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In a small bowl, combine chili powder, coriander, brown sugar, paprika, dry mustard, salt, garlic powder and cayenne. Sprinkle rub over roast and rub in with your fingers.
Arrange hot coals around a drip pan in a charcoal grill. Test for medium-high heat above the pan. Place roast on the grill rack over the drip pan. Cover and grill for 1 to 1 1/4 hours or until an instant-read thermometer inserted into the thickest part of roast registers 135°F for medium-rare. (For a gas grill, preheat grill. Reduce heat to medium-high. Adjust for indirect cooking. Grill as above, except place roast on a rack in a shallow roasting pan.) Remove roast from grill; cover with foil and let stand for 15 minutes. The temperature of the meat after standing should be 145°F.
Cut roast into slices to serve.