Barrick sells shares in explorer Royal Road
NYSE- and TSX-listed Barrick Gold has sold its interest in copper and gold explorer Royal Road Minerals for gross proceeds of C$4.29-million.
The major sold its 22 576 161 shares, or 10.7% interest, in a pre-arranged trade executed through the TSX-V at C$0.19 a share.
As a result of the disposition, Barrick does not have beneficial ownership of, or control or direction over, any ordinary shares of the South America-focused exploration company.
Meanwhile, Royal Road on Tuesday provided an exploration update for its Guintar-Niverengo-Margaritas (GNM) gold project in Colombia.
The GNM title and title application areas were acquired through the company’s recently completed purchase of Northern Colombia Holdings, an affiliate of South Africa-headquartered major AngloGold Ashanti.
The GNM project area comprises two title areas (Guintar and Niverengo) and one title application area (Margaritas), totalling about 3 280 ha in the Middle Cauca belt.
The Guintar area is an artisanal mining district with more than 50 known historic underground adits developed on steeply dipping east-west oriented gold mineralised vein structures.
AngloGold started work on the project area in 2015 and completed two scout drilling campaigns for a total of 5 662 m on the Guintar and Niverengo titles.
Royal Road has completed an initial reconnaissance review of the GNM area and of drill core from Guintar and Niverengo.
“We are excited by the potential in the GNM area and have commenced a programme of re-logging and re-interpretation of geology and geophysics with a plan to commence follow-up drilling in the fourth quarter of this year,” commented Royal Road president and CEO Tim Coughlin in a statement.
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