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Royal Road hits large high-grade intercept at Luna Roja

Royal Road Minerals has hit a high-grade intersection during follow-up drilling at its Luna Roja gold project in northeastern Nicaragua.
Royal Road hits large high-grade intercept at Luna Roja Royal Road hits large high-grade intercept at Luna Roja Royal Road hits large high-grade intercept at Luna Roja Royal Road hits large high-grade intercept at Luna Roja Royal Road hits large high-grade intercept at Luna Roja

Luna Roja in Nicaragua

Staff reporter

Follow-up drilling commenced at Luna Roja in May and comprises some 3,000m of diamond drilling aimed at extending known gold mineralisation and exploring newly identified and deeper ground microgravity targets. Highlights included 65m grading 6.9 grams per tonne including 41m grading 10g/t in a breccia body. The breccia-body effectively extends breccia-controlled gold mineralisation from exposure at surface and over a vertical distance of at-least 120m.

"These drill results answer key questions in respect of grade distribution and depth-potential at Luna Roja. It appears that the gold-skarn system is characterised by steeper-dipping, higher-grade, breccia bodies, surrounded by lower-grade gold mineralisation which is oriented broadly parallel to bedding. Both styles of mineralisation show promise in respect of extending gold mineralisation at depth, which will be an important parameter in terms of quantifying plus million ounce potential at Luna Roja," said president and CEO Dr Tim Coughlin.

In 2019, an initial 2,472m in 17 holes were drilled in a scout drilling programme at Luna Roja which also returned long intersections of high grade.

Luna Roja forms a part of a strategic alliance agreement with Mineros.

Shares of Royal Road Minerals are trading at C37c, valuing the company at $85 million.