Radius Begins Drilling at Santa Brigida Silver-Gold Project, Mexico
October 08 2013 - 8:30AM
Marketwired Canada
Radius Gold Inc. (TSX VENTURE:RDU) (OTCBB:RDUFF) in pleased to report that
drilling has started at the Santa Brigida epithermal silver-gold property
located approximately 80 kilometres east-northeast of the city of Guanajuato in
Mexico.
Radius is planning an initial 8-hole, 1,500m program with subsequent drilling to
take place contingent on the results of this phase. Radius must complete 3,000m
of drilling to exercise its option on the project.
Six targets have been selected for testing based on the results of a gradient
array IP-resistivity survey. Most of these appear to be possible extensions of
known mineralized veins in the Pozos area. All targets are located to the
southeast of Pozos and Santa Brigida, in areas of caliche and soil cover where
little to no outcrop is available, and little historical exploration/mining was
done. Target maps are available on the Radius website at: www.radiusgold.com.
Artisanal-scale mining of surface outcrop is known to have occurred in the area
from pre-colonial times. Reliable historical reports indicate that more modern,
small-scale underground mining operations from the 1800s to 1926 produced over
40 million ounces of silver and 400,000 ounces of gold. The same reports
indicate that 1.05 million tonnes was mined resulting in an estimated
weighted-average grade of roughly 1,300 grams per tonne silver and 13 grams per
tonne gold.
Mineralization is associated with two principal vein swarms, the Pozos system
and the Santa Brigida system, each striking generally northwest with steep
southwest dips. Historic production focused on high-grade ore shoots within
hydrothermal quartz veins and surrounding altered wall rock. Historical
production records indicate that individual operations mined mineralized shoots
ranging from 5,000 tonnes to 300,000 tonnes in size, with average grades ranging
from 200 g/t Ag to 2,500 g/t Ag and 2 g/t Au to 40 g/t Au. The richest shoot
documented produced 300,000 tonnes grading 2,500 g/t Ag and 15 g/t Au.
The Agreement
Radius can earn a 100-per-cent interest in the project by covering outstanding
property payments and by completing a 3,000-metre drill program within 12 months
of the issuance of a drilling permit. Once Radius has completed the drill
program, it will have 60 days to pay to the optionor US$700,000 to acquire the
100-per-cent interest, subject to a 2.5-per-cent net-smelter-return royalty.
Qualified Person
David Clark, M.Sc., P.Geo. (APEGBC), a Qualified Person as defined by National
Instrument 43-101, has verified that the technical information contained in this
news release is an accurate summary of the information provided to Radius by the
optionor and is consistent with known historic records, and has approved its
disclosure.
About Radius
Radius has been exploring for gold in Latin America for over a decade. The
Company has a strong treasury as a result of exploration asset sales and is
looking for joint venture or project acquisition opportunities across the globe.
Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com)
for more information.
ON BEHALF OF THE BOARD
Simon Ridgway, President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statement
Some of the statements in this news release contain forward-looking information
that involves inherent risk and uncertainty affecting the business of Radius
Gold Inc. Actual results may differ materially from those currently anticipated
in such statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Radius Gold Inc.
Ralph Rushton
Director
(604) 801-5432
(604) 662-8829 (FAX)
info@goldgroup.com
www.radiusgold.com
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