Radius Project Update – Drilling Commences at Sixty Mile
- Drilling has commenced at Radius' 100% owned Sixty Mile project in the Yukon Territory and management anticipates that drilling will commence at the HB silver-gold project in Eastern Guatemala in October - Radius' partner B2Gold is making progress on both the Trebol exploration project and the Pavon development project in Nicaragua - Dan Kappes of Kappes Cassiday & Associates has filed the Environmental permit for production at the Tambor project in Guatemala; production plant is built and ready to ship - Solomon Resources has raised the funds and is about to commence drilling on the Ten Mile Creek project in the Yukon Territory
VP Ralph Rushton commented, “The hard work that was put in during the downturn in 2008 restructuring RDU has now started to pay off for Radius’s shareholders as our portfolio of joint ventured and wholly-owned projects matures.”
Sixty Mile Project
As reported on
Soil geochemical surveys, Airborne geophysics, geological mapping/sampling, Auger and RAB drilling have identified several gold targets. These targets will be drill tested over the coming weeks, with results anticipated in October.
Radius holds a large land position in
Elsewhere in this region follow-up work on stream sediment anomalies continues to identify extensive epithermal alteration zones. The next stage is to define target areas for ore grade mineralization within these systems.
The Rivier project consists of 100 quartz claims located in the Watson Lake Mining District of the
Production Joint Venture Projects
Radius has two production joint ventures being advanced in
Radius’s partner, Kappes Cassiday & Associates, continues to advance the Tambor mining project in
Permitting is underway and KCA is aiming to begin gold production early in 2011.
B2 has now completed trenching at Pavon with a total of 47 trenches completed at Pavon Norte and 19 at Pavon Sur. No trenching was done at Pavon Central. As recently reported (
Results have been received for trenches 33, 34, and 35. Trenches 33 and 34 yielded good intervals at 13.1m @ 1.7 g/t Au and 12.2m @ 2.7 g/t Au respectively. There is no significant mineralization in trench 35.
B2 is now compiling the trench data for Pavon Norte and preparing plans and sections to aid in generating a mineralization model and for completion of basic pit models in Q3 2010. Once this work is completed they will make a drill decision on how to advance the project towards production, as early as 2011. B2 currently has permission under the existing work plan for drilling.
Exploration Joint Venture Projects
Yukon Territory Joint Ventures ------------------------------
Ten Mile Creek Project (Solomon Resources Limited holds option to earn 51%)
As previously reported (
Previous work has identified gold mineralization associated with Mesozoic quartz monzonite intrusive bodies and associated Yukon Tannana sedimentary rocks. Trenching has identified several zones of gold mineralization with values grading up to 25m @ 1.7 g/t Au. Drilling will test these target areas.
Snowcap Project (Wesgold Minerals Inc. holds option to earn 60%)
Wesgold has completed a low-level, high-resolution, multisensor airborne geophysical survey to map lithological units, structure, and alteration zones at Snowcap at a cost of
Wesgold has also carried out a small, deep soil sampling program to confirm and enhance gold and mercury soil anomalies identified in the 1980s. The anomalies occur close to a complex sequence of chalcedonic tuffs and phreatic breccias with sinter clasts associated with Tertiary felsic volcanic centers along a 15km long structural trend. The geological and geochemical setting is believed to be highly favourable for the location of low-sulphidation, structurally controlled, epithermal gold mineralization. Drilling will commence this year following acceptance of the geological report by the exchange and the listing of the company’s shares on the TSX venture exchange, anticipated in the coming weeks.
Nicaragua Joint Venture -----------------------
B2Gold Corp. has provided its regular update to Radius on exploration activities at the Trebol and Pavon gold projects, both in
B2 continues to expand the area of known mineralization at the Trebol project, building on the early prospecting and drilling completed by Radius. B2 has defined a 22km long, northeast-southwest trending belt of epithermal, hot-springs type gold mineralization. Three broad zones have been identified to date:
- The Santa Martha area at the far northeast: highly anomalous gold in quartz boulders on a newly granted concession - The original Trebol area (Cerro Domingo): a 6km long rock chip and soil anomaly, partially tested by Radius and B2 - Southwest Trebol: a newly discovered area of hydrothermal breccia with strong gold mineralization
The recently completed Lidar survey shows numerous faults and structures very clearly. There is a marked N30E set that appears to be major structures controlling and offsetting mineralization. There are also numerous N60W trending faults that offset the mineralized ridges at Trebol. In addition, the survey shows the existence of a group of low hills about 2km south of
B2 is planning to begin mapping, soil sampling, and some trenching on the Santa Martha zone in the area of the mineralized boulders. They are also planning to use the new Lidar survey to investigate new topographic highs over the entire property.
Drilling is likely to start at the main
- Determine the extent and average grade of the large tabular zone for resource calculation - Test for possible feeder zones or down-faulted blocks
The Lidar information will also be used to generate sections for geological interpretation and plotting of proposed drill holes.
Mexico Joint Venture --------------------
Fortuna Silver Mines Inc. has an option to acquire a 40% interest in the Tlacolula Silver Project in Oaxaca State,
Available for Joint Venture
Radius has received a number of enquiries regarding its geothermal concessions and concession applications in
New Website Launched --------------------
Radius is pleased to welcome investors and stakeholders of the Company to the new website, (www.radiusgold.com), launched as part of a re-branding initiative for the fall.
Radius has been exploring for gold in
ON BEHALF OF THE BOARD "Simon Ridgway" Simon Ridgway, President & CEO Investor relations: Ralph Rushton / Erin Ostrom Symbol: TSXV-RDU; OTCBB-RDUFF Shares Issued: 73.1-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of
SOURCE Radius Gold Inc.