Vancouver, British Columbia – Radius Gold Inc. (TSXV:RDU) is pleased to report assay results for the initial two drill holes from the El Cuervo target at the Amalia Project, Mexico (Figure 1).
Highlights from the on-going drilling program include the following:
|96m @ 167 g/t Ag & 0.54 g/t Au
45.2m @ 290 g/t Ag & 0.80 g/t Au
7.4m @ 592 g/t Ag & 0.69 g/t Au
31m @ 44 g/t Ag & 0.13 g/t Au
3.5m @ 203 g/t Ag & 0.53 g/t Au
Drill results received to date, as well as current and planned drilling, are presented in the plan section and cross section diagrams and Table 1 below.
Discussion of Results
The Radius team is highly encouraged by the new discovery at El Cuervo with drill hole AMDD21-47 cutting impressive width and high-grade gold and silver mineralization. The gold-silver mineralization is similar in style to the San Pedro and California targets, where significant mineralized systems have already been identified. Drill hole AMDD21-46 located 100m above 47 intersected reduced width but still had several significant intervals with grade-width that is commonly mined underground. Visual interpretation of core awaiting assay from drill hole AMDD21-50 located 100m down dip also shows a reduction in width. The initial drilling at El Cuervo has confirmed a significant mineralized system and drilling is on-gong to define the size potential.
Amalia is a large system with multiple vein structures (Amalia, California & El Cuervo) over 10km of combined strike with multiple targets on each structure. Compelling wide and high-grade mineralization has been intersected on the 3 principal drill targets tested to date. Pan American Silver Corp. is the project operator and is fully funding exploration. Pan American has a highly skilled team on the ground and a methodical exploration process. 50 drill holes (16,343 m) have completed at Amalia and drilling is on-going.
Figure 1. Geology and target overview - Amalia Project
Figure 2. El Cuervo target – plan section & geochemistry
Figure 3. El Cuervo target – cross section & geochemistry
Table 1. El Cuervo target - drill results
|DRILLHOLE||FROM (m)||TO (m)||INTERVAL (m)||Ag (g/t)||Au (g/t)|
Pursuant to an option agreement signed in June 2018, Pan American Silver Corp. has the option to earn an initial 65% interest in the Amalia Project by making cash payments to Radius totalling US$1.5 million (of which US$800,000 has been received) and expending US$2 million on exploration over four years. Pan American may earn an additional 10% by completing a preliminary-feasibility study.
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 has a portfolio of projects located in Mexico, United States and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company’s strong treasury. Management is constantly seeking out additional investment and project acquisition opportunities across the globe.
ON BEHALF OF THE BOARD
President and CEO
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
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.