by providing a further USD $1.5M of exploration funding. Royal Road Minerals are operators of the Strategic Alliance.
The process of acquiring a mining Concession Contract in Colombia requires amongst other things, the Company to present a Social Management Plan and the Secretaría de Minas de Antioquia to complete a Concertation seeking the approval of local authorities, followed by a Public Hearing with local communities. The Public Hearing for the Margaritas Concession Contract (SGL-09001), was conducted on May 27, 2021 and the Concession Contract was granted on August 27, 2021. Mining Concession Contracts have an initial term of 30-years which is extendable for a further 30 years.
During the period 2012-2017, AGA completed geological mapping, reconnaissance rock-chip sampling, ridge and spur soil sampling and an airborne magnetic and radiometric survey over the Margaritas area. Royal Road has conducted grid-based surface geochemical sampling and further geological mapping at Margaritas (see Figure 1). The Company now considers the project "drill-ready", subject to the fulfilment of the Social Management Plan, environmental baseline studies and the receipt of all necessary permissions.
To view an enhanced version of Figure 1, please visit:
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 sampling techniques and sample results meet international reporting standards. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com.
Quality Assurance and Quality Control:
Sample preparation and analyses are conducted according to standard industry procedures. Soil samples are taken dry, sieved to -180 micron (80 mesh) and analyzed for Gold by fire assay and ICP-AES and multi-elements by ICP-MS after aqua regia digestion. Analytical performance is monitored by means of certified reference materials (CRMs), fine blanks, and laboratory duplicate samples. Soil samples have been prepared in ALS Chemex preparation lab in Colombia and analyses have been completed in ALS Chemex Lima, using the PREP-41, Au-ICP 21 and ME-MS61 package.
This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements") describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words "plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company's exploration plans.
The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
For further information please contact:
Dr. Timothy Coughlin, President and Chief Executive Officer
+44 (0)1534 887166