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Royal Road Minerals Executes Exclusivity Agreement Over Mina La Redención Gold Project in Nariño Province, Colombia
TORONTO, ON / ACCESSWIRE / January 28, 2016 / Royal Road Minerals Limited (TSXV: RYR) ("Roya...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Executes Exclusivity Agreement Over Mina La Redención Gold Project in Nariño Province, ColombiaTORONTO, ON / ACCESSWIRE / January 28, 2016 / Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road Minerals\" or the \"Company\"), a gold focused mineral exploration and development company, is pleased to announce that it has entered into a binding letter of intent with the mining concessionaire with respect to the Mina La Redención gold project, which is located approximately 450 meters north of the license boundary of the Company's La Golondrina gold project in the Nariño Province of southern Colombia. The letter of intent provides the Company with the exclusive right to conduct exploration and legal due diligence on the Mina La Redención gold project property for a period of three months commencing January 27, 2015.\nThe Mina La Redención gold project is a locally owned and operated vein-hosted gold mine held under a 25 hectare mining license. The project has not yet been drill-tested but exposure in underground development reveals that the mineralized system has the same geological characteristics to the Company's neighboring La Golondrina gold project. Where exposed, gold mineralization at La Redención is most similar to the \"vein-zone\" style of gold mineralization at La Golondrina and comprises three or more parallel veins with subsidiary linking vein structures extending over widths that can exceed one meter. Mineralized bodies at Mina La Redención are shallow-dipping, and occur at the same topographic level to and just 450 meters along strike to the north from veins and vein-zones at La Golondrina suggesting they are part of the same mineralizing system. \n\"We are pleased to have this exclusive opportunity to geologically assess and conduct due diligence at Mina La Redención,\" said Tim Coughlin, Royal Road's President and CEO. He added \"It is our view that gold mineralization at La Redención is an exposed along-strike extension of the same high-grade gold system at La Golondrina, testifying to the lateral extent of vein and hornfels-hosted gold mineralization in this area and thus to its plus million ounce potential. Underground channel sampling at La Golondrina is now drawing to a close and once complete the sampling teams will move across to commence ...