(TheNewswire)
Project Highlights:
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Large scale historic underground bulk silver miningoperation from 1800's.
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Silver mantos occur over 500m x 300m area (exposed inhistoric mines) with observed thickness up to 30m.
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Recently re-discovered by Radius, never tested bymodern exploration methods.
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Initial metallurgical tests indicate exceptionalproperties with cyanide leach recoveries averaging 93% for silver andin combination with flotation achieving 97% silver recovery (see newsrelease January 30, 2023).
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Initial, minimum 2000m drill program fully funded byMinera San Julian (see news release March 5, 2024).
June 26 , 2024 , Vancouver, British Columbia – TheNewswire – Radius Gold Inc. (TSXV:RDU) (“Radius” or the “Company”) is pleased to announce thatdiamond drilling has commenced at the Plata Verde silver project inChihuahua, Mexico. Radius, in partnership with Minera San Julian, S.A.de C.V. (“Minera San Julian”), a wholly owned subsidiary ofFresnillo plc (“Fresnillo”) plan to complete a minimum of 2000m ofdiamond core drilling targeting bulk minable, underground silverresources at the historic Plata Verde mines. The drill program isfully funded by Minera San Julian as part of the option agreement (seenews release, March 5, 2024) signed between the companies to jointlyexplore Plata Verde.
Bruce Smith, Radius Gold Presidentand CEO, commented: “The Radius Gold team is excited to getstarted drilling at Plata Verde. The large-scale historic silver mineshave never been drill-tested and are compelling targets. As one of thelargest silver producers in the world, our partner, Fresnillo, bringssignificant expertise to this exploration program and our projectteam. We are encouraged by the results of surface and underground chipsampling, the metallurgical program, and the project’s history ofbulk tonnage underground silver production. The large scaleexcavations inside these mines indicate that the historic miners wereinto a significant mineralized system and the clearly visible bandedsilver sulphides found on the walls and roofs of the mines add to ourconfidence in making a discovery at this project.”
Following the completion of the first-pass diamonddrilling, additional drilling will be based on results, to beconfirmed by the Radius and Fresnillo joint technical committee.Silver mineralization occurs as massive to crustiform banded baritecalcite and quartz with silver chlorides, sulphosalt minerals andnative silver infilling and cementing fractures and breccia within abasaltic/andesite extrusive volcanic. The basaltic/andesite hostoccurs at the base of the Upper Rhyolitic Volcanics of the NorthernSierra Madre.
A historic extensive network of anastomosing miningtunnels and cavities was completed by hand with hammer, chisel andblack powder explosives, leaving behind large underground cavities upto 50m x 50m x 30m high. Throughout the mines roman numerals paintedon the walls record up to 58 mining areas. The mining excavationsdefine a strike extension of over 500m and up to 300m wide. The hostvolcanic unit is at least 60m thick.
Silver mineralization is observed within mantos withmultiple large scale breccia zones, fracture fill, stockwork anddisseminated style mineralization within the volcanic host. Drillingwill target extensions of the manto systems and also feeder systemsbelow the mantos.
Figure 1. Historic silver mines atPlata Verde, an anastomosing sequence of silver mines, excavated inthe late 1800’s following silver mantos hosted within basalticvolcanics.
Figure 2. Banded silver sulphides,with barite, calcite and silica with characteristic green silverchloride oxides.
Drill Targets
Figure 3. Plata Verde minesshowing planned drilling in 3D with historic mines and silver rockchip sampling.
Plata Verde Project
The Plata Verde project, located in Chihuahua, Mexico,was re-discovered by Radius Gold, and is a historic, large-scale,underground, bulk tonnage silver mining operation. Plata Verde islocated east of the historic Batopilas silver mining district (1708 to1920) which reputedly produced over 300 million ounces of silver fromhigh grade veins and structures.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of theAustralian Institute of Geoscientists, is Radius’ Qualified Personas defined by National Instrument 43-101 - Standards of Disclosure forMineral Projects. Mr. Smith has reviewed and approved the technicalinformation contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexicoand Guatemala utilizing partnerships where appropriate to retain theCompany’s treasury. Management is seeking out additionalinvestment and project acquisition opportunities across the globe. Radius is a member of the Gold Group of companies, led by SimonRidgway. You may find more information on Radius Gold at www.radiusgold.com or www.sedarplus.ca .
ON BEHALF OF THE BOARD
Simon Ridgway
Executive Chairman
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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news releaseconstitute forward-looking statements within the meaning of Canadiansecurities legislation. All statements includedherein, other than statements of historical fact, are forward- lookingstatements and include, without limitation, statements about the Company’s plans for itsproperties . Often, but not always, these forwardlooking 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 similarexpressions, including negative variations.
Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company to be materially different from any results, performance or achievementsexpressed or implied by forward-looking statements. Such uncertaintiesand factors include, among others, changes in general economicconditions and financial markets; the Company or any joint venturepartner not having the financial ability to meet its exploration anddevelopment goals; risks associated with the results of explorationand development activities, estimation of mineral resources and thegeology, grade and continuity of mineral deposits; unanticipated costsand expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators andavailable under the Company’s profile on SEDAR+ at www.sedarplus.ca. Althoughthe Company has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements contained herein are basedon the assumptions, beliefs, expectations and opinions ofmanagement, including but not limitedto: that the Company’s stated goals and the planned exploration anddevelopment activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptionsas set out herein. Forward-looking statements are made as of the datehereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance 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 shouldnot place undue reliance on forward-looking statements.
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