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Radius Gold Defines High Grade and Bulk Tonnage Drill Targets at Maricela, Mexico





 

Vancouver, Canada – TheNewswire - June 9, 2021 - Radius Gold Inc. (TSXV:RDU) (OTC:RDUFF) is pleased to announce that recently completed rock sampling at Maricela project has identified both high grade gold-silver vein targets and wide (up to 25m) stockwork and breccia zones. The combination of multiple intersecting vein systems, with mineralized stockworks on the vein margins, result in large breccia and stockwork zones at the vein intersections and compelling drill targets.

Highlights from recent rock chip continuous sampling include:

3m at 4.46 g/t Au and 1335 g/t Ag - Baby Gloria Vein

6m at 1.03 g/t Au and 417 g/t - Ag Central Vein

25.3m at 0.31 g/t Au and 62 g/t Ag - (intersecting veins)

Maricela Project

The Maricela project is located in the State of Sonora, Mexico, 18km south of the giant Cananea copper mine. The property has never been drilled or systematically explored. Maricela has a number of pits and underground mine workings where historically high grade material was mined in the 1950’s and 1960’s and shipped to a processing plant in Cananea. The project has excellent infrastructure, with good road access and internal roads, nearby power, water and low rolling terrain.

Maricela Mineralization

The project hosts an epithermal silver & gold mineralized vein system extending approximately 1.5km long by 300m wide, within which occurs multiple veins, stockworks and breccias which at intersections have exposed widths +25 meters. Recent mapping and sampling (273 rock chips) identified 6 major veins with combined strike approximately of 5km.

The main vein Virgin de Plata strikes NW-SE and has been defined for approximately 1km. Virgin de Plata is intersected by at least 5 veins (striking NE-SW) forming a horse tail structure of intersecting veins. The veins are generally 1 to 3m of massive quartz with mineralized stockworks and brecciated veins selvages, extending commonly +10m across the vein zones. At intersections, larger stockwork zones are observed (See Figure 1). The mineralization type is low sulphidation silver plus gold epithermal vein system hosted within an andesite volcanic sequence, with felsic dykes emplaced sub-parallel to mineralized structures.

Continuous rock chip sampling was used to estimate the average grade and thickness of the outcropping veins. Significant mineralized intervals are reported in Table 1.

Table 1. Significant continuous rock chip gold silver intervals.

Vein zone

Width (m)

Au (g/t)

Ag (g/t)

Baby Gloria

3

4.46

1335

Virgin de Plata & Baby Gloria

25.3

0.31

62

Baby Gloria

22

0.15

39

Baby Gloria

5

0.33

127

Baby Gloria

4

1.23

111

Virgin de Plata  

6.9

0.34

110

Virgin de Plata  

10

0.62

142

El Arco           (9.7m with 3m missing in middle)

4

2.7

0.45

0.34

98

81

El Arco

10.5

0.50

105

Central

6

1.03

417

SE

62

0.03

6

North

1

0.53

349

Amarilla

1.5

0.54

494

Figure 1. Maricela silver gold vein system geochemical sampling.


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Figure 2. Maricela silver gold vein system – interpreted cross-section.


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Geological model and exploration targets

Radius’s geological team believes the recent geochemical results demonstrate potential for both high grade silver gold veins and bulk tonnage lower grade mineralization that could be amenable to open pit mining.  Most of the known veins and associated stockworks occur within a tightly spaced area approximately 1km x 600m defining an obvious open pit target.

The district around Marcela is well known for high grade low sulphidation epithermal vein systems that extend to significant depth with nearby examples:  Silvercrest’s Las Chispas deposit (55km S) and Equinox Gold’s Mercedes mine (55km SW).

The multiple intersecting mineralized veins at Maricela make for compelling drill targets that have never been tested. Radius’s team is currently preparing drill permits for a planned first program later this year.

Maricela Drone Videos

Radius has flown drone videos over the property during the recent geological mapping program. The drone videos highlight some of the property geology and potential and a short presentation clip is available on the Company’s website and at the following link:   

The Agreement

Radius can earn a 100% interest in the project by making staged payments to the private property owner totaling US$1,250,000 over three years with a final payment of US$1,060,000 due at the end of year three.  A total of US$30,000 has been paid to date.  The owner retains a 1% NSR which Radius can buy back for US$1,000,000.  The property agreement covers several mineral concessions (total 155ha).

Other Properties

Permitting challenges at Radius’s Bald Peak property on the Nevada – California border have led management to decide to return the property to its former owner.  Radius will focus activity on its Maricela and Plata Verde projects in Mexico while continuing to advance the Amalia project funded by the Pan American Silver joint venture and the Holly and Banderas projects in Guatemala funded by the Volcanic Gold Mines joint venture.

Technical Information

Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’s Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.  Mr. Smith has prepared and approved the technical information contained in this news release.

Quality Assurance and Quality Control

Reported assays are rock chip and channels samples taken by Radius geologists and trained sampling teams. Sample intervals are generally 1m representative chip producing samples of between 2 to 9 kg.  Continuous chip channels samples are taken perpendicular to the strike of the vein to estimate the average grade and thickness of the outcropping veins.  Reported samples were analysed by ALS Geochemistry for Au and Ag and multi-elements using method code ME-ICP61 following a four-acid digestion.  Overlimits are analysed using an appropriate method. ALS geochemistry is an internationally certified laboratory. Radius routinely inserts multi-element geochemical standards and blanks into the sample stream to monitor laboratory performance.  Quality control samples submitted were returned within acceptable limits.  

 

Radius Gold Inc.

Radius has a portfolio of projects located primarily in Mexico and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company’s strong treasury.  At the same time, management is seeking out additional investment and project acquisition opportunities across the globe.

 

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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

 

Forward-Looking Statements  

 

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation.  All statements included herein, other than statements of historical fact, are forward-looking statements which include, without limitation; the exploration plans for the Maricela Project and the Company’s right to acquire the Maricela Project; the Company’s business strategy, plans and outlook; the merit of the Company’s investments and properties; timelines; the future financial performance of the Company; expenditures; approvals and other matters.  Often, but not always, these forward looking statements 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”, or statements that events, “could” or “should” occur or be achieved 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 different from any results, performance or achievements expressed or implied by forward-looking statements.  Such uncertainties and factors include, among others, the plans for exploring the Maricela Project and the Company’s right to acquire the Maricela Project; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and  such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.  Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

 

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the exploration activities at the Maricela Project will proceed as planned; that the Company’s activities will be in accordance with its public statements and stated goals; that all required approvals will be obtained; that there will be no material adverse change affecting the Company or its investments or properties; and such other assumptions as set out herein.  Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-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 prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, investors should not place undue reliance on forward-looking statements.