VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Radius Gold Inc. (RDU.V) is pleased to provide an update on exploration in Mexico and reports new high grade channel sampling results from the Amalia Project located in the State of Chihuahua, Mexico. Radius exploration teams have been systematically advancing Amalia to drill ready stage, including the submission of applications for drilling to the regional authorities. Additionally, teams have been prospecting the Tarros property and new regional targets in Mexico. In total Radius geologists have collected an additional 315 rock and 195 soil samples in the last three months.
Amalia Project
The Amalia Project is located 25 km SW of the historic Guadalupe y Calvo mining district in Chihuahua and hosts high grade epithermal silver-gold mineralization. The Project is previously unexplored, with only minor historic artisanal-scale mining of surface outcrop known. Epithermal Au-Ag mineralization has been sampled by Radius in several veins, vein breccias and disseminated zones over 3.5km of strike length and a 600m vertical interval following the trace of a large regional fault zone (see press release dated September 19, 2017).
During the past several months, Radius geologists have focused exploration efforts on defining drill targets within the central area covering the Campamento and Guadalupe targets at Amalia over strike length of approximately 1km and vertical interval of 250m. A new discovery located between Campamento and Guadalupe, called San Pedro, returned 13m at 2.51 g/t Au and 164 g/t Ag in a continuous chip (10 samples) across the discovery outcrop. New sampling 50 m vertically above and along strike from Guadalupe returned 8m at 0.21 g/t Au and 264 g/t Ag (8 samples).
Amalia Exploration Summary
Radius has now defined a central corridor of mineralization, along the NW trending major structural break. In the north at Campamento, a 500m x 70m zone of intense silicification, and brecciation with massive and stockwork veining has been mapped at the contact between the upper rhyolite and lower andesite volcanic sequence. The previously announced main mineralized interval at Campamento graded 62m at 0.43 g/t Au and 98 g/t Ag, including 30m at 0.58 g/t Au and 151 g/t Ag. The mineralization is hosted in high level white chalcedonic banded veins and breccias. Southeast along the fault system and vertically down in the system the mineralization transitions from Campamento style rhyolite hosted chalcedonic silica veins, to andesite hosted sulphide rich fault breccias observed at San Pedro and Guadalupe, where the mineralization is narrower and higher grade as shown at San Pedro 300m south and 175m lower with 13m at 2.51 g/t Au and 164 g/t Ag. A further 100m southeast and 100m lower, Guadalupe sampling includes the previously published results:
| | | |
| Guadalupe shaft: | | 7m at 3.62 g/t Au and 1048 g/t Ag |
| | | including: 4m at 6.04 g/t Au and 1702 g/t Ag |
| Guadalupe tunnel cross-cut | | 7m at 2.4 g/t Au and 188 g/t Ag |
| Guadalupe tunnel 10m above cross-cut: | | 4m at 3.92 g/t Au and 888 g/t Ag |
| | | |
Geologically similar gold-silver epithermal deposits of the Sierra Madre belt have mineralization defined over a vertical interval of 600 to 700m, and the transition from upper rhyolite hosted mineralization into higher grade andesite host at depth is commonly observed. Radius geologists believe that the system is preserved at Amalia and along the controlling regional fault system mineralization occurs over a 600m vertical interval. Radius plans to target high grade mineralization at depth below the Campamento silica zone and at the Guadalupe and San Pedro targets. Drill permitting documentation has been submitted to the regional authorities and exploration is on-going at other targets along the Amalia fault system. New maps and photos of the Amalia Project will be available on the Company’s website.
Corporate Update
Radius also announces that Bruce Smith has stepped down as a director of the Company, in order that he may direct his efforts towards his newly appointed position as director and President of Rackla Metals Inc. We thank Bruce for his contributions to the Radius Board.
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 participated in the reported programs and prepared and approved the technical information contained in this news release.
Sampling followed a standardized protocol to ensure representative and unbiased quantities of material from across each sample. Chip samples were taken using hammer and chisel continuously along the walls of the underground mines and cleaned surface outcrops. Nominally widths were between 1 and 2 meters. Continuous chip samples were taken across strike and are the best estimate of true width.
The Company utilizes industry-standard QA/QC program. Rock samples were prepared and analyzed at ALS laboratories in Mexico and Canada. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance and the results have been within acceptable limits.
About Radius
Radius has been exploring for gold in the Americas for over a decade. The Company has a strong treasury and is looking for investment and project acquisition opportunities across the globe. Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com) for more information.
ON BEHALF OF THE BOARD
Simon Ridgway
President and CEO
Symbol: (RDU.V)
Contact: Simon Ridgway
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 which include, without limitation, statements about the Company’s exploration plans for the Amalia 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 Company’s plans for exploring the Amalia 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 Company’s exploration activities at the Amalia 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.