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Radius Gold Options Mexican Epithermal Ag-Au Property
Published : February 26, 2013
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Keywords :   Canada | G Mexico | Gold | Mexico | Silver |

Radius Gold Options Mexican Epithermal Ag-Au Property

VANCOUVER, Feb. 26, 2013 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to announce that it has signed a binding agreement (the "Agreement") with a private exploration company (the "Optionor") to option a 10,800 hectare property which hosts a low-sulphidation, epithermal silver-gold vein system located approximately 80 km ENE of the city of Guanajuato in Mexico. Radius has named the project "Santa Brígida" after the Santa Brígida vein, one of the historically mined veins on the property.

Artisanal-scale mining of surface outcrop is known to have occurred in the area from pre-colonial times. Reliable historical reports indicate that more modern small-scale underground mining operations produced, from the late 1800s up to 1926, over 40 Moz of silver and 400 koz of gold from 1.05 Mt at weighted-average grades of 1,300 g/t Ag and 13 g/t Au.

Mineralization is associated with two principal vein swarms, the Pozos system and the Santa Brígida system, each striking generally NW with steep SW dips. Historic production focused on discrete high-grade ore shoots within hydrothermal quartz veins and surrounding altered wall-rock. Historical production records indicate that individual operations mined mineralized shoots ranging from 5 kt to 300 kt in size, with average grades ranging from 200 g/t Ag to 2,500 g/t Ag, and 2 g/t Au to 40 g/t Au. The richest shoot documented produced 300 kt grading 2,500 g/t Ag and 15 g/t Au.

The property is underlain by folded Jurassic-aged sedimentary rocks including carbonaceous shales, shales, arenites, and greywackes, which are discordantly overlain by Cretaceous limestones and Tertiary volcanic rocks. Most of the district is covered by recent soils and caliche, and known areas of mineralization are all hosted by the Jurassic sedimentary sequences where these outcrop.

Planned Work

Radius's initial exploration efforts will be concentrated on the Santa Brígida vein system, near the town of Mineral de Pozos, in flat-lying agricultural and cattle grazing lands. The veins are exposed in discontinuous outcrop over 1 km in strike length, along a regional topographic lineament likely related to faulting, and which is parallel and potentially genetically related to the mineralized system. Radius believes there is excellent potential for the extension of the Santa Brígida vein system in both directions.

The historical Santa Brígida mine exploited three ore shoots along the vein system with mine workings up to 250 m in depth, and approximately 1.3 km in length. The potential for discovery for Radius is chiefly along strike both to the SE and NW, beyond the last surface expression of the vein system, where its outcrop disappears below recent soil and caliche cover.

Exploration plans call for an exploratory induced polarization (IP) geophysical survey to cover the ground both to the SE and the NW of the known vein system. Survey parameters will be designed to image the near-surface expression of the vein system under the soil cover. A drill program will follow to test the targets generated by the IP survey.

The Agreement

Radius can earn a 100% interest in the project by making an immediate cash payment of US$160,000 to cover outstanding property payments, and by completing a 3,000 meter drill program within 12 months of the issuance of a drilling permit. Once Radius has completed the drill program, it will have 60 days to pay to the Optionor, US$700,000 to acquire the 100% interest, subject to a 2.5% NSR royalty.

Qualified Person

Mr. David Clark, M.Sc., P.Geo. (APEGBC), a Qualified Person as defined by National Instrument 43-101, has verified that the technical information contained in this news release is an accurate summary of the information provided to Radius by the Optionor and is consistent with known historic records, and has approved its disclosure.

About Radius

Radius has been exploring for gold in Latin America for over a decade.  More recently the Company has focused on selling non-core assets, thereby raising the capital needed to succeed in making a discovery with potential to give investors the return desired from a mineral exploration company. 

ON BEHALF OF THE BOARD
"Ralph Rushton"
Director

Investor relations:  Jaclyn Ruptash
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 86.6-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.

For further information:

Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com) for more information.

Companies Mentionned : Radius Gold | X-ore |
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Radius Gold Inc.

