Highlights from the first 13 drill holes included 49m grading 2.8 grams per tonne gold and 80m grading 1.1g/t gold.
"These drilling results are a great start at Luna Roja. The possibility of extensions to gold mineralisation at depth and under faulted cover to the southeast at Luna Roja is enticing," said president and CEO Dr Tim Coughlin.
Drilling at Luna Roja aims to test the sub-surface extension of surface gold mineralisation identified in saw-cut channel samples which returned long intervals of high grade. These drilling results indicate that gold mineralisation remains open at depth below 150m vertical depth of the deepest drill hole to date.
Skarn-related gold mineralisation at Luna Roja appears to be associated with, breccia, veining and selective replacement of carbonate rocks on the upper limb and in the hinge-zone of a northwest trending, thrust-related, inclined antiform.
Luna Roja is part of a strategic alliance agreement with Mineros in the golden triangle of northeastern Nicaragua, a region characterized by epithermal style gold veins, skarn and porphyry-style mines. Under this agreement, the partners have elected the Luna Roja project as a designated project area and will form a 50:50 JV company to be co-funded by the partners with Royal Road the operator.
Shares in Royal Road Minerals (TSXV:RYR) are trading at C19¢, valuing the company at $41 million.