VANCOUVER,
May 16 /PRNewswire/ - Radius Gold
Inc. (TSX-V: RDU) is pleased to report results from the first
trench on the new Pino zone at the 100% owned HB project located in
eastern Guatemala. Radius holds over 1,500 sq. km. of granted
concessions and concession applications in the region covering a
virtually unexplored Tertiary volcanic belt that has recently been
shown to host world class intermediate and low sulphidation
silver/gold deposits.
In a release of May 5,
2011 Radius reported the identification of a high grade
float boulders on the north side of the Holly ridge. Although
these boulders were initially thought to have travelled down slope,
perhaps from eroded veins, the size of the quartz blocks warranted
sampling. A total of 18 historic and recent samples collected
from the quartz float, returned grades from just under 1 g/t Au up
to 112 g/t Au and over 5,600 g/t Ag, with many of the samples
returning over 500 grams per tonne silver.
Recent trenching by Radius geological staff has
revealed texturally-similar quartz veins in situ cutting the
schistose rocks in the area of the boulders. Assay results
have now been received for 4 chip samples constituting a continuous
sample of 5.1 m of the vein exposed in the trench, which has
returned:
58.26 g/t Au and 1,937 g/t Ag over 5.1 m
(including 110.28 g/t Au and 3,520.6 g/t Ag over 2.0 m)
At the present time we do not know the true
width of the structure and further trenching is required to
determine the strike and dip of the vein. Radius completed grid
based soil geochemistry and geophysics over the property in 2002
and the indications from this work are that the vein is striking
north-south, and there is a coincident geophysical IP anomaly. This
discovery, however, is close to the northern limits of the
grid. Sample results for the trench are given below:
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Sample |
|
Easting |
|
Northing |
|
From m |
|
To m |
|
Width m |
|
Au g/t |
|
Ag g/t |
60428 |
|
217445.6 |
|
1627000.4 |
|
0.00 |
|
1.00 |
|
1.00 |
|
0.79 |
|
55.9 |
60429 |
|
217444.8 |
|
1627001.0 |
|
1.00 |
|
2.05 |
|
1.05 |
|
32.79 |
|
1,428.9 |
60431 |
|
217444.0 |
|
1627001.8 |
|
2.05 |
|
3.10 |
|
1.05 |
|
39.40 |
|
1,222.9 |
60432 |
|
217442.9 |
|
1627002.7 |
|
3.10 |
|
5.10 |
|
2.00 |
|
110.28 |
|
3,520.6 |
A sample of brecciated and silicified schist
taken in a pit dug two meters from the vein returned 2.79 g/t Au
and 49 g/t Ag over a 1 meter sample (# 60433). Management is
extremely encouraged by these results as it appears we have located
the source of the high grade float boulders. Planning is now
underway to expand the soil grid to the north and to complete a new
geophysical survey. Further trenching is now underway.
Background
The Holly and Banderas projects (HB) were
discovered by Radius during a regional stream sediment sampling
program in Eastern Guatemala
conducted in 2001/2. The projects are close together and are now
being considered as a single exploration project, the HB
project.
Sampling Methodology, Quality Control, and
Assurance
Samples are sent to the Inspectorate Guatemala
sample preparation facility in Guatemala
City for sample preparation, and pulps forwarded to the
Inspectorate American Corporation laboratory facility in
Sparks, Nevada, for analysis.
Approximately 12% of the samples submitted consist of commercial
standards, blanks, and duplicate samples. Gold amounts for each
sample are determined by fire assay, digested in aqua regia
solution and analyzed by atomic absorption finish. Samples with
over 1 g/t Au are re-analysed by gravimetric finish. Ag is analysed
by aqua regia digestion followed by atomic absorption finish with
overlimits analysed by fire assay with gravimetric finish. A 30
element suite is analysed by ICP.
Drilling Sampling Protocol, Chain of Custody,
and Data Verification
All sampling is conducted under the supervision
of the Company's on-site project geologist and the chain of custody
from the drill to the logging facility is continually
monitored. Samples are transported to the Inspectorate
facility in Guatemala City
directly by Company personnel. Data verification of the
analytical results includes analysis of the duplicates, standards
and blanks to ensure that they pass industry best practice
guidelines for acceptability. All assays are reported as
drilled intervals.
Qualified Person
Roger Hulstein,
BSc, P.Geo., is a member of the Association of Professional
Engineers and Geoscientists of British
Columbia and is the Company's Qualified Person as defined by
National Instrument 43-101. Mr. Hulstein is responsible for
the accuracy of the technical information in this news release.
About Radius
Radius has been exploring for gold in
Latin America for nearly a decade,
and has assembled interests in a portfolio of promising gold
projects throughout the region, including carried stakes in two
small-scale developing gold projects in Guatemala and Nicaragua. Radius also has
a number of 100% owned exploration plays, including the HB property
in Guatemala and several
properties in the Rackla Belt and Sixty Mile placer gold district
in the Yukon.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, President &
CEO
Investor relations: Ralph
Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 79.9-million
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.
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Radius Gold Inc.