VANCOUVER, July 13, 2011 /CNW/ - 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.
