Radius Gold Completes Geophysical Survey and Generates New Drill Targets for Spring Peak Property, Nevada
TSX VENTURE: RDU
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 19, 2016) - Radius Gold Inc. (TSX VENTURE:RDU) is pleased to announce the successful completion of a CSAMT survey and the generation of new drill targets at its Spring Peak Property, Nevada, which Radius has optioned from Kinetic Gold (for Option terms see news release - June 14, 2016).
Radius contracted Zonge International Inc. to complete a 13-line CSAMT geophysical survey at its Spring Peak Property. Several resistive geophysical anomalies have been identified that correlate with anomalous surface and drill hole geochemistry (Au, Ag, Hg, Sb, and As), identified structural zones, and quartz-adularia veining identified in historical drill holes.
Radius is an experienced explorer in hot spring environments, and management believes that the geological setting, geochemically anomalous sinter, and the nature of the geophysical resistivity anomalies below the sinter are positive features that merit further work.
The Spring Peak Property is located approximately 6 km southeast of the historical open pit mines at Aurora. At Spring Peak, a sinter terrace is exposed along a structure parallel to the Aurora-Borealis trend, and overlies altered volcaniclastic deposits and basement Cretaceous granites. The sinter terrace contains anomalous concentrations of Au, Ag, Hg, Sb, and As. Recent ash fall deposits cover much of the area, but frequent vein float with multi-ppm gold concentrations can be found across the Property. The area was drilled with shallow holes in the 1980s, the majority of which were vertical. The sinter terrace and structure that appear to control the anomalous values were never drill tested. Radius believes the Property has the potential to host subvertical high-grade gold veins similar those found within the Aurora-Borealis trend.
Previous exploration activities by Radius include due diligence sampling of sinter terraces and vein float on the Property, prospecting along the structure of interest, and a soil sampling survey (100m x 25m grid oriented orthogonal to the NE-SW targeted structure).
Radius is currently preparing a Plan of Operations for a drilling program, to be submitted to the United States Forest Service this fall. Radius plans to drill-test the Property once the Plan of Operations has been approved, anticipated for mid- to late-2017.
The Company continues to evaluate projects in various jurisdictions and with various commodities but with a focus on gold and silver in Nevada and Mexico.
Stock Option Grants
The Company also announces that it has granted to its directors, employees and consultants incentive stock options to purchase up to an aggregate of 1,640,000 common shares of the Company exercisable for ten years at a price of $0.15 per share. The Company will also cancel a total of 770,000 outstanding stock options.
David Clark, M.Sc., P.Geo., is Radius's Qualified Person under the terms of National Instrument 43-101, "Standards of Disclosure for Mineral Projects" and has approved the technical information in this news release.
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 plans for the Spring Peak Property; 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 Spring Peak Property; 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 Spring Peak Property 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.