Radius Gold reports additional results from phase four drilling at Amalia Project, Mexico
(TheNewswire)
February 16, 2021 - TheNewswire - Vancouver, Canada - Radius Gold Inc. (TSXV:RDU) is pleased to report further results from its phase four diamond drill program at the Amalia Gold-Silver Project in Chihuahua, Mexico. Pan American Silver Corp., the project operator, has reported assays for three additional drill holes of phase four.
Phase Four Drill Result Summary
Phase four drilling to date has completed 6 drill holes AMDD20-22 to AMDD21-27 for total 2,785 metres. Results have been received for holes AMDD20-22 to AMDD21-25. Drilling is ongoing with drill hole 28 in progress and further drill holes planned (see figures 1, 2, 3 below).
AMDD21-023 intersected 9.55 m grading 0.59 g/t Au and 151 g/t Ag (6.5m estimated true width, 520.85m to 530.40m). Hole 23 was drilled within the high grade San Pedro shoot previously defined by drill holes 9, 10, 14, 15, 16 and 22. Hole 23 was drilled approximately 120 m down dip and on section from drill hole 16 (65.8 m at 2.3 g/t Au and 23 g/t Ag - see news release 4 Dec 2019) These drillholes define a continuous zone of gold-silver mineralization from surface to 410m down dip (see figure 2 & 3 below).
AMDD21-024 did not intersect significant mineralization.
AMDD21-025 intersected 3 mineralized zones:
0.85m grading 1.48 g/t Au and 475 g/t Ag (0.6m estimated true width, 150.85m to 151.7m)
7.6m grading 1.73 g/t Au and 70 g/t Ag (5.0 m estimated true width, 170.85m – 178.45m)
8.05m grading 0.93 g/t Au and 99 g/t Ag (5.5m estimated true width, 285.85m – 293.9m)
AMDD21-026 / 027 / 028 - results pending
Drilling is ongoing at Amalia and Radius will release further results as they become available. Radius and Pan American expect to complete 4400m in the current drill program.
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Figure 1. Amalia plan section with drill collar and regional target locations.
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Figure 2. Long section Amalia project.
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Figure 3. Cross section Amalia project.
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.
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.
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 routenely entered 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 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 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.
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