(TheNewswire)
September 19, 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 Tropicobreccia pipe, encountered difficult drilling conditions and wasabandoned at 56m. Promisingly, immediately under the soil cover thehole started in silicified breccias and banded veins with strongfine-grained sulphides. The hole from 19m to 56m is intensely alteredwith clay, silicification, variable zones of hydrothermal breccias andrepeated sets of banded silica veins with fine sulphides and stockworkveining. Banded veining had not previously been seen on the property.
The drill rig has been stepped back from the target an additional 25mand a new hole drilled deeper under hole TDD-001, this time usinglarge diameter PQ sized core and casing which is expected to alleviatethe drilling difficulties.
Radius plans to upload photos and videos of the core to its website asthe drilling proceeds and shareholders will be able to follow progressas the 2000m initial program advances. Core photos will be regularlyupdated and available at: https://radiusgold.com/projects/tropico/core-photos/
Initial core photos are set out below:
Figure 1. 20cm core at TDD-001 19m:Oxidized silicified polymict hydrothermal breccia with stockworkbanded veining.
Figure 2. 10cm core at TDD-001 25m:Silicified breccia with stockwork banded veining.
Figure 3. 20cm core at TDD-001 29m:Multi-phase chalcedonic quartz banded veining with dark fine grainedsulphides.
Figure 4. 30cm core at TDD-001 33m:Ex-sediment, crackle breccia, completely clay altered, moderatelysilicified with broken stockwork quartz veinlets.
Figure 5. 20cm core at TDD-001 53m:Banded quartz veining with strong fine grained dark sulphides.
About the Tropico Target
The Tropico target is defined bysurface mapping and geochemical sampling outlining a sinter andsilicified breccia pipe with a strong gold mercury arsenic antimonygeochemical signature (see news release, March 21, 2023). The Tropicogold system is roughly oval shaped, 450m long by 250m wide orientatedNNE. A CSAMT survey defined a coherent resistive feature thatprecisely matched the surface geology, defining a robust pipe shapedtarget that starts at surface directly below the outcroppingsilicification and extends to 800m depth at the maximum extent of thesurvey. The resistive target is approximately 10 times more resistantthan adjacent host rocks (see news release, June 7, 2023).
Location
The Tropico target is located 30 km northwest of Fresnillo city,Zacatecas, Mexico (Figure 6). The Fresnillo mining district is one ofthe world's most productive epithermal systems and hosts the world'soldest continuously operating mines producing silver, gold, copper,lead, and zinc for approximately five centuries, since1554.
Figure 6: Location Map
The district hosts over 150 veins, mantos and chimneydeposits including +30 large scale ore producers and it continues todeliver more recent discoveries that include the multi-million ouncesilver and gold producer, Juanicipio Project, a joint venture betweenMAG 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).
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 in order to retain the Company’s treasury. Atthe same time, management is seeking out additional investment andproject acquisition opportunities across the globe. Radius is amember of the Gold Group of companies, led by Simon Ridgway. You mayfind 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 northe Investment Industry Regulatory Organization of Canada 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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