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The Mila prospect to date is defined over a 250 m by 600 m area of quartz outcrop, subcrop and boulder float with abundant visible gold and bonanza grade assays discovered Volcanic geologists in
The Mila discovery presents an unusual challenge for exploration but an exceptional opportunity. The abundance of gold-mineralized quartz boulders covering the surface makes it difficult to map-out, measure and model the gold mineralized structures.Of approximately 420 rock chip samples collected at surface across the area over one hundred returned assays exceeding 10 g/t gold, including twenty-one of over 100 g/t gold and a maximum of 692 g/t gold. With widely distributed gold-bearing quartz at surface it is difficult to distinguish the in situ quartz outcrop from the boulder piles that form at the base of collapsed vein outcrops and from boulder scree that has been locally transported downhill. In additionto the obvious quartz vein mineralization, gold has also been observed hosted within sericite altered and micro-veined schist with samples returning assay results of up to 94 g/t gold, indicating potential for significant wall rock mineralization.
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The north-south striking quartz ridge which returned rock chip assays of up to 116 g/t gold is being tested in the first few drill holes.
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Sericite altered schist with quartz stockwork veinlets cropping-out on the eastern wall of the north-south quartz ridge returned assay results of up to 118 g/t gold is also being targeted in the first few drill holes.
Geological mapping of outcrops combined with interpretation of topographic features suggests that there are multiple quartz veins in at least two different orientations: north-south and northwest-southeast striking, with the best assay results concentrated in north-south trends. Continuous chip channel sampling across the best-defined north-south structure, a 250 m long ridge running through the centre of the prospect area, returned average grades of 95 g/t gold across a 10 m width of collapsed quartz vein boulders. This structure, and at least two more less well-defined parallel quartz boulderridges are interpreted as north-south striking veins. True thickness and dip direction of these veins is not yet understood and will be tested in the initial drilling.
Drilling will also test a100 m-wide dense quartz boulder field on the west side of the central north-south structurecontinuous lines of 2 m long chip channel samples of mixed outcrop, subcrop and colluviumreturnedaverage gradesof42 g/t gold along a 34 m line, and 54 g/t gold along a 24 m long line.The surficial quartz in this area is interpreted as the expression of multiple, close-spaced quartz veins. The number of veins and their geometry are undefined.
The initial drill programme is exploratory in nature and aims to establish the number of zones, width, grade and geometry of the gold bearing structures.
“The Volcanic team's dedication has resulted in the discovery of great high-grade drill targets and secured licenses, permits and community support for the Motagua Norte project. The team is enthusiastic to commence drilling the first holes into the multiple gold targets in the Mila prospect. The results of several rock chip sampling programs conducted in recent months along the belt has revealed several new areas of interest where we are seeing similar high grades. A successful drill program at Mila will reinforce my belief that the
About the Motagua Norte project
The Motagua Norte project is a gold system hosted by schists of the Motagua suture zone, an east-west striking belt of metamorphic rocks that outcrops at the line of collision between the North American and
Volcanic Gold Mines has an option from Radius to earn a 60% interest in the Cirilo I exploration licence and other licences under applications and negotiation within the Motagua Norte project, as well as the
Technical Information
Bruce Smith,
Radius has a portfolio of projects located in
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
Symbol: TSXV-RDU
Contact: Bruce Smith
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the
Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s projects. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
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Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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