Radius Gold advances Coyote and Bald Peak for drill testing in Nevada
VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Radius Gold Inc. (TSX-V: RDU) is pleased to announce it has received drill permits for its Coyote hot-springs epithermal gold project near Elko, Nevada and has initiated a detailed CSAMT geophysical survey at its 100% owned Bald Peak hot-springs epithermal gold project near Hawthorn, Nevada. Radius expects to commence drilling at Coyote in the next month and is currently working on drill permits for the 2019 season at Bald Peak.
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Coyote Project
Radius recently received a drill permit for the Coyote Project, located near Elko in a world class gold producing district near the intersection of the prolific Carlin trend (estimated 90Moz gold production since 1965) and the Independence trend (estimated 8Moz gold production since 1981).
Radius has signed a drill services contract for Coyote and expects to commence drilling in October. The drill program will target deeply penetrating resistive structures with co-incident rock and soil geochemical gold-antimony-arsenic-mercury anomalies within a surficial sinter hot spring environment. In August 2018, Radius completed a detailed CSAMT and soil geochemical survey at Coyote. The CSAMT survey (see figure 1) defined a coherent (950m by 250m) strongly resistive zone adjacent to and below the surface sinter that extends from surface to the bottom of the geophysical survey at 600m depth and is predicted to represent a sheeted vein system.
The recent discovery of the Gravel Creek Gold-Silver Deposit (see note 1) by Western Exploration, approximately 45km north of Coyote, is an excellent analog where a hot spring sinter environment, and anomalous geochemistry and geophysical programs led Western Exploration to target the Tertiary-Paleozoic boundary beneath the system with deep drilling, resulting in spectacular high grade discovery holes at Gravel Creek including:
WG373 from 470m to 762m with 291m at 13.52 g/t Au, and
WG374 from 457m to 646m with 189m at 34.6 g/t Au
Note 1. Information on the Gravel Creek Gold-Silver Deposit was published in New Concepts and Discoveries: Geological Society of Nevada 2015 Symposium, O.D Christensen and J.G. Cleary. Geology and Discovery History of the Gravel Creek Silver-Gold Deposit, Elko County, Nevada.
Bald Peak Project
The Bald Peak Project is located mainly in western Nevada, with an extension into California. The property was acquired in 2017 (see news release of March 6th, 2017) and subsequently expanded to cover an 8km trend of gold rich sinter terraces and epithermal quartz veins which outcrop along the 8km length of the property (see figure 2). The Bald Peak epithermal system occurs 6km north of and parallel to the trend of the neighbouring Bodie, Aurora, and Borealis mining camps. The property has seen limited shallow drilling, none of which targeted the gold rich sinter occurrences. The sinters evidence that the epithermal system has not been eroded beyond its paleo-surface elevation and thus is likely fully preserved.
Radius recently received permission from the U.S. Forest Service to conduct a geophysics survey and has commenced a deep penetrating CSAMT geophysical survey covering the main sinter and vein targets at Bald Peak. Radius expects to integrate the CSAMT data with the results from its previously completed mapping and geochemistry to refine the identified drill targets for the 2019 field season. Radius is currently working on drill permitting with the U.S. Forest Service.
Technical Information
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
Simon Ridgway
President and CEO
Symbol: TSXV-RDU
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
Email: info@goldgroup.com
Website: www.radiusgold.com
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 Statements
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 and Coyote Projects; 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 and Coyote Projects; 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 and Coyote Projects 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.
Figures accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/7dfc1608-2d71-4015-831e-8194a8b8e50e
http://www.globenewswire.com/NewsRoom/AttachmentNg/c8f67b71-dd9d-4b2a-ac02-82b2b57eb860
