Banderas Project- Guatemala
The Banderas Project is a gold-silver project located in southeast Guatemala. Multiple epithermal veins outcrop on a caldera margin for >7 km with high grade showings along the entire length (Figure 1). Banderas has limited shallow drilling with small high-grade intercepts in veins that are projected to merge at depth (Figure 2).
- Large caldera and rhyolite dome complex with gold-silver rich epithermal veins and breccias extending over 9 km2
- Escobal style targets where Banderas veins are predicted to merge (Figure 3)
- Brecciated dome margin targets at Zapote (Figure 4 and 5)
- High-grade mineralization in multiple drill intercepts
- Including 1.5 m @ 70 g/t gold and 516 g/t silver, and 6.7 m @ 4 g/t gold and 70 g/t silver
- Historic drilling is limited shallow holes
- 48 holes, 7193.16 m drilled, tested less than 200 vertical meters
- Untested Zapote breccia zone is 3.5 km strike parralel to main Banderas veins
After the first phase of drilling is finished at Holly, the machines will move to Banderas and we will started testing the high grade veins at depths.
Terms of Guatemala Radius Gold Inc and Volcanic Metals Inc option
Volcanic can earn a 60% interest in the Holly and the Banderas projects by spending the cumulative amount of US$7.0 million on exploration of the Properties within 48 months from the date of the agreement.
An initial US$1M must be spent on exploration within the 12 months of receiving the required drill permits, which expenditure will include a minimum 3,000 m of drilling on the properties.
Following the exercise of the Option, Volcanic will enter into a standard 60/40 Joint Venture in order to further develop the Properties.
Volcanic has also been granted an exclusive right to evaluate all other property interests of Radius in Guatemala with a right to acquire an interest in any or all other such properties on reasonable terms.