Tim Coughlin

Royal Road Minerals is Chasing the Strike Extent of High-Grade Silver and Antimony

• Top takeaway Coughlin's central claim is that Margarita's confirmed the team's pre-drill thesis of a distal expression over a deeper porphyry, and that the real value is in the high-grade silver-antimony veins sitting inside the low-grade halo.
• He treats the 0.3 g/t gold intercepts from collar to bottom as sub-economic in themselves but useful as guides toward the underlying porphyry.
• He argues the roughly 1,000 metres left in the Margarita's budget should be guided by geochemistry from the long low-grade intercepts, combined with geophysics, rather than spent on one speculative deep hole in an undetermined spot.
• He explains he drew four shorter holes instead - three angled holes and one vertical off the same pad - so the geochemistry from each could be compared and used to vector direction and depth.
• He frames Colombia as the company's focus from here, pointing to GAM permits arriving on 31 December as the green light for drilling and to the company's licensed position of more than 1,400 square kilometres.

The guest reports silver-antimony veins up to 650 grams per ton inside a low-grade halo at Margaritas, with antimony an unexpected bonus. Rather than chase the deposit, crews are chasing the veins' strike extent — the direction the veins run — under tough vegetation and soil cover. Geochemistry from four holes will vector deeper drilling toward the buried porphyry, combined with geophysics rather than a blind 1,000-metre gamble. Vein intercepts of roughly 3 to 4 metres could be minable width, though true vein thickness is still unknown. Royal Road holds over 1,400 square kilometres in Colombia and says permits cleared December 31, ending its wait to drill.

Royal Road Minerals Porphyry Copper Cluster Identified Across a 6km Footprint

• Top takeaway Coughlin argues the newly identified cluster of three porphyries within the 6km skarn footprint is the most exciting aspect of the project and the reason it has Tier 1 potential.
• He rejects the 96m at 1.1 g/t gold-equivalent hole as proof of scale, saying the company has drilled better before and that this hole mainly maps the transition from low-grade skarn into the porphyry.
• At Margaritas he says the target is not the high-grade carbonate-based metal veins but a deeper, much larger bulk-tonnage gold-copper-silver porphyry, and he guesses holes of about 1,000m will be needed.
• He is building toward an exit-ready asset and says the proof of Tier 1 scale must come from the drill rig rather than the mapped footprint.
• On Colombia he is blunt that it is not easy — security issues south of Cali and trimmed titles — but says the regulator has been very supportive since March 2025 and the company now knows where it can operate.

Drilling reframes Güintar as three porphyry centers inside a 6 km skarn (a reactive, mineralized host rock) shell — the CEO's basis for tier-1 potential. The 96-metre interval grading 1.1 g/t gold-equivalent (35-metre core at 1.7 g/t) maps geometry: low-grade skarn shell into a ~2 g/t gold porphyry core. Four first-ever Margaritas holes are at the lab; surface samples there hit ~35 g/t gold, but the CEO targets a deeper porphyry body. Two of three porphyry targets remain undrilled; inverted geophysics already indicates follow-up holes, and deep (~1,000 m) drilling is likely needed. Colombia operating reality: narco-related security risk south of Cali, but the CEO reports a supportive regulator since March 2025 after buying AngloGold Ashanti's exploration assets.