(TheNewswire)
October 4, 2023 – TheNewswire - Vancouver, British Columbia – Radius Gold Inc. (TSXV:RDU)(“Radius” or the “Company”) is pleased to provide an update ondrilling at its Tropico Project located in the Fresnillo mining district in Zacatecas, Mexico.
The initial hole TDD-001, planned for 300m to traverse the Tropicotarget, encountered difficult drilling conditions and was abandoned at56m in a large brecciated fault zone. The hole from 19m to 56m isintensely altered with clay, silicification, variable zones ofhydrothermal breccia and sets of stockwork veinlets with banded silicaveins. Assay results from 18 samples returned 29m at 0.34 g/t goldfrom 24m downhole with the final sample returning 0.6 g/t Au. Although recoveries have been low, the wide zone of anomalous goldis encouraging given that Tropico is in the upper levels of ahotspring environment and that the main ore bodies at Fresnillo 29kmsouth of Tropico typically start 200m to 300m below surface.
Radius now has two rigs on the property with drilling advancing,although at slower rates than anticipated. Diamond drill holes 2 and 3are in progress and advances to date are reported below (Figure 1).Reported intervals are down hole width, not true width as geometry isnot yet fully understood.
Diamond drill hole TDD-002 was collared 25m west of TDD-001 anddrilled at -550 directly under TDD-001 using larger diameter PQ core.The hole is still in progress. Below 25m of soil cover the holeintersected a 45m zone of epithermal alteration (similar to TDD-001)with clay, variable silicification, brecciation and zones of veinletswith occasional banded vein textures. At approximately 80m the holeentered a significant fault zone, with 30m of sheared, cataclasite(broken rock) hosted in finely bedded mudstones and sandstones. Thesediments are variably silicified, with quartz veinlets, and abundantpyrite, both disseminated, fracture filling and veinlets. The abundantpyrite may be sedimentary and un-related to gold mineralization. Thehole has intersected several 1m scale irregular white epithermalquartz veins with bladed quartz textures, including a 6.4m vein at169m. TDD-002 is still in progress.
Diamond drill hole TDD-003 was collared on the west of the Tropicobreccia and drilled east at -650 to scissor holes 1 and 2 at depth.TDD-003 was collared in silicified crackle breccia and has to dateintersected 80m of variably clay altered, silicified, and brecciatedsediment. Significantly at 69m depth the hole intersected a 13m zoneof white banded massive epithermal veining and breccia. The hole isstill in progress.
Figure 1. Tropico drill planview
Core Photos:
Additional core photos are available at: https://radiusgold.com/projects/tropico/core-photos/
TDD-003
Figure 2. TDD-003 at 27m: 30cm ofintensely silicified breccia
Figure 3. TDD-003 at 66m: 10cm ofbanded chalcedonic quartz vein
Figure 4. TDD-003 at 69 to 71m: Banded chalcedonic quartz vein and breccia
TDD-002
Figure 5. TDD-002 at 83m: Silicified cataclasite (faulted and crushed pelite sediment) withabundant pyrite.
Figure 6. TDD-002 at 169m: 10cmBanded chalcedonic quartz vein
Figure 7. TDD-002 at 168m to 174m: Banded chalcedonic quartz vein.
About the Tropico Target
The Tropico target is defined bysurface mapping and geochemical sampling, outlining a sinter andsilicified breccia with a strong gold and mercury geochemicalsignature (see news release, March 21, 2023). The Tropico target isroughly oval shaped, 450m long by 250m wide orientated NNE. A CSAMTsurvey defined resistive features that matched the surface geology,defining a target that starts at surface directly below theoutcropping silicification and extends to 800m depth at the maximumextent of the survey. The resistive target is approximately 10 timesmore resistant than adjacent host rocks (see news release, June 7,2023).
Location
The Tropico target is located 30 km northwest of Fresnillo city,Zacatecas, Mexico. The Fresnillo mining district is one of the world'smost productive epithermal systems and hosts the world's oldestcontinuously operating mines producing silver, gold, copper, lead, andzinc for approximately five centuries, since 1554.
The district hosts over 150 veins, mantos and chimneydeposits including +30 large scale ore producers and it continues todeliver more, with recent discoveries that include the multi-millionounce silver and gold producer, Juanicipio Project, a joint venturebetween MAG Silver and Fresnillo Plc.
Radius entered into an option agreement with localclaim owners to acquire 100% of the property in March 2023 (see news release, March 21, 2023).
Quality Assurance and QualityControl
Drilling is carried out using PQ and NQ size tooling. Drill core is cut in half using a rock saw with one-half of the corethen taken as a sample for analysis. Sample intervals are generally1.5m, producing samples of between 2 to 9 kg. Half-core samples aredelivered to the ALS Geochemistry laboratory facilities in Mexico. The samples are fire assayed for Au and are analysed for Ag andmulti-elements using method code ME-ICP61 following a four-aciddigestion. Overlimits are analysed using an appropriate method. Multi-element geochemical standards and blanks are routinely enteredinto the drill core sample stream to monitorlaboratory performance. Quality control samples submitted to ALSwere returned within acceptable limits.
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 to retain the Company’s treasury. At the sametime, management is seeking out additional investment and projectacquisition opportunities across the globe. Radius is a member ofthe Gold Group of companies, led by Simon Ridgway. You may find moreinformation 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 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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