Radius Acquires 100% Interest in the Tlacolula Property, Mexico, and Reports 21.5m at 130.8 G/T Ag From Initial Channel Sampling
Simon Ridgway, President of Radius Gold Inc. (TSX VENTURE: RDU)(OTCBB: RDUFF), is pleased to announce it has acquired a 100% interest in the Tlacolula property, consisting of 2 claims covering a total of 82,630 hectares in the state of Oaxaca, Mexico, within a district that hosts several precious metal mines and prospects.
The Tlacolula property is located 14km E-SE of the city of Oaxaca, 20km north of the Taviche District, where high-grade silver and gold-bearing low sulphidation epithermal vein mineralization has been mined since Spanish colonial times. The property lies some 16km west of the Cobre Grande Cu-Mo-Zn-Ag skarn project (Linear Metals Corporation) and 30km northeast of the San Jose project (Fortuna Silver/Continuum Resources).
The project area is largely underlain by Tertiary rhyolitic to andesitic tuffs and minor flows, underlain by Cretaceous limestones, sandstones and siltstones, with the basement formed by the Oaxaca metamorphic complex, which is locally exposed by thrust faulting. Tertiary granodiorites-granites intrude the sequence.
A stream sediment sampling program carried out by Radius generated a number of anomalies ranging up to 819 ppb Ag and up to 53 ppb Au. Follow up work identified a NW trending zone of argillic alteration in andesites some 30 to 40m wide, with veins and breccia zones composed of mainly calcite and lesser quartz. Disseminated pyrargyrite, acanthite, and pyrite are observed in the veins and in the breccias. The vein zone has been traced for over 1.5km. Continuous chip samples along stream channels and local road cuts in these veins and breccia zones returned up to:
———————— Continuous chip sampling ———————— Length m Ag g/t ———————— 21.5 130.8 incl.12.1 183.4 ———————— 3.2 294.5 incl. 1.5 465 ———————— 0.3 1,335 ————————
More systematic trenching and sampling will follow. A grab dump sample, 2.3km N-NE of the above vein zone, from a travertine quarry next to a spring presently depositing travertine, assayed 18ppm Ag, and is also anomalous in As, Ba, Hg, and Tl. This suggests that the Ag-bearing veining and brecciation may be part of a large mineralized system.
In the northeast part of the property, referred to as Teotitlan, there are several NW trending Au-bearing quartz veins up to 1.55m wide, hosted by andesite flows and tuffs. The foundations of an old mill and several small partly collapsed pits and drifts are present. Assays from chip sampling go up to:
———————— Length m Au g/t ———————— 0.80 greater than 10 ———————— 0.80 5.02 ———————— 0.35 4.8 ———————— 1.55 3.2 ————————
An updated map can be found on the Radius website at www.radiusgold.com.
Assay Protocol & Qualified Person
All sample preparation was conducted by ACME Laboratories in Guadalajara, Mexico, with stream sediment and rock chip assays analyzed by ICP by Acme Laboratories in Vancouver. Rock chip samples were analyzed for Au using a 30 gram pulp with Fire Assay, AA finish. Silver was analyzed by ICP with all values greater than 100 g/t analyzed by Fire Assay, gravimetric finish.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Radius’s Vice-President of Exploration, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a “Qualified Person” in accordance with National Instrument 43- 101.
About Radius
Radius Gold is a well-funded, Canadian junior gold explorer with a portfolio of exploration properties in Mexico, Nicaragua, Guatemala, Ecuador and Peru. The Company’s strategy is to build value for shareholders by the identification, acquisition and exploration of early-stage properties that show significant potential for the discovery of gold.
ON BEHALF OF THE BOARD
Simon Ridgway, President
Shares Issued: 53.5-million
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
Contacts: Radius Gold Inc. Ralph Rushton Investor Relations (604) 801-5432 or Toll Free: 1-888-627-9378 Radius Gold Inc. Erin Ostrom Investor Relations (604) 801-5432 or Toll Free: 1-888-627-9378 (604) 662-8829 (FAX) Email: info@radiusgold.com Website: www.radiusgold.com
SOURCE: Radius Gold Inc.