TORONTO, ON / ACCESSWIRE / June 9, 2015 / Royal Road Minerals Limited (TSXV: RYR) ("Royal Road Minerals" or the "Company"), a gold and copper focused mineral exploration and development company, is pleased to provide an operating update from its Gömeç gold project in Balıkesir province of Western Turkey.
The Gömeç project comprises five 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.
In late 2014, the Company conducted an exploratory reverse circulation drilling program at the Gömeç 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-015, 40 meters at 1.0g/t gold in contiguous drill holes located 100 meters away from each other.
Drilling permits have now been received and follow-up drilling is due to commence this week. The program is expected to total approximately 3000 meters and will be comprised of a combination of infill holes to close-up the 100 meter spaced drill holes from the 2014 program, step out holes along and across strike of the previous drilling and exploratory holes on newly identified and previously undrilled targets along and adjacent to the 10km long gold mineralized ridge.
In areas of known gold mineralization drill holes will be pushed deeper to test newly identified IP anomalies (see Figure 1) and to test underlying crystalline basement rocks where evidence from nearby occurrences suggests higher gold grades may occur.
"We have learned a lot from our recent field work at Gömeç and hope that this new knowledge will translate into some promising subsurface results" said Tim Coughlin, Royal Road Mineral's President and CEO "Results from the IP coupled with what we are hoping to find in crystalline basement rocks underlying the mineralized volcanic sequence have added some particular excitement to this program. We expect the drill rig to commence work later this week."
Image: https://orders.newsfilecorp.com/files/4008/15755_royalroads.jpg
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4008/15755_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:
Donna Pugsley
Investor Relations Manager
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
info@royalroadminerals.com
SOURCE: Royal Road Minerals Limited