(TheNewswire)
March 4, 2024 – TheNewswire - Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU)(“Radius”) and joint venture partner, Volcanic Gold Mines Inc.(TSXV: VG) (“Volcanic”) are pleased to present an update on thefirst-pass drilling campaign that is ongoing at the Motagua NorteProject.
Drilling to date has confirmed that the broad area ofboulder float with abundant visible gold and 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 the JV has named theVeta Madre Fault Zone.
The Veta Madre Fault contains a wide quartz vein thathas been known for some time, and where sampled, has returnedrelatively high silver and lead results but poor gold numbers. It isa massive vein, forming in places a vertical, impassable wall. Flutemarks and slickensides on the vein show near-vertical fault movement.However, in the area uphill from the Mila quartz float field, the veinis not exposed. The drill program conducted to date has cut 6 m to15 m of colluvium composed of quartz and schist float, bearing visiblegold in places, before passing from this colluvium into a serpentinitepackage. With the drill data in hand it appears that the greenschists and serpentinite contact is at the Veta Madre Fault Zone, andthe Mila zone within this major structural corridor is the target tobe tested. Drilling of this target is underway and drill pads arebeing prepared along the strike of the structure.
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) with planned drill direction to the southwest (blacklines) shown.
This presents an exciting picture: the Motagua Norteproject has geological similarities to the Motherlode and GrassyValley type orogenic systems of California, hosted in metamorphicrocks along plate boundary faults, often in close association withserpentine rocks. These systems are known for quartz veining withcoarse visible gold and high-grade ore shoots, that can have extensivevertical depth components. For example: the historic Empire Mine inCalifornia was mined to over 1km depth and produced 5.8Moz at anaverage grade of 19 g/t Au 1 .
As we previously reported, the Mila discovery presentsan unusual challenge for exploration but an exceptional opportunity. The abundance of gold-mineralized quartz boulders covering thesurface makes it difficult to map-out, measure and model the goldmineralized structures . Of approximately 420 rock chip samples collected at surface acrossthe area over one hundred returned assays exceeding 10 g/t gold,including twenty-one of over 100 g/t gold and a maximum of 692 g/tgold. With widely distributed gold-bearing quartz at surface it isdifficult to distinguish the in-situ quartz outcrop from boulder screethat has been locally transported downhill. Inaddition to the obvious quartz veinmineralization, gold has also been observed hosted within sericite altered and micro-veined schist withsamples returning assay results of up to 94 g/t gold, indicatingpotential for significant wall rock mineralization.
The Veta Madre Fault vein exposed ina 20-30 m cliff immediately west of the Mila bonanza-grade quartzboulder colluvium field. At this locality the Veta Madre Fault dipssteeply to the north and bears fluting and slickensides indicatingdip-slip movement.
Simon Ridgway, Volcanic Gold Mines President and CEO,commented:
“ TheVolcanic team continues its dedication to the project; the more wework the more we learn. This recent geological interpretation hassignificance for the belt as we see similar structural settings inmany of the zones we have sampled along the belt.
The team is facing the challenge ofworking within communities where some have been persuaded by reportsand information supplied by NGO’s that mining is bad. This challengerequires a constant effort to inform the community to counteractmisinformation and erroneous assumptions. However, people want work,and they want to work in their own backyard and not be drawn bynecessity to travel to North America to feed their families.Exploration and mining can provide work opportunities. The team isgathering support from all areas to inform and show the positiveinfluence that mining can bring to the area.”
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 from Radius to earn a60% interest in the Cirilo I exploration licence and other licencesunder applications and negotiation within the Motagua Norte project,as well as the Holly Project where the joint venture 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.
1 Taylor, R.D., Monecke,T., Reynolds, T.J. and Monecke, J. 2021. Paragenesis of an orogenicgold deposit: new insights on mineralizing processes at the GrassValley District, California. Economic Geology,v. 116, no. 2, p. 323–356.
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