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Royal Road Minerals Executes Binding Letter of Intent for an Option To Acquire the La Golondrina Gold Project, Colombia and Announces $CAD1M Financing
TORONTO, ON / ACCESSWIRE / August 19, 2015 / Royal Road Minerals Limited (TSXV: RYR) ("Royal...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Executes Binding Letter of Intent for an Option To Acquire the La Golondrina Gold Project, Colombia and Announces $CAD1M FinancingTORONTO, ON / ACCESSWIRE / August 19, 2015 / Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road Minerals\" or the \"Company\"), a gold and copper focused mineral exploration and development company, is pleased to announce that it has entered into an indicative offer and binding letter of intent with RA Apraiez (\"RA\") for an option to acquire 100% of the La Golondrina gold project in southern Colombia. The Company is also pleased to announce that it intends to raise up to CAD$1,000,000 in additional funds to help finance its planned initial operations in Colombia.\nLA GOLONDRINA\nThe La Golondrina project is a locally Colombian owned and operated high-grade intrusion-related and vein-hosted gold project in Nariño Province of southern Colombia (see Figure 1). The project comprises stacked shallow-dipping quartz-veins and vein zones with in excess of 30 historic working levels in an area of approximately one square kilometer and over a vertical interval of approximately 400m. Veins and vein zones have mining widths ranging from some 20cm to 1m in true-width respectively and have been developed from adits over horizontal distances of (up until recently), no more than 100m length before lack of power and thus lighting and ventilation forced miners to retreat (see Figure 1). Gold grades are highly variable with 51 selective underground vein samples1 returning a mean of 12.8 grams per tonne but with a standard deviation of 13.8 grams per tonne. The highest quartz vein sample to-date has returned 63.7 grams per tonne gold over a 1.5 meter long vein-parallel channel sample. Samples from the intrusive host rock adjacent to gold bearing veins have returned up to 3.8 grams per tonne gold and 6.8 grams per tonne gold has been returned from a 2m square panel-sample in an underground vein stockwork zone. \nThere has been no drilling or systematic exploration conducted at La Golondrina. Management of the Company believes that there is an opportunity to define a significant high-grade plus million ounce resource at the project, to rationalize, modernize and expand the current operations and achieve relatively early cash flows from modest capital investment. \n\nThe Golondrina project is h...