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Royal Road Minerals Announces Final Drilling Results From Gomec Project; Western Turkey, Termination of Option Agreement and New Strategic Focus on La Golondrina and Gold Exploration in Colombia
TORONTO, ON / ACCESSWIRE / October 26, 2015 / Royal Road Minerals Limited (TSXV: RYR) ("Roya...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Announces Final Drilling Results From Gomec Project; Western Turkey, Termination of Option Agreement and New Strategic Focus on La Golondrina and Gold Exploration in ColombiaTORONTO, ON / ACCESSWIRE / October 26, 2015 / Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road Minerals\" or the \"Company\"), a gold and copper focused mineral exploration and development company, announces final drill results from its Gömeç gold project and its decision to discontinue work in Turkey and focus activities on La Golondrina and Colombia. All reported intersections are down-hole widths as true widths cannot be determined from the currently available information. \nThe Gömeç project comprises five contiguous exploration licenses and is an early-stage gold exploration project located in the hinterland of Bal1kesir province Western Turkey. Royal Road Minerals was granted an option to earn a 50% interest in the Gömeç property and in other exploration properties under the same ownership by spending an aggregate of US$2M on exploration and development work to earn a 20% interest and a further US$2M of such expenditures to earn an additional 30% interest. In addition, on or before December 31, 2016, the Company would pay an amount equal to US$3M to the sole owner of the properties which would result in the Company acquiring a 50% shareholding.\nRoyal Road Minerals has spent a total of US$1.2M in exploration work at Gömeç and at other gold and copper-gold exploration licenses covered under the Option Agreement. At Gömeç the Company has completed 4,494m of combined reverse circulation and diamond drilling in two separate drilling campaigns during 2014 and 2015. The 2015 drilling program, comprising 2,571m is now complete with all final analytical results returned on October 22. Of the final drill holes, 5 reverse circulation drill holes (GRC 29-33) were drilled into specific targets over an approximately 5km strike length along the Gömeç ridge to the southeast (see Figure 1). None of these drill holes returned significant gold. GRC-28 which was drilled in the Kubaslar area (Figure 1) returned 10m @ 1 gram per tonne gold, whereas diamond drill holes, GK 11 and GK 12 which aimed to test the potential for deeper, higher-grade gold mineralization at Kubaslar (see Press Rele...