Radius Gold Exploration and
Corporate Update
Vancouver, British Columbia – InvestorsHub NewsWire -
January 12, 2022 – Radius Gold Inc. (TSXV: RDU) ("Radius" or the
"Company") is pleased to provide a review of 2021 and
an update on the Company's assets.
2021 Summary
"In 2021, Radius took many important steps towards advancing
the Company's assets. Drilling and other exploration work on
Radius's projects in Mexico and Guatemala delivered outstanding
results that could prove to be transformational. Our
exploration success has advanced our projects significantly and
positioned Radius to provide significant return for our
shareholders. We look forward to continuing that success in
2022," Radius's President and CEO Bruce Smith stated.
MEXICAN ASSETS
Amalia Project
Radius's Mexican Amalia project is under a joint venture with
Pan America Silver Corp. (PAAS.T). Radius requires no capital
expenditures to advance the Company's interest in the project.
Pan American Silver can earn a 65% interest in the Amalia
project by paying Radius US$1.5 million over 48 months. To
date they have paid US$800,000 with a final payment of US$700,000
due in June 2022. Pan American Silver may earn an additional
10% by funding the project to a pre-feasibility study.
The 10,250 hectare property includes the Amalia, California and
El Cuervo major vein systems. Within these major vein systems
are multiple targets, all of which are included in Radius's
consolidated concessions that extend for more than 10 km of strike
length of the regional fault.
45 drill holes totaling 14,402m have been completed at the
Amalia project. 10,588m in 31 drillholes have been completed
on the Amalia vein system, and 3,814m in 14 drillholes completed in
the California vein system. The drilling initially focused on
the San Pedro target and has identified a coherent shoot of
high-grade gold-silver mineralization commencing at surface and
continuously defined 450m down dip.
Drilling has re-started at El Cuervo target after the New Year's
break, with 3,500m of core drilling expected in the coming months.
Within the greater Amalia project there are many targets
remaining to drill test including: Oro Viejo, La Caverna,
California SE, El Durazno and Palmillas.
With the San Pedro zone drill defined and infill and expansion
drilling planned for this year at California, Radius will be in a
position to define a significant resource at the Amalia Property
and is excited by the possibility of new discoveries at multiple
targets that remain to be drill tested.
Maricela Project
Radius Gold's 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 centers of copper
mineralization worldwide. Silvercrest Metals' Las Chispas
discovery is located 50km south of Maricela. Other
significant mines near to Maricela include Santa Elena silver gold
mine (First Majestic Silver), Nacozari copper mine (Groupo Mexico),
Mercedes gold mine (Equinox Gold), Maria copper mine (Minera
Frisco).
At the Maricela project, geologists have mapped and sampled an
epithermal silver and gold mineralized vein system extending
approximately 1.5km long by 300m wide, within which occurs multiple
veins, stockworks and breccias. Vein intersections have
exposed widths of up to 25 meters. Radius has collected 576
rock chip samples which returned values from below detection to
highs of 12.75 g/t gold and 3,780 g/t silver and various continuous
chip sampling across the structures which include highlight
intervals of:
-
3m at 4.46 g/t gold and 1,335 g/t silver - Baby Gloria
Vein
-
6m at 1.03 g/t gold and 418 g/t silver - Silver Central
Vein
-
25.3m at 0.31 g/t gold and 62 g/t silver - (intersecting
veins)
Radius's geological team believes the recent geochemical results
demonstrate potential for both high grade silver-gold veins and
bulk tonnage lower grade mineralization that could be amenable to
open pit mining. The multiple intersecting mineralized veins
at Maricela make for compelling drill targets that have never been
tested. Radius's team is currently preparing drill permits
and access agreements for a planned first program this year.
Plata Verde Project
The Plata Verde project is located in Chihuahua, Mexico, north
of Radius Gold's Amalia Gold-Silver project and east of the
historic Batopilas silver mining district (1708 to 1920) which
reportedly produced over 300 million ounces of silver from high
grade veins and structures.
In February 2021 Radius published the results of recent
geophysical surveys completed at the Plata Verde silver project.
NP/Resistivity sections show significant structural zones
extending to depth directly below the known large scale historic
silver mines. The structural zones are clearly connected with
the historic mines and are possibly feeder zones for the silver
mineralizing system. Radius has now defined two priority
targets for drilling.
Radius's geological team has also completed detailed underground
mapping and sampling of the historic Mina Real and Mina Mojonera.
Three distinct mineralization styles have been defined within
the basaltic andesite volcanic host rock. Radius is currently
evaluating options to fund drilling later this year.
GUATEMALAN ASSETS
Radius's Guatemalan assets are under a joint venture agreement
with Volcanic Gold Mines Inc. (VG.V), a Gold Group company led by
CEO Simon Ridgway. Radius will have no capital expenditures
to advance the Company's interests in the projects. 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 3,000m 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.
