Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) is pleased to announce that it has a binding exclusivity with an option to acquire a compelling exploration-stage copper porphyry project located in Peru.
The Tierra Roja project is located in the Atacama Desert, southern Peru, at an elevation of 1700masl and 20km from the coast and Pan American highway. The project site is accessible by road and 4x4 tracks. Tierra Roja is located at the northern end of the southern Peru coastal copper belt which hosts some of the largest copper mines in the world. Peru is the second largest copper producer globally (Figure 1).
Tierra Roja covers 600 hectares and the core of the property hosts an 800 meter diameter circular anomaly with wide-spread ferruginous soil crust developed over strong clay, sericite and silica alteration. Mineralization is hosted in a multi-phase intrusive complex. There has been no drilling or formal exploration, but where the underlying owner cut road access with a bulldozer, breaking the ferruginous soil crust has exposed widespread oxide copper mineralization covering an area of 800m x 600m. Approximately 600 systematic rock chip samples have been collected by the project owners and analyzed in a Peruvian mine laboratory (non-certified). Radius is in the process of verifying the validity of the historic sampling and completing legal and social due diligence.
Bruce Smith, Radius Gold President and CEO, commented: “Having recently completed a due diligence site visit in Peru, I am very impressed by the Tierra Roja project. It has all the right indicators to make a significant copper discovery. It has scale, the right alteration features and abundant copper oxides in outcrop. There are no people or communities living on or near the site, and is an easy access, low-cost exploration target, in one of the world’s most prolific copper producing districts. We look forward to completing an option agreement and commencing exploration.”
Figure 1. Tierra Roja project location, at the northern end of the Southern Peru porphyry copper belt:
Figure 2. High grade copper oxide mineralization hosted in intensely altered intrusive exposed in bulldozer cut:
Figure 3. Copper oxides exposed beneath ferruginous (iron rich) soil crust in small creek bed. Note above the exposed mineralization the copper is not visible in the desert soil crust:
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’ Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala utilizing partnerships where appropriate to retain the Company’s treasury. Management is seeking out additional investment and project acquisition opportunities across the globe. Radius is a member of the Gold Group of companies, led by Simon Ridgway. You may find more information on Radius Gold at www.radiusgold.com or www.sedarplus.ca.
ON BEHALF OF THE BOARD
Simon Ridgway
Executive Chairman
Symbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
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Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s plans for its properties. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.