Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius Gold” or the “Company”) is pleased to report results from the remaining 3 drill holes from the El Cuervo target at the Amalia Project in Chihuahua, Mexico (Figure 1). The current phase of drilling at El Cuervo has concluded and the new results define a significant silver and gold system at El Cuervo that is open to expansion in all directions.
Highlight drill results include:
AMDD22-065 17.00m @ 438 g/t Ag & 0.80 g/t Au
Including 2.0m @ 3,182 g/t Ag & 4.49 g/t Au
AMDD22-066 13.55m @ 841 g/t Ag & 10.25 g/t Au
Including 5.65m @ 1,560 g/t Ag & 19.16 g/t Au
"The El Cuervo system is the third major gold-silver target discovered at the Amalia Project, with multiple wide and high-grade drill results returned from the 22 hole El Cuervo program. With Amalia Central, California and El Cuervo targets all demonstrating resource potential, the growing scale of the Amalia Project is apparent. With an excess of 10km of vein systems, mineralization extending over 1,000 vertical meters and multiple targets yet untested, the Amalia Project has great potential but still requires significant drilling to define the overall extents. Radius is in discussion with our partner, Pan American Silver, to chart the best way forward for both companies,” stated Bruce Smith, President and CEO.
The current phase of drilling at the El Cuervo target has concluded totalling 22 drill holes, collared from 5 platforms, fanned out to test approximately 500 m of strike extent and 350 m depth. Drilling at El Cuervo has defined mineralization similar to the Amalia structure, consisting of epithermal quartz veins, breccias and veinlets stockworks hosted within rhyolite volcanics along a major fault system. El Cuervo remains open to expansion along strike and to depth. New drill results (Table 1), long section and plan view of El Cuervo (Figures 2 & 3) are presented below and full Amalia Project data is available on the Radius Gold website.
Figure 1. Silver Long section - El Cuervo target
Table 1: Drill Results – AMDD22-065 to AMDD22-067
|DRILL HOLE||INTERVAL – DRILL WIDTH (m)||Ag (g/t)||Au (g/t)|
Figure 2: Plan view of Amalia Project
Pursuant to an option agreement signed in June 2018, Pan American Silver Corp. has completed its right to earn an initial 65% interest in the Amalia Project by making cash payments to Radius totalling US$1.5 million (paid) and expending US$2 million on exploration over four years (completed). Pan American may earn an additional 10% by advancing the property to preliminary feasibility.
Quality Assurance and Quality Control
Drilling is carried out using NQ and HQ size tooling. Drill core is cut in half using a rock saw with one-half of the core then taken as a sample for analysis. Sample intervals are generally 1m intervals, producing samples of between 2 to 9 kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Chihuahua, Mexico. The samples are fire assayed for Au and are analysed for Ag and multi-elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Multi-element geochemical standards and blanks are routinely entered into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’s 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 Gold has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company’s strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe. Radius Gold is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
ON BEHALF OF THE BOARD
President and CEO
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
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 results of exploration work and future plans at the Amalia Project. 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, whether the planned exploration work at Amalia will proceed as intended; 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.sedar.com. 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 exploration work at the Amalia Project will advance as planned; 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.