Radius Gold Inc. is pleased to provide a project update on the Company’s flagship Amalia project in Chihuahua, Mexico.
Project Summary:
- Diamond drilling completed total: 23,058 m; 67 drill holes
- 3 main targets drill tested: Amalia, California and El Cuervo, with wide and high-grade gold and silver mineralized systems defined at each target
- Amalia structure: 31 drill holes for 10,588 m
- Highlight results include AMDD19-010, 44 m @ 309 g/t Ag, 12.39 g/t Au
- California structure: 14 drill holes for 3,814 m
- Highlight results include AMDD21-039, 26.9 m @ 353 g/t Ag, 2.59 g/t Au
- El Cuervo structure: 22 drill holes for 8,656 m
- Highlight results include AMDD21-047, 61.2 m @ 232 g/t Ag, 0.65 g/t Au
- New results received from holes AMDD22-055 to 064
- Highlight of new results include AMDD22-061, 4.35m @ 401 g/t Ag, 0.79 g/t Au
- Drilling still in progress at El Cuervo
Amalia Project Progress Report
Pan American Silver has completed all option payments to Radius (totalling US$1.5M) and exploration expenditures to enable the company to earn an initial 65% interest in the project, (see press release June 13, 2022). The companies recently met to review all the project information and to discuss several potential arrangements to advance the project. Discussions are ongoing.
The current phase of drilling at the El Cuervo target is expected to conclude during July 2022. Results are still pending for drillholes AMDD22-065 to 067. 22 drill holes have been completed at the El Cuervo structure to date collared from 5 platforms with the holes fanned out testing approximately 500 m of strike extent and 350 m depth (Figure 1). Drilling at El Cuervo has so far defined mineralization similar to the Amalia structure, consisting of quartz veins, breccias and veinlets with variable grades and thicknesses. El Cuervo is open to expansion along strike and to depth. An updated table of drill results and cross sections are available on the Radius Gold website.
Three significant gold and silver mineralized structures, Amalia, California and El Cuervo, have been defined by more than 23,000 m of drilling. Across the 3 major structures, mineralization spans over 1,100 m vertically (Figure 2). Mineralization remains open for expansion at each target and multiple targets remain un-tested across the 6 km of structures defined to date (Figure 3).
Figure 1: El Cuervo long section with silver results.
Figure 2: Amalia project schematic cross section showing relative elevations of targets Amalia, El Cuervo and California.
Figure 3: Amalia project plan view showing drilled areas and exploration targets.
The Agreement
Pursuant to an option agreement signed in June 2018, Pan American Silver Corp. was granted the right to earn an initial 65% interest in the Amalia Project by making cash payments to Radius totalling US$1.5 million (paid) and expending US$2 million on exploration over four years (completed). Pan American may earn an additional 10% by advancing the property to preliminary feasibility.
Quality Assurance and Quality Control
Drilling is carried out using NQ and HQ size tooling. Drill core is cut in half using a rock saw with one-half of the core then taken as a sample for analysis. Sample intervals are generally 1m intervals, producing samples of between 2 to 9 kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Chihuahua, Mexico. The samples are fire assayed for Au and are analysed for Ag and multi-elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Multi-element geochemical standards and blanks are routinely entered into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.
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 reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius Gold has a portfolio of projects located in Mexico, United States and Guatemala which it continues to advance, utilizing partnerships where appropriate to retain the Company’s strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe. Radius Gold is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, please visit Radius Gold at www.radiusgold.com or contact toll free: (888) 627-9378 or email at [email protected]
