(TheNewswire)
Vancouver, Canada – TheNewswire - December 21, 2020 - RadiusGold Inc. (TSXV:RDU) (OTC: RDUFF ) is pleased to report exploration highlights on three activeprojects:
-
- Amalia Gold Silver joint venture withPan American Silver Corp.
- Plata Verde Silver project, 100%Radius Gold Inc.
- Guatemala joint venture with VolcanicGold Mines Inc.
Simon Ridgway, CEO, comments: “Withongoing drilling programs in Mexico, drilling planned next year inGuatemala, geophysics programs for drill targeting at Plata Verde, aswell as our constant prospecting and property appraisals, Radius Goldexpects to have regular news flow and an exciting year in2021.”
Amalia Gold Silver Project, ChihuahuaMexico
At the Amalia Gold Silver project, Radius’s jointventure partner, Pan AmericanSilver Corp., is currently funding and operating the phase 4 diamonddrill program. To date 1,838 meters of drilling in 4 holes iscomplete. Drill holes targeted the down dip and lateral extensionsof the high-grade gold and silver mineralization within the San Pedrostructure that was previously defined by drilling phases 1-3. Results will be published as soon as they becomeavailable.
Plata Verde Silver Project, ChihuahuaMexico
At Radius’s 100% controlled Plata Verde project,orientation IP / Resisivity and ground magnetic geophysical surveysare currently being conducted by TMC Geophysical Consultants. Theaim of the project is to identify lateral extensions, repetitions and feeder systems of thelarge scale silver mineralized breccias discovered at Mina Mojoneraand Mina Real (see Radius press release July 22, 2020 ). The silver mineralized breccias definedby Radius’s sampling within the historic Mina Mojonera and Mina Realoccur under thin (>100m) volcanic cover rocks with very limitedoutcrop. The geophysical surveys underway are planned to aid drilltargeting below the cover volcanics.
Guatemala Joint Venture: Holly,Banderas and Regional Projects
At Radius’s Guatemala joint venture, explorationactivities are fully funded by Radius’s joint venture partner,Volcanic Gold Mines Inc. Volcanic has committed to a minimum 3000mof drilling at Holly and Banderas projects once the drill permits arereceived. Drill permits for 3 target zones, Holly, Banderas andZapote have been recently submitted to relevant authorities and areexpected to be granted in early 2021. Volcanic staff has commenceddiscussions with local communities and access agreements with localland owners. Geological teams have been deployed to the field and havecommenced exploration of Radius’s 240,000 hectare regionalapplications to define priority targets for further drilling. Volcanic has recently completed $13,600,000 in financings and iswell funded to advance the Guatemala joint venture.
Property Agreements:
The Pan American Agreement
Pursuant to the option agreement signed in June 2018,Pan American Silver Corp. has the option to earn up to an initial 65%interest in Radius’s Amalia Project and Palmillas Properties bymaking cash payments to Radius totaling US$1.5 million (of whichUS$400,000 has been received) and expending over four years US$2million on exploration and reimbursement of Radius’s costs tomaintain its option agreements with the owners of Amalia andPalmillas. Pan American may earn an additional 10% by advancing theproject to preliminary feasibility.
The Plata Verde Agreement
Radius can earn a 100% interest in the Plata Verdeproject by making staged payments totalling US$800,000 over four yearswith a final payment of US$400,000 due at the end of year four. AnUS$8,000 signing payment has been paid. The owner retains a 1% NSRwhich Radius can buy back for US$1,000,000.
The Volcanic Agreement
Radius has granted Volcanic Gold Mines Inc. an optionto earn a 60% interest in the Holly and Banderas properties bycompleting a minimum C$3 million financing and spending US$7 millionon exploration of the properties within 48 months from the datedrilling permits are granted (see Radius press release June 1, 2020 ). An initial US$1 million must be spent on explorationwithin 12 months of receiving the required drill permits, including aminimum 3,000m of drilling. Following the exercise of the option,Volcanic will enter into a 60/40 joint venture with Radius in order tofurther develop the properties.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of theAustralian Institute of Geoscientists, is Radius’s 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 primarily inMexico, United States and Guatemala which it continues to advance,utilizing partnerships where appropriate in order to retain theCompany's strong treasury. At the same time, management is seekingout additional investment and project acquisition opportunities acrossthe 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 northe Investment Industry Regulatory Organization of Canada acceptsresponsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in thisnews release constitute forward-looking statements within the meaningof Canadian securities legislation. All statements included herein,other than statements of historical fact, are forward-lookingstatements which include, without limitation, statements about thepossible acquisition by Pan American of an interest in the Amalia andPalmillas properties; statements about the possible acquisition byVolcanic Gold Mines Inc of an interest in the Guatemala properties,the exploration plans for the Amalia, Plata Verde and Guatemalaproperties; the Company’s business strategy, plans and outlook; themerit of the Company’s investments and properties; timelines; thefuture financial performance of the Company; expenditures; approvalsand other matters. Often, but not always, these forward lookingstatements 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”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negativevariations.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Companyto be materially different from any results, performance orachievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the possibleacquisition by Pan American of an interest in the Amalia and Palmillasproperties; the possible acquisition by Volcanic Gold Mines Inc of aninterest in the Guatemala properties; the exploration plans for theAmalia, Plata Verde and Guatemala properties; changes in generaleconomic conditions and financial markets; the Company or any jointventure partner not having the financial ability to meet itsexploration and development goals; risks associated with the resultsof exploration and development activities, estimation of mineralresources and the geology, grade and continuity of mineral deposits;unanticipated costs and expenses; and such other risks detailed fromtime to time in the Company’s quarterly and annual filings withsecurities regulators and available under the Company’s profile onSEDAR at www.sedar.com. 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 orintended.
Forward-looking statements containedherein are based on the assumptions, beliefs, expectations andopinions of management, including but not limited to: that PanAmerican will acquire an interest in the Amalia and Palmillasproperties; that Volcanic Gold Mines will acquire an interest in theHolly and Banderas properties; that the exploration activities at theAmalia, Plata Verde and Guatemala properties will proceed as planned;that the Company’s activities will be in accordance with its publicstatements and stated goals; that all required approvals will beobtained; that there will be no material adverse change affecting theCompany or its investments or properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and theCompany disclaims any obligation to update any forward-lookingstatements, 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 thoseanticipated in such statements. Accordingly, investors should notplace undue reliance on forward-looking statements.
Copyright (c) 2020 TheNewswire - All rights reserved.