August 7, 2008
Radius Announces Initial Results From Trebol Drilling
Simon Ridgway, President of Radius Gold Inc. (TSX VENTURE: RDU)(OTCBB: RDUFF), is pleased to announce initial results from the Company's diamond drill program at its 100%-owned Trebol project located in northeastern Nicaragua.
To date, a total of 447m have been drilled in 5 holes collared in the south-west part of the property to test targets over a strike extent of 1km.
Significant intercepts received are shown below;
--------------------------------------------------------------- Hole ID From (m) To (m) Interval (m) Assay Au g/t --------------------------------------------------------------- TRDH-08-01 12.19 35.3 23.11 (i) 1.51 TRDH-08-02 28.95 35.4 6.45 (i) 0.49 35.4 36.57 1.17 No recovery 36.57 50.29 13.72 0.71 TRDH-08-03 59.44 84.82 25.38 0.44 112.77 120.39 7.62 1.37 TRDH-08-04 3.3 24.38 21.08 (i) 1.44 incl. 5.25 15.5 10.25 (i) 2.55 TRDH-08-05 6.09 59.5 53.41 1.36 incl. 6.09 25.9 19.81 2.92 incl. 16.76 23.2 6.44 6.37 --------------------------------------------------------------- (i) Denotes average core recoveries between 70 - 80 percent
Epithermal gold mineralization is known from surface trenches associated with a series of intensively silicified ridges that define an altered and mineralized zone with a strike extent of at least 6 kilometers. Drilling is continuing to test other areas of the property and expand on mineralized zones drilled to date in order to evaluate the potential for a bulk-tonnage target.
Mineralization drilled in all holes is associated with broad zones of banded quartz-adularia veins, stockworks and silicified breccias, which correspond to the down-dip continuation of the mineralized zones sampled in surface trenches. All holes were drilled at minus 45 degrees and perpendicular to the perceived dip of the zones, and therefore intervals represent approximate true widths. A drill collar location map and sections, with photographs of core, will be available shortly on the Radius website.
Core recoveries experienced at commencement of drilling were very poor over some intervals due to bad ground conditions. Recoveries improved with technique as drilling proceeded, however they averaged 70 - 80 percent in the shallower mineralized intervals in holes TRSD-08-01, 02 and 04.
TRDH-08-01 and two step-out holes TRDH-08-02 & 03 were drilled along a section at -45 degrees inclination on the west slope of the silicified ridge to test the mineralized zone underneath Trench 15 (33.8m at 3.4 g/t Au - refer to press release dated April 7, 2008). Drilling confirmed a tabular zone of silicification some 20 - 25m thick that forms the dip slope of the ridge and continues to at least 140m down dip. The higher gold grades seen in TRDH-08-01 from 12.19m to 33.3m ranged from 0.21 to 3.34 g/t Au and intersected the zone some 40m down dip of Trench 15.
The weaker gold grades observed in TRDH-08-02 & 03 which intercepted the mineralized zone observed in TRDH-08-01 at progressively deeper levels, suggests that supergene processes are likely accountable for the higher grades seen in Trench 15 and TRDH-08-01, as similar pervasive epithermal veining and stockworks are observed in all three holes. The deeper intercept of 1.37 g/t Au over 7.62m in TRDH-08-03 from 112.77m to 120.39m is related to a shear zone in mafic volcanics.
Hole TRDH-08-04 was collared approximately 1km to the northeast of section TRDH-08-01, 02, 03 and drilled at an inclination of -45 degrees to the southeast underneath the ridge in the vicinity of Trench 4 (35.25m at 4.9 g/t Au - refer to press release dated October 16, 2007), located some 90m away. A zone of strong silicification and veining was intersected within the first 25m before passing into altered mafic volcanics. The interval assayed 1.44 g/t Au over 21.08m from 3.3m to 24.38m depth, with a higher grade intercept of 2.55 g/t Au over 10.25m from 5.25 to 15.5m. Two initial holes drilled further up dip that were discarded for assay purposes due to unacceptable recoveries, suggest a gently dipping attitude to the mineralized zone.
Hole TRDH-08-05 was drilled some 150m north of TRDH-08-01 to test the depth continuity of mineralization seen in Trench 2 (10.4m at 1.3 g/t Au - refer to press release dated May 29, 2007) and the recently sampled Trench 21 which assayed 6.1 g/t Au over 17.1m (previously unreported). From 6.09 to 59.5m the hole averaged 1.36 g/t Au over 53.4m. Highest grades are associated with massive banded quartz veins and breccias with 1-5 percent pyrite and black manganese oxides, with assays up to 17.8 g/t Au (18.75m - 19.81m corresponding to part of the vein zone sampled in Trench 21). Weaker stockworks and silicified zones form zones of lower grade mineralization within the tuff and mafic volcanic sequence further down the hole. Further step-out drilling is required to determine grade continuity at depth.
The mineralization drilled to date appears to be developed within the lower part of a tuffaceous sandstone/lithic tuff unit associated with strong sericite-clay alteration and pyritization, part of a transition zone to a footwall mafic volcanic unit of basaltic composition. The broad, moderately dipping, tabular zones of alteration suggest a strong replacement/lithological control on mineralization, in contrast to the typical narrow, fissure quartz veins prevalent elsewhere in Nicaragua.
Assay results for other elements, including silver, are still pending.
Assay Protocol & Qualified Person
Sample preparation and analyses was conducted by CAS Laboratories in Tegucigalpa, Honduras. Samples were analyzed for Au, using a 30 gram pulp with Fire Assay AA, with gravimetric finish. Radius carries out its own Quality Assurance / Quality Control protocol that involves the regular insertion of certified standards, blanks and field duplicates into the sample stream. Check assays on both pulps and coarse rejects are undertaken at Acme Laboratories in Vancouver.
Core samples (HQ diameter) were cut at site in half using a diamond saw, with one-half of the core stored on site for future reference, and one half sent to the laboratory for analysis. The half core for analysis is placed in bags, numbered, sealed and then sent via secure transport to CAS laboratory for preparation and analysis.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Radius' 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.
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: [email protected] Website: www.radiusgold.com
SOURCE: Radius Gold Inc.