Radius Gold intersects 5m at 657 gt Ag at Amalia Project, Mexico
TSX VENTURE: RDU
May 28, 2019 / TheNewswire / Vancouver, Canada: Radius Gold Inc. (TSX-V: RDU) is pleased to report on progress of its diamond drill program at the Amalia Gold-Silver Project in Chihuahua, Mexico. Radius has now completed drilling of 6 diamond holes AMDD19-010 to AMDD19-015 totalling 1743m with assays returned for 3 holes (010, 011, 012). New results include Hole 012 which assayed 5m at 647 g/t Ag, intersected 50m below the phase one Hole 008 (5m at 0.59 g/t Au and 571 g/t Ag - see press release Dec 4, 2018). Visual descriptions for the remaining holes are provided below.
AMDD19-010 (see press release May 1, 2019) intersected 44m grading 12.38 g/t Au and 309 g/t Ag with estimated true width of 34m. Mineralization is hosted within the hanging wall of the San Pedro fault with disseminated fine black sulphides and sulphide veining commencing within rhyolitic ignimbrites, and transitioning to intense silicification, stockwork veining and brecciation.
AMDD19-011 was drilled approximately 100m south of 010 and 50m below 003 (hole 003 returned 30m at 0.3g/t Au and 65 g/t Ag) targeting the San Pedro structure. Hole 011 intersected multiple zones of variable white chalcedonic stockworks, amythyst, silicification, hydrothermal breccias and diorite dykes and returned a broad zone of anomalous Au and Ag in the hanging wall of the fault, however no ore grade mineralization was encountered.
AMDD19-012 was drilled 200m south of 010 targeting the San Pedro structure approximately 50m below 008 (hole 008 returned two intervals within a 33m wide mineralized zone (1m at 2.28 g/t Au and 521 g/t Ag and 5m at 0.59 g/t Au and 571 g/t Ag) ). Hole 012 intersected 5m at 647 g/t Ag and 1m at 0.35 g/t Au and 140 g/t Ag within a zone of variable white chalcedonic stockworks, silicification and hydrothermal breccias.
AMDD19-013 was drilled 100m north of 010. The hole cut 17m of moderate to strong silica and adularia alteration, brecciation and traces of fine black sulphides. Assay results for 013 are pending.
AMDD19-014 was drilled 50m north of 010. The hole cut 15m of strong silicification, brecciation, and stockwork veining with moderate fine disseminated black sulphides and quartz sulphide veinlets. Assay results for 014 are pending.
AMDD19-015 was drilled on section of 009 - 010 and 50m below 010. Hole 015 has intersected a wide zone of strong silica adularia alteration, brecciation, stockwork veining with fine black sulphide mineralization, disseminated, within stockwork veins and cementing breccias. Assay results for 015 are pending.
Radius's phase two drill program is now complete. The program has expanded multiphase gold and silver mineralization with two high grade ore shoots identified to date along the San Pedro structure. Geological controls on the mineralization are complex with multiple events of gold and silver mineralization within veins, stockworks and hydrothermal breccias. The dominant San Pedro structure trends 320/60E and can be traced for several kilometers. The San Pedro is a large robust fault zone separating Tertiary rhyolitic ignimbrites from the Late Cretaceous Tarahumara formation with gold and silver mineralization typically occurring within the hanging wall. High grade ore shoot control is still uncertain but appear to be located by cross faults. Exploration drilling at this stage is wide spaced and large areas remain untested. With drilling on just five sections covering 850m strike and testing a vertical component limited to approximately 200m down dip, Radius believes the system is still wide open and shows potential for a significant discovery.
The full results of Radius's phase two drill program at Amalia will be published as assays become available and quality control procedures completed. Cross-sections, long-section, plan map and core photos are available on the Radius website. (http://www.radiusgold.com/s/amalia.asp).
Radius has granted to Pan American Silver Corp. the option to earn up to an initial 65% interest in the Amalia Project by making cash payments to Radius totaling US$1.5 million (of which US$100,000 has been received) and expending US$2 million on exploration over four years. Pan American may earn an additional 10% by advancing the property to preliminary-feasibility.
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 drill program and prepared and approved the technical information contained in this news release.
Quality Assurance and Quality Control
Drilling is carried out using NQ and HQ size tooling. Drill core is cut in half using a rock saw with one half of the core then taken as a sample for analysis. Sample intervals are generally between 1m and 1.5m producing samples of between 2 to 9 kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Chihuahua, Mexico. The samples are fire assayed for Au and are analysed for Ag and multi-elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Radius routinely inserts multi-element geochemical standards and blanks into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.
Radius Gold Inc.
Radius has a portfolio of projects located primarily in the United States and Mexico which it continues to advance, utilizing partnerships where appropriate in order to retain the Company's strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe.
ON BEHALF OF THE BOARD
President and CEO
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
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 results of exploration work and future plans at 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 results of exploration work and future plans at 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 exploration activities at the Amalia Project will advance 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.