Radius Gold receives final results for phase 4 drilling and new drill permits to test El Cuervo and California targets at Amalia Project, Mexico

2021-04-27 / @thenewswire

(TheNewswire)

Vancouver, Canada – TheNewswire - April 27, 2021 - Radius Gold Inc. (TSXV:RDU) (OTC:RDUFF) reports results for the phase four diamond drill program at its Amalia Gold-Silver Project in Chihuahua, Mexico. New results include AMDD21-31 which intersected 13m at 0.9 g/t gold and 116 g/t silver. A new drill permit has recently been granted to test targets at California and El Cuervo. Geological teams are continuing detailed mapping and have recently extended the El Cuervo veins and breccias by 1km and the California vein system by 500m. Drilling of these targets is expected to commence in the second half of the year.

Drill results summary

10,588m of diamond drilling in 31 drillholes has been completed at Amalia, with 10 holes for 4,385m drilled in phase four. Final results up to hole 31 have been received. A full table of all drill intervals is available on the Company’s website. Significant results from phase four drilling include:

Hole I.D	From (m)	To (m)	Interval (m)	Est. true width (m)	Au (g/t)	Ag (g/t)
AMDD20-022	313.05	336.15	23.1	14.5	6.8	321
including	319.4	325.65	6.25	3.9	18.34	813
AMDD21-023	520.85	530.4	9.55	6.5	0.59	151
AMDD21-031	133.75	147	13.25	13.25	0.9	116

The drilling completed to date has focused on the San Pedro target and has identified a coherent shoot of high grade gold-silver mineralization commencing at surface and continuously defined 350m down dip (figure 1). The first shoot now appears to be closed off at depth and immediately adjacent. The focus at Amalia now is to drill test additional targets along the 7km strike of the Amalia fault zone and at the parallel California vein system.

Figure 1. Amalia project long section.

Click Image To View Full Size

EL Cuervo and California targets

In preparation for the next phase of drilling, geological teams at Amalia have been mapping and sampling the El Cuervo and California targets.

The El Cuervo target is located on strike along the Amalia fault 3.8km SW of the San Pedro main zone. El Cuervo has been defined discontinuously for 1.5km and consists of a NW trending zone of silicification, stockwork veining and local brecciation, 3 to 7m wide within an alteration halo 5 to 40m wide. Previous results from prospecting rock chip samples range from below detection up to 637 g/t Ag and 2.24 g/t Au. 63 rock samples were recently submitted for analysis.

The California vein system occurs sub parallel to Amalia, located 1.5 km east. California outcrops discontinuously over 3km and may extend up to 5km strike length. The California vein is variable up to 4m wide, with massive silicification, stockwork veinlets, crustiform quartz and local brecciation within an alteration halo up to 30m wide. 114 rock samples were recently submitted for analysis.

The Agreement

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$400,000 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.

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 1m intervals, 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. Multi-element geochemical standards and blanks are routinely entered into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.

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 has reviewed and approved the technical information contained in this news release.

Radius Gold Inc.

Radius has a portfolio of projects located primarily in Mexico and Guatemala 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

Bruce Smith

President and CEO

Symbol: TSXV-RDU

Contact: Bruce Smith

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 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 work 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.