(TheNewswire)
Vancouver, British Columbia – May 23, 2024 – TheNewswire – RadiusGold Inc. (TSXV: RDU) (“Radius”) and joint venture partner,Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”) report on the conclusion of the first pass drilling campaignat the Motagua Norte Project, Guatemala.
As previously reported (April 25th, 2024), the initialdrillholes did not locate the source of the broad area of bonanzagrade gold bearing quartz boulder float discovered by Volcanicgeologists and named the Mila target. The gold-bearing quartz float atMila covers a thin serpentinite package and underlying schistosemetasedimentary rocks which have been cut by a series of east-westtrending structures hosting significant vein zones. The principalstructures, such as the Veta Madre Fault and the Veta Padre structure,are located to the south and uphill from the field of gold-bearingboulders. A strong zone of stockwork veining separates these twolarger structures.
A total of 13 holes were drilled in this first passprogram testing a range of targets. Results have been received for theinitial drill holes that tested for vertical and north-dipping veinsat and near to the Veta Madre Fault. Results indicate that thegold-bearing quartz boulders did not originate from these structures.The last four holes were drilled in the opposite direction, from southto north, to test for south-dipping structures. Several veins ofvarious sizes were intercepted in these drill holes. Assay resultsare pending, however no visible gold was seen in the drill core.Results will be released as soon as they become available.
In other developments in Guatemala, a new Minister ofthe Environment (MARN) was appointed on April 12, 2024 and initialpublic comments from the new Minister were not positive for mineralexploration and development in the country. Before committing furtherfunds to Guatemala, Volcanic will monitor the two significant preciousmetal deposits where developments are on hold: the multi-million ouncegold deposit at Cerro Blanco and the large high grade silver-lead-zincdeposit at Escobal. These mines could employ thousands of people,providing jobs to Guatemalans so they can thrive in their owncommunities.
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 joint venture hasestablished a high-grade epithermal gold resource 60km north of theCerro Blanco gold 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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