Trading Symbol: RRO - TSX-V
Shares Outstanding: 112,127,490
HALIFAX, Oct. 27 /CNW/ - Royal Roads Corp. (RRO - TSX-V) ("Royal Roads" or the "Company") announced it has completed the final two holes of its five hole, 4,268 metre diamond drilling program designed to test targets generated by Titan 24 geophysical surveys within the former Buchans Mining Camp in central Newfoundland, Canada.
The final two holes tested both favourable felsic volcanic rocks as well as overlapping and adjacent Titan chargeability anomalies, however did not intersect significant base metal mineralization. Results suggest these Titan anomalies are associated with broad zones of disseminated pyrite within favourable felsic volcanic rocks and magnetite-bearing mafic volcanic rocks. Results for the first three holes of the Titan drill program were released on September 2, 2009 and include intersections of high grade massive sulphide clasts up to 7 centimetres in diameter assaying of up to 12.90% lead, 18.60% zinc, 0.69% copper, 55.20 g/t silver, and 0.30 g/t gold over 0.10 metre.
In 2008, Royal Roads completed deep-seeking Titan 24 DCIP and MT surveys over the most productive portion of the camp, and in conjunction with other geophysical and geological data, selected an initial set of drill targets located within the same package of felsic volcanic rocks that host all previously mined ore in Buchans. Results generated by the 2009 drilling campaign should facilitate further screening of the numerous remaining Titan geophysical anomalies to identify signatures potentially more consistent with base metal rich sulphide accumulations. Selected Titan anomalies identified from this re-interpretation will be prioritized for future drill campaigns.
Royal Roads gratefully acknowledges financial support received from the Province of Newfoundland and Labrador's Junior Exploration Assistance program for the 2009 Titan drilling program.
Further Work Underway
The Company also announced it has initiated additional field programs consisting of line cutting and Induced Polarization (IP) surveys on its 100% owned Buchans project, including the undeveloped Lundberg zone and the former Oriental mine. The surveys are designed to detect broad zones of near surface stockwork base metal sulphide mineralization that may be amenable to bulk tonnage open pit mining. It is anticipated that the data will define the extents of the Lundberg zone which remains open near surface in several directions. The surveys are also being conducted over the former Oriental mine, as this area is known to host similar mineralization adjacent to former high grade mine workings. The Oriental mine was operated by ASARCO between 1935 and 1983 and produced in excess of 3.3 million tonnes* of ore averaging 14.18% zinc, 1.47% copper, 7.90% lead, 154 g/t silver and 1.96 g/t gold.
Royal Roads is exploring its 100% owned Buchans project for high grade sulphide deposits similar to those mined by former mine operators ASARCO between 1928 and 1984. Buchans represents one of the highest grade base metal mining camps in Canadian history having produced 16.2 million tonnes* of ore from five orebodies averaging 14.51% zinc, 1.33% copper, 7.56% lead, 126 g/t silver and 1.37g/t gold.
In addition to exploring for new high grade discoveries, the Company is also examining the former mines for potential to host near surface, bulk tonnage mineralization that may be amenable to open pit mining. On November 7, 2008, Royal Roads announced a NI-43-101 compliant Inferred Resource for the Lundberg deposit totaling 20.7 million tonnes grading 2.78% combined base metals comprised of 1.68% zinc, 0.72% lead, and 0.38% copper, including a higher grade Inferred Resource totaling 5.34 million tonnes grading 4.76% combined base metals averaging 3.02% zinc, 1.25% lead, 0.49% copper, 10.27 g/t silver and 0.12 g/t gold (Royal Roads news release dated November 7, 2009).
* Past production figures for the Buchans Mines were obtained from
an article written by Kirkham, R.V., 1987: Introduction. In "Buchans
Geology, Newfoundland", Geological Survey of Canada Paper 86-24,
pages 1 to 6.
Qualified Person & Sampling Procedure
Paul Moore, M.Sc., P.Geo., (NL), Royal Roads' Vice President of Exploration, is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy. The drilling program was supervised by Paul Moore and David Butler, B.Sc. (Hons), P. Geo (NL), Royal Roads' Exploration Manager.
Forward Looking Statements
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Royal Roads believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. Royal Roads cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what it currently foresees. Royal Roads' forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE ROYAL ROADS CORP.
For further information: For further information: Royal Roads Corp.: Will Felderhof, President & CEO; David Felderhof, Vice-President, (902) 444-3637, Halifax, Nova Scotia, www.royalroadscorp.ca