DEVELOPMENT STAGE
CODE : RDU.V
ISIN : CA7504681007
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Radius Gold is an exploration gold company based in Canada.

Radius Gold holds various exploration projects in Guatemala, in Nicaragua and in Peru.

Its main asset in development is TAMBOR in Guatemala and its main exploration properties are EL PAVON, TREBOL and LA PATRIOTA in Nicaragua, BANDERAS and HB in Guatemala, 60 MILE in Canada, TLACOLULA in Mexico and RUBI PROJECT in Peru.

Radius Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 7.8 millions as of today (US$ 6.0 millions, € 5.4 millions).

Its stock quote reached its highest recent level on November 21, 2003 at CA$ 2.03, and its lowest recent point on December 05, 2008 at CA$ 0.04.

Radius Gold has 86 680 000 shares outstanding.

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Annual reports of Radius Gold Inc.
2008 Annual report
Nominations of Radius Gold Inc.
5/8/2007Appoints New VP Exploration
Project news of Radius Gold Inc.
2/26/2013Radius Gold Options Mexican Epithermal Ag-Au Property
8/31/2012sells Interest in Guatemala Gold Property
5/9/2011(Banderas)Provides Update on Eastern Guatemala Gold/Silver District
11/15/2010(Trebol)B2Gold Trenches 3.3g/t Au over 33.3m at Trebol, northeast Ni...
3/19/2008(San Pedro) Options Its San Pedro Gold Project to Vannessa Ventures
2/11/2008(Tambor)Metallurgical Tests on Tambor Sample Achieve Gold Recoveries...
3/27/2007(Tambor)Begins Underground Exploration at Tambor
Corporate news of Radius Gold Inc.
2/1/2016Radius Gold Provides Update on Operations
6/1/2015Radius Gold to Receive Gold Production Royalty Payment
4/29/2015Radius Gold Completes Change of Business
4/23/2015Radius Gold Obtains Shareholder Approval of Proposed Change ...
4/23/2015Obtains Shareholder Approval of Proposed Change of Business
4/16/2015Focus Completes Sale of Royalty on Bayovar 12 Phosphate Proj...
4/16/2015Radius Completes Purchase of Royalty on Bayovar 12 Phosphate...
3/26/2015Early Warning Report
3/10/2015Focus Accelerates Purchase of 70% of JPQ, Owners of Bayovar ...
3/10/2015Radius Gold Acquires Option on Margarita Silver Property, Me...
3/10/2015Radius Gold Acquires Option on Margarita Silver Property, Me...
2/25/2015Radius Gold provides update on proposed Change of Business
2/25/2015Provides Update on Proposed Change of Business
2/25/2015Radius Gold Provides Update on Proposed Change of Business
2/5/2015Provides Update on Idaho Projects
2/5/2015Radius Gold Provides Update on Idaho Projects
1/7/2015Radius Gold Proposes Change of Business to Investment Issuer
1/7/2015Radius Gold Proposes Change of Business to Investment Issuer
1/7/2015IIROC Trading Halt - RDU
11/20/2014Radius Gold Provides Funding to Southern Silver to Complete ...
11/6/2014Early Warning Report
9/2/2014Radius Commences Drilling at Blue Hill Gold Project, Idaho
7/14/2014Radius Options Blue Hill Gold Project, Idaho From Otis Gold ...
5/28/2014Radius Gold Acquires Copper-Gold Target in Idaho
10/8/2013Begins Drilling at Santa Brigida Silver-Gold Project, Mexico
2/26/2013Options Mexican Epithermal Ag-Au Property
12/13/2012- Stock Options
12/3/2011Radius Gold Announces Shareholder Approval for Spin-Out
5/16/2011Samples 58.26 g/t Au and 1,937 g/t Ag over 5.1 m at Pino Zon...
4/12/2011Exploration Underway at Radius' Sixty Mile Project, Yukon Te...
11/4/2010Options Guatemalan Geothermal Concessions
11/1/2010Exercises Option on Sixty Mile Claims, Yukon
5/9/2008Starts Drilling in Nicaragua
4/7/2008 Provides an Exploration Update
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