(TheNewswire)
Vancouver, British Columbia – TheNewswire - November 7, 2023 - Radius Gold Inc. (TSXV:RDU) (“ Radius ” or the“ Company ”) is pleased to provide an update on drilling at itsTropico Project located in the Fresnillo miningdistrict in Zacatecas, Mexico. The Company completed an initial1300m program of diamond drilling in 8 drillholes, with assaysreceived for the first 7 holes. Drilling is planned to resume uponreceipt of remaining assay results.
Drilling in 5 holes has defined a large gold mineralized hydrothermalbreccia body that starts at surface and to date defined 250m down dip.Gold grades are starting to increase with depth, with results for thelast and deepest hole pending.
Figure 1. Tropico cross-section withdrill results.
Initially the geological team targeted a simple model of a verticalbreccia pipe below the outcropping Tropico sinter and breccia, withhigh grade mineralization predicted to occur approximately 300m belowsurface as observed in general within the Fresnillo mining district.Drilling at Tropico has been more complex than expected, with initialdrill holes (reported October 4, 2023) intersecting significant faultzones and trapped drill rods restricting progress. The expectedhydrothermal breccia pipe was not found vertically below the sinter aspredicted by the geophysics, instead is rather un-expectedly dippingat 45 o east and has nowbeen defined under soil cover 200m to the east of the outcroppingtarget. It required several short drill holes to understand thegeometry of the breccia body and to significantly improve drillingrates, recovery and associated costs. The Company has paused thedrilling in order to get full assays before determining additionaldrill hole targets along strike and down dip.
The hydrothermal, polymictic breccia body intersected is widening withdepth, and grades are increasing within the breccia body and thecontact zones. This mineralization being intersected occurs in areaswith deep soil cover and no surficial expression, and the geologicalteam believes that opens up the strike potential of the system for thefull length of the property.
Figure 1. Tropico plan view withdrill traces.
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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 roughly oval shaped, 450m long by 250m wide orientated NNE(see news release, March 21, 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 in March 2023with local claim owners to acquire 100% of the property (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 monitor laboratory performance. Quality control samples submitted to ALS were returned withinacceptable 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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