(TheNewswire)
April 3, 2024 – TheNewswire – Vancouver, British Columbia – Radius Gold Inc.(TSXV: RDU) (“Radius”) and joint venture partner, Volcanic GoldMines Inc. (TSXV: VG) (“Volcanic”) are pleased to present a further update on the ongoing drilling campaign atthe Motagua Norte Project.
As previously reported, drilling to date has confirmedthat the broad area of boulder float with abundant bonanza grade assayresults discovered by Volcanic geologists is underlain by aserpentinite package, and that all of the colluvial boulders of quartzand schists bearing the high-grade gold values have likely moveddownslope from a major structural corridor that has been named theVeta Madre Fault Zone.
To date two drill holes cutting across the broad VetaMadre Fault zone have been completed. Both holes have cut wide zonesof quartz veining and quartz stockwork at the fault contact betweenserpentinite in the hanging wall to the north, and schistose rock inthe footwall to the south. The wide stockwork zones with associatedintense silica-sericite alteration of the host rock appear to be bestdeveloped in the footwall schist, although stockwork veining has beenrecognized on both sides of the vein.
Hole MIDD-24-004 targeted the Veta Madre above thecentral part of the colluvial field, drilling through 98 m ofserpentinite before reaching the fault zone at a depth ofapproximately 120 m below surface . The hole remained in veining and stockworkschists for 63 m before entering unaltered schistose rocks at 161 m.The hole was drilled at an inclination of -45 degrees; true width ofthe mineralized zone is yet to be confirmed as the dip of the fault,while thought to be steep, is as yet unknown.
Hole MIDD-24-005 was drilled 100 m along strike to thewest of MIDD-24-004, collared closer to the fault zone so that itintersected the fault at a slightly shallower depth of approximately80 m below surface. This hole passed through 73 m of serpentinitebefore entering the targeted structure. A wide zone, some 39 m ofaltered rock with strong stockwork quartz veining, was intersectedbefore passing into unaltered schistose rock at 112 m drill depth.This hole was also drilled at an inclination of -45 degrees, andagain, true width of the zone is at present unknown.
Map showing the extent of thecolluvial fan of bonanza-grade gold mineralized quartz boulders at thefoot of a broken section of the Veta Madre Fault Zone. Drill pads(black circles) indicate location and trace of holes MIDD-004 and 005which targetted the Veta Madre fault.
Half-core samples from both drill holes have been sentfor analysis at ALS Laboratory, Vancouver and assay results areexpected in early May. The present plan is to test the Veta MadreFault Zone with a panel of holes, cutting the structure on 50 mhorizontal and vertical grid spacing to a depth of up to 200 m belowsurface. Drilling will initially concentrate on a 250 m strike lengthimmediately uphill of the thickest and most extensive concentration ofgold-bearing colluvium. Drilling through the boulder colluvium istechnically challenging. Two attempts to drill into the structure at ashallower depth to test the weathered zone have been abandoned due tothe rods getting stuck in the thicker colluvium pile adjacent to thefault zone (drillholes MIDD-006 and 007). In order to avoid theseproblems, the remainder of this drilling program will be restricted tofresh rock well below the colluvium, targeting mineralization 50 m ormore below surface.
Simon Ridgway, Volcanic Gold Mines President and CEO,commented:
“ Thedrilling of the Veta Madre at the Motagua Norte project hasintersected a broad zone of quartz veins, vein breccia and microstockwork in two drill holes, located 100 m apart. Two other holeswere lost by setting up too close to the fault zone, intersectingthick piles of colluvium before entering the stockwork veining. Future holes will be set up further back from the fault zone. Abovethe Veta Madre fault zone, veining carrying visible gold had beenmapped in the Schistosebedrock between the Veta Madre and a second large structure, namedVeta Padre. These gold-bearing veins appear to dip to the south sodrill holes orientated south to north are planned later in the programto test this area.
Drilling has now re-commencedfollowing the break for Semana Santa. A good working relationship hasbeen developed with the local communities. Meetings are held on aregular basis updating the leaders of the communities on our plans andwe are assisting where possible with community projects.”
About the Motagua Norteproject
The Motagua Norte project is a gold system hosted byschists of the Motagua suture zone, an east-west striking belt ofmetamorphic rocks that outcrops at the line of collision between theNorth American and Caribbean tectonic plates.
Volcanic Gold Mines has an option agreement from Radiusto earn a 60% interest in the Cirilo I exploration licence and otherlicences under applications and negotiation within the Motagua Norteproject, as well as the Holly Project where the J/V has established ahigh-grade epithermal gold resource 60km north of the Cerro BlancoGold Deposit. (See news release Sept. 18, 2023).
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 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 to retain the Company’s treasury. At the sametime, management is seeking out additional inv estment and project acquisition opportunities across theglobe. Radius is a member of the Gold Group of companies, led bySimon Ridgway. You may find 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) acceptsresponsibility 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 Company’sprojects . 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 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 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+ atwww.sedarplus.ca . Although the Companyhas attempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking statements, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor 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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