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Royal Road Announces Integration of Guintar and Niverengo Mining Concession Contract Areas; Antioquia Region, Colombia
Renewed Exploration Term of 19-Years and 11-months Toronto, Ontario--(Newsfile Corp. - Februar...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Announces Integration of Guintar and Niverengo Mining Concession Contract Areas; Antioquia Region, ColombiaRenewed Exploration Term of 19-Years and 11-monthsToronto, Ontario--(Newsfile Corp. - February 7, 2023) - Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") is pleased to announce the integration of its Guintär and Niverengo mining concession contract areas into one new concession contract area and the consequent renewal of the relevant exploration term for a further 19-years and 11-months. The Guintär and Niverengo concession contract areas were part of the GNM project area and were acquired through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited (see Press Release May 31, 2019). The concession contracts are subject to a 50-50 exploration joint venture pursuant to a strategic alliance agreement dated March 2, 2020, between the Company and Mineros S.A. (TSX: MSA) (\"Mineros\"; see Press Release March 3, 2020). Royal Road is operator of the strategic alliance.The process of integrating a mining Concession Contract in Colombia requires certain regulatory approvals including the approval of a unique plan of exploration and exploitation (Plan Único de Exploración y Explotación, PUEE) which, amongst other requirements, requires the applicant to prove that mineralization is continuous across relevant concession contract boundaries. The Company's PUEE was approved by the Secretary of Mines of Antioquia in August 2022, and the newly integrated Concession Contract was issued and signed by the Governor of Antioquia on December 19, 2022. Final documentation has now been submitted to the Colombian Mining Agency for registration. The newly integrated mining concession contract IJN-11331 (\"Guintär\") has an area of 1848 hectares, which incorporates the currently known extent of copper and gold mineralization at GNM. The exploration term for IJN-11331 is 19 years and 11 months commencing from December 26, 2022 and the contract has a total duration of 30-years extendable for a further 30-years. Current water concessions and discharge permits remain valid and unaffected. Project HighlightsAngloGold-Ashanti commenced work on the GNM project area in 2015 and completed two scout drilling campaigns. At Guintär, in...