(TheNewswire)
February 15, 2024 – TheNewswire - Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU)(“Radius”) and joint venture partner, Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”), arepleased to announce that a first-pass drillingcampaign has commenced on the Mila Gold Discovery located within theMotagua Norte Project.
The Mila prospect to date is defined over a 250 m by600 m area of quartz outcrop, subcrop and boulder float with abundantvisible gold and bonanza grade assays discovered Volcanic geologistsin Central Guatemala. A diamond core drilling rig has mobilized to commence exploration of thecompelling gold targets developed at Mila. Drill holes are designed toestablish the width, grade and geometry of gold mineralization.Volcanic anticipates drilling between 1000 and 3000 m of diamond corein the first campaign.
The Mila discovery presents an unusual challenge forexploration but an exceptional opportunity. The abundance ofgold-mineralized quartz boulders covering the surface makes itdifficult to map-out, measure and model the gold mineralizedstructures . Ofapproximately 420 rock chip samples collected at surface across thearea over one hundred returned assays exceeding 10 g/t gold, includingtwenty-one of over 100 g/t gold and a maximum of 692 g/t gold. Withwidely distributed gold-bearing quartz at surface it is difficult todistinguish the in situ quartz outcrop from the boulder piles thatform at the base of collapsed vein outcrops and from boulder screethat has been locally transported downhill. Inaddition to the obvious quartz veinmineralization, gold has also been observed hosted within sericitealtered and micro-veined schist with samples returning assay resultsof up to 94 g/t gold, indicating potential for significant wall rockmineralization.
The north-south striking quartz ridge which returnedrock chip assays of up to 116 g/t gold is being tested in the firstfew drill holes.
Sericite altered schist with quartz stockwork veinletscropping-out on the eastern wall of the north-south quartz ridgereturned assay results of up to 118 g/t gold is also being targeted inthe first few drill holes.
Geological mapping of outcrops combined withinterpretation of topographic features suggests that there aremultiple quartz veins in at least two different orientations:north-south and northwest-southeast striking, with the best assayresults concentrated in north-south trends. Continuou s chip channel sampling across the best-defined north-southstructure, a 250 m long ridge running through the centre of theprospect area, returned average grades of 95 g/t gold across a 10 mwidth of collapsed quartz vein boulders. This structure, and at leasttwo more less well-defined parallel quartzboulder ridges are interpreted as north-southstriking veins. True thickness and dip direction of these veins is notyet understood and will be tested in the initial drilling.
Drilling will also test a 100m-wide dense quartz boulder field on the west side of the centralnorth-south structure continuous lines of 2 mlong chip channel samples of mixed outcrop, subcrop and colluvium returned average grades of 42 g/t gold along a 34m line, and 54 g/t gold along a 24 m long line . The surficial quartz in this area isinterpreted as the expression of multiple, close-spaced quartz veins.The number of veins and their geometry are undefined.
The initial drill programme is exploratory in natureand aims to establish the number of zones, width, grade and geometryof the gold bearing structures .
Simon Ridgway, Volcanic Gold Mines President and CEO,commented:
“ TheVolcanic team's dedication has resulted in the discovery of greathigh-grade drill targets and secured licenses, permits and communitysupport for the Motagua Norte project. The team is enthusiastic tocommence drilling the first holes into the multiple gold targets inthe Mila prospect. The results of several rock chip sampling programsconducted in recent months along the belt has revealed several newareas of interest where we are seeing similar high grades. Asuccessful drill program at Mila will reinforce my belief that theMotagua Suture Zone has the potential to become a prolific gold camp.”
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 September 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 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 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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