Royal Road Minerals Limited provided a drilling update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective Golden Triangle of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance.

Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold.

A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging results including CB-DDH-025, 207.45 meters at 1.1 grams per tonne, CB-DDH-016, 100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH-015, 63 meters at 1.0 gram per tonne gold. Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to resolve geometry within the known breccia body (carbonate-sericite zone) and test for a possible intrusive source to later-stage, pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. Significant new results from infill diamond drilling include: CB-DDH-039 68 meters at 0.9 grams/tonne gold CB-DDH-040104 meters at 0.8 grams/tonne gold; and 66 meters at 1.3 grams/tonne gold CB-DDH-044 114 meters at 1.0 grams/tonne gold Drill hole CB-DDH-040 in particular has identified significant further gold mineralization within the carbonate-sericite zone at-depth and interestingly beyond this zone and within mafic lavas that were previously interpreted as basement to the mineralizing system at Caribe.

Step-out exploratory drill holes have intersected native copper, copper oxides and anomalous gold but have not, as yet, identified a possible copper and gold mineralized intrusive source. In September 2021, the Company commenced a program of grid-based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man-portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first 2-3 meters of weathered rock where a sample is taken for analysis.

Results have now been returned for 312 vertical scout-RC drill holes averaging approximately 18m in depth. Results received to-date imply that the gold mineralized system remains open for a further approximately 300 meters towards the west and southwest and suggests a broad and significant copper anomaly towards the east. Interestingly, the newly identified gold mineralization located to the west of the project area, is hosted in the footwall to a major crustal scale fault-zone, which was previously assumed to be barren.

25m-spaced infill scout-RC drilling is planned in this newly identified area in order to better constrain geometry prior to diamond drilling. Quality Assurance and Quality Control: Diamond drill core is cut in half over 1-meter downhole intervals using a core saw. Samples are prepared and assayed by independent and ISO accredited laboratories of Bureau Veritas Minerals (BVM) and their local subsidiaries.

Bagged 1-meter samples are collected from site and delivered to BVM sample preparation laboratories in Managua. Samples are prepared using the BVM codes PRP70-250 plus PUL85, where samples are crushed to 70% less than two millimeters, a riffle split of 250 grams is collected and then pulverized to better than 85% passing 75 microns. Prepared sample pulps are then sent for analysis to BVM labs in Vancouver Canada.

Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10-ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer.

Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value.

Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages. RC chip samples are taken every meter after having entered 2-3 meters within the saprock-fresh rock boundary. Samples are collected from the drilling site and dried at the core yard.

Where dry sample weights exceed 4.5Kg they are split. Bagged 1-meter samples are collected from site and delivered to the BVM sample preparation laboratory in Managua. Samples are prepared using BVM codes PRP70-250 plus PULSW where a riffle split of 250 grams is collected and then pulverized to better than 85% passing 75 microns.

Sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10 ppm gold are re-analyzed by fire assay with a gravimetric finish.

Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision.

In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages.