Vancouver, Canada – TheNewswire - March 16, 2021 - Radius Gold Inc. (TSXV:RDU) is pleased to announce it has optioned the Maricela group of properties located in the State of Sonora, Mexico, 18km south of the giant Cananea copper mine. At Maricela, Radius’s geologists have mapped and sampled a epithermal silver & gold mineralized vein system extending approximately 1.5km long by 300m wide, within which occurs multiple veins, stockworks and breccias which at intersections have exposed widths of +20m. Radius collected 92 due-diligence rock chip samples which returned from below detection to highs of 12.36 g/t gold and 2877 g/t silver over 3 meters.
The Maricela property shows no evidence of previous drilling or systematic exploration. The property has a number of small open pits and shafts where limited high grade material was mined in the 1950’s and 1960’s and shipped to a processing plant in Cananea. The Mexican geological survey conducted a small sampling program (24 samples) in 2000, and since then no significant work has been completed.
The mineralization at Maricela consists of a series of intersecting epithermal vein systems and associated vein stockworks and breccias that have potential for bulk tonnage open pit deposit as well as high grade underground vein targets. Radius geologists have spent a week on the property conducting due diligence, preliminary mapping and rock chip sampling and the system appears to be open for expansion.
The main vein Virgin de Plata strikes NW-SE and has been defined for approximately 1km. Virgin de Plata is intersected by at least 4 veins (striking NE-SW) forming a horse tail structure of intersecting veins. The veins are generally between 1 and 3m of massive quartz with mineralized stockworks and brecciated veins selvages, extending commonly +10m across the vein zones. At intersections, larger stockwork zones are observed (See figure 1). The mineralization type is low sulphidation silver plus gold epithermal vein system hosted within an andesite volcanic sequence, with felsic dykes emplaced sub-parallel to mineralized structures.
Figure 1. Maricela silver gold vein system.
Maricela Silver Gold Geochemistry
Radius completed preliminary mapping and collected 92 due-dilligence rock chip samples which range from below detection to 12.36 g/t gold and 2877 g/t silver. Initial first pass samples are commonly 3m and 2m chip channel samples spaced across the veins, stockworks and breccias in a semi continuous manner as outcrops allowed, in order to estimate approximate grade and width of the mineralized structures. Massive quartz veins, brecciated wall rocks and stockwork veining all appear to be variably silver and gold mineralized.
The Maricela project is located within a prolifically mineralized mining district, 20km south of the Cananea mine, one of the world’s largest open pit copper mines. The Arizona – Sonora porphyry belt is one of the most important centres of copper mineralization on Earth. Spatially and genetically related to this giant porphyry trend are numerous epithermal gold and silver deposits. Silvercrest Metals’ Las Chispas discovery is located 50km south of Maricela. Las Chispas is a low sulphidation epithermal silver and gold deposit estimated to be amongst the highest grade primary silver deposits in the world. Other significant mines within a 80km radius of Maricela include: Santa Elena silver gold mine (First Majestic Silver), Nacozari copper mine (Groupo Mexico), Mercedes gold mine (Premier Gold Mines), Maria copper mine (Minera Frisco). See Figure 2.
Figure 2. Maricela location map.
Geological model and exploration targets
Radius’s geological team believes there is potential for bulk tonnage lower grade silver gold mineralization that could be amenable to open pit mining as evidenced by the multiple intersecting mineralized vein systems with observed widths up to 20m and extending along strike for 1km.
Radius sampling also returned high grades, such as sample RSM 103 a 3m chip of banded vein grading 12.36 g/t gold and 2877 g/t silver and several other samples exceeding 300 g/t silver. As the project has never been drill tested there is also potential to discover high grade vein systems and ore shoots at depth.
The next phase of work will commence promptly with detailed continuous channel sampling across the known vein systems and detailed mapping and prospecting across the entire property in order to define drill targets. Access is good along established roads and tracks on mild topography. Drill permit applications will be prepared and filed in the next few months.
Radius can earn a 100% interest in the project by making staged payments to the private property owner totalling US$1,250,000 over three years with a final payment of US$1,060,000 due at the end of year three. A total of US$30,000 has been paid to date. The owner retains a 1% NSR which Radius can buy back for US$1,000,000. The property agreement covers several mineral concessions (total 155ha).
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 prepared and approved the technical information contained in this news release.
Quality Assurance and Quality Control
Reported assays are rock chip and channels samples taken by Radius geologists and trained sampling teams. Sample intervals are generally 3m chip channels producing samples of between 2 to 9 kg. Reported samples were delivered to ALS in Chihuahua. The samples were crushed and pulverised and two 100 gram splits were taken. Radius geologists transported a 100g split to SGN labortory in Parral for rapid initial Ag and Au analysis. The second split was analysed by ALS Geochemistry for Au and Ag and multi-elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. In effect duplicate analysis was done on all samples, ALS geochemistry an internationally certified labortory, and by SGN Labortories in Parral, a reliable mining labortory that is not internationally certified. This was completed to prevent delays which have become common during the COVID pandemic. Radius routinely inserts multi-element geochemical standards and blanks into the sample stream to monitor both laboratories performance. Quality control samples submitted were returned within acceptable limits. Comparisons between sample splits demonstrate acceptable accuracy and precision.
Radius Gold Inc.
Radius has a portfolio of projects located primarly 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.
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 which include, without limitation; the exploration plans for the Maricela Project and the Company’s right to acquire the Maricela Project; the Company’s business strategy, plans and outlook; the merit of the Company’s investments and properties; timelines; the future financial performance of the Company; expenditures; approvals and other matters. 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, the plans for exploring the Maricela Project and the Company’s right to acquire the Maricela Project; 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 activities at the Maricela Project will proceed as planned; that the Company’s activities will be in accordance with its public statements and stated goals; that all required approvals will be obtained; that there will be no material adverse change affecting the Company or its investments or 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.
Copyright (c) 2021 TheNewswire - All rights reserved.