Holly Project
4,744m of diamond drilling has been completed at the Holly
project within the last eight months. The next round of
drilling at Holly will focus on resource definition at La Peña vein
system which has delivered high-grade and consistent drill results,
including recently published:
-
HDD-21-017 8.83m @ 8.81 g/t Au
and 355 g/t Ag (Sep 9, 2021)
-
HDD-21-019 1.53m @ 191.80 g/t Au
and 539 g/t Ag (Oct 5, 2021)
-
and
6.52m @ 11.72 g/t Au and 340 g/t Ag
-
HDD-21-020 5.40m @ 4.38 g/t Au,
350 g/t Ag (Oct 5,
2021)
-
HDD-21-023 4.58m @ 79.84 g/t Au
and 5,053 g/t Ag (Oct 19, 2021)
Field crews have continued detailed mapping and sampling at
Holly project. This work has identified new drill targets on
splay structures of the Jocotan fault where 2 large zones of
mineralized breccia have been mapped and are coincident with high
grade soil and rock chip results.
Volcanic plans systematic drill testing of these new targets
including the Jocotan splay faults and to continue testing the
extensions, both strike and dip, of the La Peña vein system.
Assays are still pending on drill holes HDD-21-024 to 028 and
the samples from the detailed rock chip sampling of the Jocotan
splay targets. Drilling will recommence at Holly once
outstanding assays have been received and interpreted.
Banderas Project
The Company is working on access agreements with an adjoining
community prior to commencing any drilling at Banderas.
Access agreements are in place with the community covering
the drill project but further consultation work is required with
adjoining communities to ensure the benefits of the project are
spread out and all affected communities in the area consent.
Further news on developments at Banderas will be released as
progress is made.
Regional Exploration
The Volcanic Gold exploration tenement package covers
approximately 2,400 square kilometres of the Eastern Guatemala
epithermal belt which hosts the Escobal, Cerro Blanco and Holly
deposits.
Multi-element rock chip / soil geochemistry have been received
for the first regional prospecting area discovery, Motagua Norte,
where a continuous 2-3-kilometre-long elevated gold trend has been
defined. The structural and lithologic setting together with
indications of orogenic style gold setting, interpreted from the
multi-element geochemistry and mineralogy, increase the priority of
this trend. The entire area is densely covered by boulders
ranging in size up to maximum 3m diameter. Samples range
from anomalous gold up to 320 g/t. Mineralization is hosted
in massive quartz veining and stockwork veining within sericite
altered schist and is interpreted to be mesothermal shear hosted
gold and silver.
The project has low population density with the main target
areas having large farms with just a few private owners; formal
landowner access agreements are in place. Volcanic has
prepared and submitted environmental permits and is working with
Radius to prioritize the granting of these concessions.
INVESTMENT ASSETS
The Company's significant equity investments consist of the
following positions:
-
3,973,275 shares in Rackla Resources Inc. (RAK.V). Rackla
is in the process of acquiring the Misisi Gold project located in
the Democratic Republic of Congo. The TSX Venture Exchange
has conditionally approved the proposed acquisition by the Company
for a 73.5% interest in the Misisi Gold project. On closing
management intends, subject to TSX-V approval, to change the name
of the company to Goldenhawk Resources Ltd. and to appoint Mr.
Darryll Castle as President, Chief Executive Officer and
Director.
-
830,412 shares in Volcanic plus warrants to purchase an
additional 160,714 shares. Volcanic is a TSX-V listed company
focused on building multi-million-ounce gold and silver resources
in underexplored countries. It holds an option to acquire a
60% interest in the Company's Holly and Banderas gold/silver
properties located in eastern Guatemala, and is currently
conducting exploration programs on the properties.
-
10,126,500 shares in Medgold Resources Corp.
("Medgold"). Medgold is a TSX-V listed, project generator
company targeting early-stage gold properties in the Balkan region.
Its holdings include the Tlamino gold-silver project in
Serbia which has an Inferred Mineral Resource containing
approximately 680,000 oz AuEq.
Quality Assurance and Quality Control
Reported drilling was carried out using by Radius joint venture
partners under the supervision of senior geologists to industry
accepted standards. Radius's Qualified Person has visited
both the Holly project and Amalia project multiple times during the
course of the reported drill programs and inspected the drill and
sampling operations. Sample intervals are generally 1-2 m
intervals, with half-core samples delivered to internationally
certified laboratories. The samples are fire assayed for Au
and are analysed for Ag and multi-elements using method ICP
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 were returned within acceptable
limits.
Technical Information
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. At the same time, 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.
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
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
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
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 results
of exploration work and future plans at the Company's 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, whether the
planned exploration work at the Company's properties 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 Company's properties 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.
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