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Royal Road Minerals and MSB Holdings Granted Preferred Bidder Status for the Jabal Sahabiyah Exploration License; Kingdom of Saudi Arabia
Toronto, Ontario--(Newsfile Corp. - January 15, 2024) - Royal Road Minerals Limited ( TSXV: RYR )...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals and MSB Holdings Granted Preferred Bidder Status for the Jabal Sahabiyah Exploration License; Kingdom of Saudi ArabiaToronto, Ontario--(Newsfile Corp. - January 15, 2024) - Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") and MSB Holdings Limited (\"MSB\") are pleased to announce that they have been awarded Preferred Bidder status in a competitive Licensing Round for the Jabal Sahabiyah Exploration License which is located in Asir Province of the Kingdom of Saudi Arabia.The Licensing Round was announced by the Ministry of Industry and Mineral Resources (\"MIMR\") in early 2023 with a site-visit to be concluded and proposals to be submitted by August of that year. Submissions were appraised on merit and required the Preferred Bidder to demonstrate skill-relevant and suitably qualified management and technical personnel, access to sufficient resources and to prove high-level performance and a commitment to the principles of sustainability. Specific assessment criteria included such aspects as proposed exploration work program, exploration spend, technical expertise and social impact management plan. The Jabal Sahabiyah Exploration License will be granted to Royal Road Arabia (\"RRA\"), Royal Road and MSB's 50-50 joint-venture vehicle (see Press Release August 24, 2023), subject to the payment of a performance financial guarantee (to be agreed with MIMR) and the satisfaction of certain legal and regulatory requirements. The license will have an initial term of 5 years, with an option to renew every further 5 years for a total of 15 years. RRA has committed to minimum expenditure of ($USD) 5,500,000 (20.65 million Saudi Riyal), over the first 5 years. Expenditure is success dependent subject to surrender of the performance guarantee.The Jabal Sahabiyah Exploration License is approximately 284km2 in area and was discovered as a result of regional mapping by Riofinex Ltd in the late 1970's. The prospect is located in the highly prospective Nabitah-Tathlith belt (see Figure 1) and consists of copper-zinc-lead mineralized gossans and vein-gold occurrences hosted in greenschist and amphibolite facies meta-sedimentary and granitoid rocks. Twenty shallow percussion drill holes (totaling 617.5 m) were drilled into one of the gossan occurrences by Riofinex Ltd with best results including drillho...