Radius Gold samples 21m wide gold-rich vein stockwork zone above sinter at Bald Peak Project, USA
TSX VENTURE: RDU
July 24, 2019 - TheNewswire - Vancouver, Canada - Radius Gold Inc. (TSXV:RDU) is pleased to report that the Company has sampled a 21m wide vein stockwork and hydrothermal breccia zone grading 1.32 g/t Au at its 100% owned Bald Peak Project, USA. Significantly the vein zone outcrops ~40m uphill of the Beauty Peak sinter. A recently completed 128 station CSAMT survey shows the vein zone and sinter occur above a large and robust ~450m long resistive body that extends to at least ~1225m depth (the maximum depth of the survey). The vein and hot spring sinter outcrops combined with the robust and deeply penetrating resistive zone define compelling drill targets.
Figure 1. Vein stockwork and hydrothermal breccia zone uphill from Beauty Peak sinter
Figure 2. Beauty Peak sinters and vein stockwork / hydrothermal breccia zone
Along the 6km trend of gold rich epithermal vein and sinter occurrences mapped at the Bald Peak project, Radius has developed multiple drill and exploration targets. These targets include:
Beauty Peak Sinter
The vein and sinter outcrops at the Beauty Peak sinter target cover an area of roughly 300m x 200m before going under cover. The extensive sinter outcrops are frequently brecciated and cut by stockwork veins. Grades within the sinter have returned a maximum of 1.91 g/t Au and the banded vein float around the sinter runs up to 8.12 g/t Au.
Sinters are formed at the surface by deposition of amorphous silica from a hotspring vent in active geothermal areas. They represent the paleo-surfaces of epithermal systems and are normally barren of gold and silver. Gold grades above 0.05 g/t Au within sinters are highly anomalous and gold grades above 1 g/t Au are extremely rare. Radius management discovered the San Martin gold deposit in Honduras, and the Cerro Blanco gold deposit in Guatemala, both of which are significant gold deposits that occur beneath sinters anomalous in gold. Radius's team has been specifically searching for these unique systems since those early discoveries. The Bald Peak property covers a 6km strike length of multiple sinter and epithermal vein targets and is one of the few hotspring sinter epithermal targets where the sinter carries relatively high-grade gold along with cross cutting veins and breccias. Combined with a large and deeply penetrating resistive root zone, the Bald Peak project is a uniquely attractive target.
Great Wall Vein
Robust outcropping stockwork of parallel quartz vein and vein breccias hosted in trachyandesite. Samples from this vein returned up to 5.36 g/t Au with a 2m chip-channel sample at 3.19g/t Au. This vein is surrounded by multiple veins and anomalous soil and rock geochemical anomalies. The target is associated with a 2km NE trending gold in soil anomaly.
Central Gold Soil Anomaly
An approximately 2 km by 150 m wide well-defined gold in soil anomaly with values up to 1.24 g/t Au.
0.5km2 area of sinter outcrops and float with clay alteration and soil anomalies in mercury, arsenic, antimony.
Figure 3. Great Wall quartz vein and breccia
Figure 4. Map of Bald Peak property with drill targets and Au in rocks
Radius Gold has been working with the U.S. Forest Service on permitting for the Bald Peak drill program. Archeological, cultural, biological and botany surveys have been completed by the USFS, and the process is advancing well.
Bald Peak Property
The Bald Peak property covers 15 square kilometers located in the Aurora and Bodie mining districts within Nevada's Walker Lane Gold Belt on the Nevada - California border. The property is 100% owned by Radius Gold Inc. subject to an NSR and consists of 140 Nevada unpatented mining claims, 11 California mining claims and a California prospecting permit.
Amalia Project, Mexico Update
Radius Gold has recently received final assays for all of stage two drilling, including the last 24m of hole AMDD19-015 which initially had not been completely sampled. (see Radius press release June 13, 2019). AMDD19-015 from 216.7 to 297.7m intersected 81m at 3.75 g/t Au and 61 g/t Ag, including 21m at 7.91 g/t Au and 65 g/t Ag, within a zone of strong silica adularia alteration, brecciation and stockwork veining. From 297.7m to the end of the hole at 322.5m (an interval of 24m) the hole transitions from vein breccia into the lower Tarahumara formation andesites which visually appeared to be un-mineralized, hence was not completely sampled. Spot control sampling of the final 24m indicated potential mineralization and the complete interval was subsequently assayed. The final 24m of hole 15 (297.7 to 322.05 EOH) assayed 1.14 g/t Au and 16 g/t Ag. Although this does not alter the main reported interval of 81m at 3.75 g/t Au and 61 g/t Ag, although the hole remains in mineralization to the end indicating subsequent drilling should be deeper and account for potential "blind" mineralization. Now that final assays have been received, Radius and Pan American have scheduled a technical meeting for early August to plan the next stage of exploration.
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.
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 exploration plans for the Bald Peak Project and 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 plans for exploring the Bald Peak Project and 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 Bald Peak Project or 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.