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Royal Road Minerals Enters into Option and Royalty and Cash and Royalty Paying Formalization Agreements with Two Producing Gold Mines; Colombia
Toronto, Ontario--(Newsfile Corp. - October 24, 2023) - Royal Road Minerals Limited (TSXV: RYR) (...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Enters into Option and Royalty and Cash and Royalty Paying Formalization Agreements with Two Producing Gold Mines; ColombiaToronto, Ontario--(Newsfile Corp. - October 24, 2023) - Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") is pleased to announce that its 100% owned Colombian subsidiary Exploraciones Northern Colombia SAS (\"ENC\"), has entered into two formalization-based agreements with producing gold mines in the Antioquia and Caldas Departments of Colombia.The Aleman Option and Royalty AgreementENC has executed an Option and Royalty Agreement (the \"Aleman Agreement\") with respect to the \"El Aleman\" gold mining concession contract (the \"Aleman Concession Contract\") owned by individual titleholders (the \"Titleholders\") and located in Colombia's Antoquia Department. The Aleman Agreement replaces a Binding Heads of Agreement which was entered into between the Company and the Titleholders in December of 2021 (see Press Release December 14, 2021). The property underlying the Aleman Concession Contract is located immediately adjacent to the Company's Guintär copper and gold porphyry project where the Company has intersected significant porphyry-style mineralization including, GUI-DD-012, 303.7 meters at 0.8% copper equivalent1 (including 62.0 meters at 2.1 grams per tonne gold, 12.4 grams per tonne silver and 0.62% copper), GUI-DD-013, which returned 126.0 meters at 0.9% copper equivalent (1.2 grams per tonne gold equivalent), GUI-DD-020 which returned 118.0 meters at 0.8% copper equivalent and GUI-DD-021 which returned 181.0 meters at 0.9% copper equivalent (1.1 grams per tonne gold equivalent; see press releases December 14, 2021, April 28, 2022 and June 28, 2022). In 2022 the Company conducted exploratory drilling on the Aleman Concession Contract area and intersected encouraging results including ALM-DD-001, 80.5 meters at 1 gram per tonne gold, including 18 meters at 3 grams per tonne gold (see Press Release June 28, 2022).Under the terms of the Option and Royalty Agreement, the Company can acquire 100% of the Aleman Concession Contract. Summary terms are as follows: Royalty Commitment: The Titleholders shall pay a 3% Net Smelter Returns royalty to ENC which is payable quarterly for a period of 20-years (the current term of the company's Guintär concessi...