Business
Royal Road Minerals Announces Closing of Acquisition of Colombian Exploration Assets
Toronto, Ontario--(Newsfile Corp. - May 31, 2019) - Royal Road Minerals Limited (TSXV: RYR) ("...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Announces Closing of Acquisition of Colombian Exploration AssetsToronto, Ontario--(Newsfile Corp. - May 31, 2019) - Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") is pleased to announce that it has closed the previously announced acquisition (the \"Acquisition\") of Northern Colombia Holdings Limited (\"NC Holdings\") from Compañía Kedahda Limited (the \"Seller\"), an affiliate of AngloGold Ashanti Limited (\"AngloGold Ashanti\"). NC Holdings, through its subsidiaries, owns Exploraciones Northern Colombia SAS (\"ENC\"), which holds or has rights to a title package (collectively, the \"Titles\") comprised of mining concession agreements covering approximately 35,747 hectares of land, and the rights with respect to applications that have been made to acquire mining concessions over approximately 168,841 hectares of land, in prospective mineral belts in the Nariño, Cauca and Antioquia departments of Colombia.Highlights of the AcquisitionHigh quality, Appraised and Prioritized Title Package. The Titles were assembled as a result of systematic exploration, appraisal, prioritization and the purposeful reduction of land holdings by AngloGold Ashanti since the inception of its activities in Colombia in 2004. Increased Future Optionality. The Acquisition significantly increases the Company's portfolio of potentially Tier 1 exploration assets and provides the Company with various options for joint-venture and cash generating transactions in Colombia.Advanced Exploration Potential. The Acquisition provides the Company with access to drill-ready potentially Tier 1 projects on granted concession agreements within its present area of interest and elsewhere in prospective mineral belts throughout Colombia.The PropertiesThe Titles are grouped into two blocks, the Southern Block, which is located contiguous with Royal Road's existing 3500 square kilometers of exploration rights in Nariño Province and the Northern Block, which covers the well-known Middle Cauca Belt. There are 16 currently identified individual gold project areas located within the title package and numerous underexplored areas which management believes host significant geologic potential. Royal Road's initial focus will be on granted titles containing targets that can be moved to the drilling-stage as soon as p...