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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 19, 2017) – Radius Gold Inc. (TSX VENTURE:RDU) is pleased to announce new high grade channel sampling results from its recently optioned Amalia Project located in the State of Chihuahua, Mexico (see company news release dated 22 June 2017). Initial exploration results have been received from 272 surface and underground rock chip samples, including the following highlights from continuous chip sampling:
- 4m at 6.04 g/t Au and 1702 g/t Ag from Guadalupe Target
- 30m at 0.58 g/t Au and 151 g/t Ag from Campamento Target
- 1.5m at 114 g/t Au and 57 g/t Ag from Dulces Target
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 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. After optioning the 380ha project in June 2017, Radius staked an additional 10,000 hectares surrounding the Amalia Project, covering 3 new regional target areas. Radius established a 10 man camp at Amalia and completed an initial exploration program comprising geological mapping, prospecting and channel sampling of the main targets.
At the main target area, known as Campamento, a 150m by 300m 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 zone strikes roughly 350/70E.
101 continuous chip channel samples between 1m and 2m wide were sampled across the middle of the Campamento zone, as outcrop allowed, representing the full estimated width of the zone at 148m. The weighted average of all 101 samples was 0.20 g/t Au and 49 g/t Ag. The main mineralized interval 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|
A second 14m wide continuous chip sample (open to expansion) located 60m north of the main sample line, near a historic tunnel graded:
|14m at 1.47 g/t Au and 167 g/t Ag|
|including: 7m at 2.37 g/t Au and 239 g/t Ag|
Located 700m SE of Campamento, and 250m vertically below, the Guadalupe target includes a historic tunnel and shaft which expose a high-grade quartz sulphide vein breccia, hosted in andesite volcanics. Radius geologists collected 3 continuous chip samples within the historic workings where the main vein is well exposed. The results include:
|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|
The sampling at Guadalupe shows consistent high grade over a vertical interval of approximately 60m, from the upper shaft to lower tunnel. The area around Guadalupe is steep and bush covered with limited outcrop, hence the extent of the mineralized zone is not yet known. Radius plans a soil sampling program in the area to identify extensions of the Guadalupe zone.
Located 800m NE of Campamento, at roughly similar elevation, the Dulces vein is exposed in an historic underground tunnel within an extensive area of argillic altered andesite volcanics. The vein varies from 1 to 1.5m and chip samples of the vein within the short 15m tunnel returned:
|AM377:||1m at 34 g/t Au and 13 g/t Ag|
|AM378:||1m at 20.3 g/t Au and 44 g/t Ag|
|AM379:||1.5m at 114.5 g/t Au and 57 g/t Ag|
Radius is currently negotiating access with the landowner for a trenching and sampling program at Dulces.
With Au-Ag mineralization occurring over a vertical interval of 600m at multiple targets over 3.5km strike length, Radius believes there is excellent potential for a significant discovery at Amalia. This initial program has returned encouraging high-grade results. The silica at the main Campamento target is high level with chalcedonic banded and colloform textures and typically low in sulphides. This contrasts with the Guadalupe area located 700m southeast of Campamento and vertically 250m below, where bonanza grade mineralization up to 16.4 g/t Au and 5180 g/t Ag (1m sample) is hosted in sulphide rich veins and breccias. This transition from the rhyolite hosted high level chalcedonic veins to high grade sulphide rich veins within the lower andesites is observed at several of the major deposits of the Sierra Madre gold belt. Radius is currently advancing drill permitting and intends to target wide high grade mineralization within the predicted sulphide zone at depth (200 to 250m) below Campamento.
New maps and photos of the Amalia Project will be available on the Company’s website.
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 visited the Amalia Project, participated in the reported programs and prepared and approved the technical information contained in this news release.
Sampling at Amalia 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.
Radius has been exploring for gold in Latin America 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
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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.
604-801-5432 or Toll free 1-888-627-9378
Tue, 19 Sep 2017 12:30:00 GMT