(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 26, 2023 - Radius GoldInc. (TSXV:RDU) (“ Radius ” or the “ Company ”) ispleased to announce that the Cirilo Iexploration licence, covering a 13.5 km² (4.5 x3 km) area including the highly prospective Milagold discovery in the Motagua Norte project area of Guatemala, hasbeen granted by the Ministry of Mines ofGuatemala.
The Mila prospect is an area of bonanza-grade quartzfloat, subcrop and outcrop discovered by the Company’s JV partner,Volcanic Gold Mines, during regional prospecting along the MotaguaNorte schist belt in Central Guatemala. A significant gold footprinthas already been mapped-out with approximately one hundred rock chipsamples spread over a 250 metre by 570 metre area returning assays exceeding 10 g/t gold, including twentyof over 100 g/t gold and a maximum of 692 g/t gold.
The abundance of high-grade quartz over a significantarea point to an important high-grade gold system. A thoroughgeological assessment and continued prospecting by Volcanic throughoutthe licence area is ongoing, and Volcanic intends to start trench anddrill testing as soon as the necessary permitting procedures arecompleted.
The Cirilo 1 exploration licence is the first to begranted out of a set of four exploration licence applications thatcomprise the Motagua Norte project. The other three applications coveran additional 72.68 km² of the highly prospective Motagua Norteorogenic gold corridor. Volcanic is working withthe permitting authorities and local government to expedite thepermitting process.
Simon Ridgway, Volcanic Gold Mines President and CEO,commented:
“This is an impressive discovery and Volcanic hasworked hard for many months to complete all the necessary requirementsto get concessions granted in Guatemala. It is no simple matter and Iwant to congratulate the team, both on the exploration front and onthe social side. Now we can approach this discovery with a mind totesting the third dimension. The mineralized veins have size,continuity, and high grades at surface. I’m excited to see a drillturning on the project.”
The Mila prospect is an area ofhigh-grade quartz float, subcrop and outcrop covering a 250 metre by570 metre area discovered by Volcanic geologists. Approximately onehundred rock chip samples exceeding 10 g/t gold collected across thearea to-date:
LEFT: Visible and high-grade goldoccurs in both veins (43.4 g/t gold in gold-sulphide-quartz vein), andRIGHT: in the wallrock (94 g/t gold in gold-sulphide-quartz stockworkhosted by sericite-altered schist):
Aboutthe Cirilo 1 exploration licence
The Cirilo 1 exploration licence grants local companyMinerales Sierra del Pacifico S.A., a wholly-owned subsidiary ofRadius, the right to explore for gold and silver over a 13.5km ² (4.5 x 3 km) licence area in the department of El Progreso in Guatemala. Volcanic has an optionto earn a 60% interest in the Motagua Norte and Holly projects subjectto spending $7M on exploration of the properties within 48 months fromthe date drilling permits at Holly were granted (see News ReleaseSeptember 18, 2023). To date Volcanic hasspent just over US$4.5 million of the earn-in.
Location map of the Motagua Norteproject in Eastern Guatemala:
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 30 years of mineral explorationexperience and has prepared and approved the technical informationcontained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexicoand Guatemala which it continues to advance, utilizing partnershipswhere appropriate in order to retain the Company’s treasury. Atthe same time, management is seeking out additional investment andproject acquisition opportunities across the globe. Radius is amember of the Gold Group of companies, led by Simon Ridgway. You mayfind more information on Radius Gold at www.radiusgold.com or www.sedarplus.ca .
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 its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news release constituteforward-looking statements within the meaning of Canadian securitieslegislation. All statements included herein, other than statements ofhistorical fact, are forward- looking statements and include, withoutlimitation, statements about the results of explorationwork and future plans at the Company’s projects . Often, butnot always, these forward looking statements can be identified by theuse 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 unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any results, performance or achievements expressed or implied byforward-looking statements. Such uncertainties and factors include,among others, whether the planned exploration work at the Company’sprojects will proceed as intended; 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 theCompany’s quarterly and annual filings with securities regulatorsand available under the Company’s profile on SEDAR+at www.sedarplus.ca. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events orresults to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on theassumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andthe planned exploration and development activities at its propertieswill be achieved; that there will be no material adverse changeaffecting the Company or its properties; and such other assumptions asset out herein. Forward-looking statements are made as of the datehereof and the Company disclaims any obligation to update anyforward-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 proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,investors should not place undue reliance on forward-lookingstatements.
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