VANCOUVER, July 13, 2011 /PRNewswire/ - Radius Gold Inc.
(TSX-V: RDU) is pleased to announce that recent work on its
100%-owned Scarlet East claim block in the Yukon has returned highly encouraging
first-pass results with the discovery of anomalous
Au-As-Hg-Sb-Thallium soil geochemistry in an area of
orange-weathering, gossanous looking limestone
The Scarlet East property covers what is
believed to be the eastern extension of the belt of rocks that host
ATAC Resources' Osiris and Conrad discoveries northeast of Keno
City in the Yukon Territory. The
Rackla Belt is a potentially major belt of Carlin-type gold
mineralization. Radius staked 320 claims covering the prospective
stratigraphy along the southeast edge of ATAC's claim block,
approximately 10-30km southeast of the Osiris target.
Partial results for the first pass
reconnaissance geological mapping and geochemical sampling program
from the Scarlet project have been received for 382 soil, 61 stream
sediment and 21 rock samples. Ridge and spur soil sampling on the
eastern end of Radius' Scarlet East claim block has identified a
gold-arsenic-antimony-mercury-thallium anomaly coincident with a
significant orange colour anomaly along a ridge, which coincides
with the possible strike extension of the Nadaleen trend that
bounds the Osiris and Conrad occurrences approximately 15km to the
west-northwest. The anomalous samples are underlain by an
orange-weathering silty limestone unit that lies on the north
dipping limb and crest of a southeast trending anticline.
Results include a number of samples anomalous in
gold-arsenic-antimony-mercury and thallium. Significantly three
soil samples spaced 100m apart on a reconnaissance ridge and spur
sample line contained between 19.6 ppb and 30.7 ppb Au, and these
same samples and adjacent samples, within 100 m, contained up to
496.7ppm As, 23.43ppm Sb, 14,621ppb Hg and up to 4ppm Tl. A number
of stream sediment samples from drainages downstream of the above
area returned anomalous values up to 20.9ppm As, 1415ppb Hg,
1.51ppm Sb. Gold and thallium values were less than 3ppb and
0.13ppm respectively. A rock grab sample from the orange silty
limestone area described as a grey limestone with fine grained
disseminated pyrite contained 2ppb Au and 1886.9ppm As.
These elements are considered pathfinders for
Carlin type deposits. Management believes this is a significant
start to the program in this belt.
A photograph of the ridge and gossanous-looking
orange weathered limestone units has been posted on Radius' website
at http://www.radiusgold.com/s/Racklabelt.asp.
Follow up work is being planned and will
initially consist of grid-based soil sampling over the anomalous
area, and mapping and prospecting. The final results from the
initial program for Scarlet East, and all the results from the
Scarlet West property are expected in the next 2 or 3 weeks.
According to ATAC, mineralization at their
Osiris Target area shares many of the characteristics of
Carlin-type gold deposits, including similar alteration assemblages
and association with the low temperature arsenic sulphides, realgar
and orpiment. Host rocks are two, 150 to 250 m thick limestone
debris flow and turbidite units, referred to as the Osiris and Isis
Horizons, which occur within basinal silty mudstones.
Laboratory
All samples were sent to Acme Analytical
Laboratories Ltd. preparation facility in Whitehorse. The pulps and sieved samples were
analyzed at Acme's laboratory in Vancouver. Gold in rock samples were
determined by a 30 gram fire assay fusion - ICP-ES (code 3B01). An
additional 36 elements were analyzed by ICP-MS using a 0.5 gram
sample. Soil samples, dried and sieved to -80 mesh, were analyzed
for a 37 element suite, including gold, by ICP-MS (code 1F05) using
a 15 gram sample. Stream sediment samples, dried and sieved to -150
mesh, were analyzed for gold by lead collection fire assay using a
50 gram split code (3B01+3B04). An additional 30 gram split was
analyzed for 53 elements, including gold, by aqua regia digestion
and ultratrace ICP-MS analysis (code 1F03).
Chain of Custody
All sampling is conducted under the supervision
of the Company's project geologist. Samples are tracked by the
project geologist from the project site to the sample preparation
facility and transported by Company personnel or expediters
employed by the Company.
Qualified Person
Roger Hulstein,
BSc, P.Geo., is a member of the Association of Professional
Engineers and Geoscientists of British
Columbia and is the Company's Qualified Person as defined by
National Instrument 43-101. Mr. Hulstein is responsible for the
accuracy of the technical information in this news release.
About Radius
Radius has been exploring for gold in
Latin America for nearly a decade,
and has assembled interests in a portfolio of promising gold
projects throughout the region, including carried stakes in two
small-scale developing gold projects in Guatemala and Nicaragua. Radius also has
a number of 100% owned exploration plays, including the HB property
in Guatemala and several
properties in the Rackla Belt and Sixty Mile placer gold district
in the Yukon.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, President &
CEO
Investor relations: Ralph
Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 86.5-million
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 Statement
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Radius Gold Inc. Actual
results may differ materially from those currently anticipated in
such statement.
SOURCE Radius Gold Inc.