Intersections At The Guintar Copper And Gold Project

TORONTO - Royal Road Minerals Limited reported on two diamond drill holes and from new saw-cut channel samples taken from outcrops and underground development at its Guintar copper-gold exploration project, in Antioquia Department, Colombia. The Guintar project is part of the Guintar-Niverengo and Margaritas (GNM) project area which comprises the two contiguous Guintar, and Niverengo concession contracts and the neighboring Margaritas concession contract, located approximately 50 Km west of Medellin in Antioquia Department, Colombia. The titles were acquired through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited. The GNM project is a joint venture pursuant to a strategic alliance agreement between the Company and Mineros S.A. under which Royal Road is the operator. On April 6, 2022, having funded a total of US$ 2.5 million in exploration expenditures and exercised its first option, Mineros exercised its second option to acquire a 50% interest under the Strategic Alliance Agreement. Royal Road hold the remaining 50% interest. Following Mineros' exercise of the second option, Royal Road and Mineros will contribute funds to further advance the GNM project in proportion to their respective joint venture interests. In December of 2021 the Company entered into option agreements with neighboring and immediately contiguous property holders.

Drilling at Guintar commenced in July of 2021 and was aimed principally at testing for an underlying intrusive or porphyry-related source to the gold and copper mineralization which had been intersected in previous drilling and is evident in surface geochemical sampling over an area of more than 10 square kilometers. Initial results have been encouraging and include; GUI-DD-012, 303.7 meters at 1.0 grams per tonne gold equivalent (including 62.0 meters at 2.1 grams per tonne gold, 12.4 grams per tonne silver and 0.62% copper) and GUI-DD-013, which returned 126.0 meters at 1.4 grams per tonne gold equivalent from sheeted and stockwork porphyry-style veins hosted in a strongly altered diorite porphyry.

The Company has received results from a further two diamond drill holes from its 2022 drilling program at the Guintar project. Significant intersections include:

GUI-DD-020 - 118.0 meters at 1.0 grams per tonne gold equivalent[1] (0.8 grams per tonne gold, 3.8 grams per tonne silver and 0.17% copper), Including (from 6.0 meters), 54.0 meters at 1.0 grams per tonne gold, 5.5 grams per tonne silver and 0.24% copper; and GUI-DD-021 - 181.0 meters at 1.1 grams per tonne gold equivalent (0.9 grams per tonne gold, 3.6 grams per tonne silver and 0.20% copper), Including (from 148.0 meters), 43.0 meters at 2.4 grams per tonne gold, 8.0 grams per tonne silver and 0.40% copper.

Gold and copper mineralization intersected in GUI-DD-020 is associated with porphyry-style veins hosted in diorite dykes and sills, skarn and siliceous hornfels. From surface and over its entire length, GUI-DD-20 returned 434 meters at 0.7 grams per tonne gold equivalent and extends mineralization across the trace of drill holes GUI-DD-12 and 13 to both the east and west and also at depth (the drill hole ended in 0.4 grams per tonne gold). Drill hole GUI-DD-021 averaged 0.5 grams per tonne gold from surface along its entire length and intersected gold and copper mineralization related with porphyry-style veins hosted in blocks of hornfels and diorite porphyry dykes and sills. The generally broad distribution of gold and copper mineralization in drill holes at Guintar, together with the style of alteration, the block-dyke and sill relationships and extensive regional roof-type geometry is interpreted to imply potential for a major mineralized probably porphyry-style intrusion at depth.

The Company is also carrying out extensive saw-cut channel sampling of historic artisanal mining tunnels and exposures of porphyry-style veins hosted in biotite-rich hornfels and micro diorite dykes located along the Careperro Creek . Significant results returned so far from outcrop in the Careperro Creek, include trench GUI-CH-002, 24.2 meters at 0.9 grams per tonne gold, 16.2 grams per tonne silver and 0.3% copper and trench GUI-CH-003, 15.7 meters at 0.9 grams per tonne gold, 9 grams per tonne silver and 0.5% copper. The Company is currently locating a drill hole to test beneath these outcropping mineralized vein occurrences.

"We are drilling and sampling dyke, sill, hornfels and skarn-hosted gold and copper mineralization with the obvious target being a larger, more coherent body located at depth". said, Tim Coughlin, President and CEO. "In other words, we believe we are in the aerially extensive roof zone to a major underlying mineralized body. This raises the question of what lies beneath the more than 10 square kilometers of skarn and hornfels hosted gold and copper mineralization which characterizes the project. Previous drilling at Niverengo, which is located a kilometer away from our current drill holes, intersected skarn-style mineralization of 88 meters at 0.9 grams per tonne gold; we now know that such grades hosted in skarn rocks at Guintar are indicative of underlying intrusive and probably porphyry style mineralization".