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Radius Gold Provides an Exploration Update
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Vancouver, Canada: David Cass, Vice-President of Exploration, for
Radius Gold Inc. (TSX-V: RDU) is pleased to provide a brief update of
recent progress on the Company's exploration programs in Nicaragua,
Mexico, and Peru. Further details on all projects can be found on the
Radius Gold website at www.radiusgold.com.
Radius has field crews on the ground in three countries: Nicaragua,
Peru and Mexico. The Company intends to carry out preliminary drill
testing of several of its Nicaraguan projects, including Trebol, in the
coming months.
Nicaragua
Trebol
Management is pleased to report that work is underway again at Trebol
following a long delay due to the damage in the area caused by
Hurricane Felix in September of 2007. Epithermal gold mineralization at
Trebol is associated with dipping zones of quartz veinlet stockworks,
massive to sugary fine-grained silica, quartz veins and breccias hosted
in altered volcanic rocks, with comb-textured amethyst appearing as a
late phase infilling vugs.
Seventeen trenches have now been completed over a series of low-lying
silicified ridges that define an altered and mineralized zone with a
strike extent of at least 6 kilometers. Assay results from Trenches 14,
15, 16 and 17 have recently been received:
- Trench 14 -- 22m at 0.57 g/t Au, including 6m at 1 g/t Au
- Trench 15 -- 33.8m at 3.4 g/t Au, including 15m at 6.1 g/t Au
- Trench 16 -- 13m at 0.19 g/t Au
- Trench 17 -- 20m at 0.87 g/t Au
Trench 14 is located approximately 360m NE of Trench 4 which previously
reported 35.2m at 4.9 g/t Au, including 17.6 g/t Au over 8.35m. Trench
15 is located 145m south-southwest of Trench 2 which previously
reported 10.4m at 1.3 g/t Au. Trench 16 is roughly 190m southwest of
Trench 4 and 510m east-northeast of Trench 3 which averaged 30m at 1
g/t Au. Trench 17 is located 190 east of Trench 14. An up-to-date
trench location map can be found on the Radius website
www.radiusgold.com.
These new results appear to confirm the observation that gold grades
are generally consistent within each trench but average values vary
from trench to trench over the strike length of the zone. The trenches
dug to date range from 6 to 35.25m in length and are widely spaced.
Trench locations are determined largely by the presence of quartz float
and rare surface outcrop. All trenches generally start and end in
altered and mineralized rock. The extent and genesis of the mineralized
system is as yet unknown.
A detailed soil geochemical survey is underway and existing trenches
are being extended to better define the surface widths of
mineralization and the controls and distribution of the higher grade
mineralized zones across each section. The geology of Trebol and the
controls on distribution of mineralization remain poorly understood due
to thick vegetation cover.
Estrella de Oro
An exploration team is also working at the Estrella de Oro property,
located 17km west of Siuna, near the historical Bonanza District in
north-central Nicaragua, completing trenching and soil geochemical
surveys.
Radius' concession at Estrella de Oro comprises 46,000 hectares and
covers an historic gold mining operation. Nine trenches have been
excavated along Cerro Estrella ridge to date (results from the first 4
trenches were reported in Radius' press release 28 February 2008.)
Highlights of additional trenching include 1.5 m @ 5.3 g/t Au from
Trench 10, located in-between Trench 2 and Trench 3.
The work is helping define the strike extent of a series of parallel,
gold-bearing quartz veins/shoots which appear to be complicated by
local faulting. Thick colluvial fill was also encountered in several
trenches. An up-to-date trench location map can be found on the
Estrella de Oro project page on the Radius website www.radiusgold.com
La India Norte
This property is located in the north-eastern part of the historic La
India gold mining district, approximately 120 km north of Managua.
Initial trench sampling returned low to moderate grade gold results
over significant widths. Radius' exploration model suggests that
significant potential for gold-bearing epithermal veins may exist at
deeper levels. Targets include high-grade veins vertically below
stockwork zones similar to those mined at lower elevations in the La
India Camp, and near-surface bulk-tonnage stockwork mineralization.
Radius is actively looking for a joint venture partner to advance this
property. However it is likely that Radius will drill test this
property within the coming months in the event that a partner cannot be
found.
Mexico
Tlacolula Property, Oaxaca
The 100%-owned Tlacolula Property is located 14km east-southeast of the
city of Oaxaca, some 16km west of Linear Metal's Cobre Grande
Cu-Mo-Zn-Ag skarn project and 30km northeast of the Fortuna Silver
Mines' San Jose project. Previous sampling of stream sections and road
cuts showed significant intervals of low-grade silver mineralization,
including 21.5m at 130.8 g/t Ag. A total of 12 trenches have been
excavated across a 670m strike length of calcite veining and argillic
alteration. Results are pending. Checking of surrounding Aster
alteration anomalies has identified areas of opaline silica, possibly
indicating a very high level of preservation to the epithermal system
at Tlacolula.
Oaxaca and Chiapas Regional
A regional structural and remote sensing interpretation was recently
completed by an independent consultant. Regional exploration and ground
acquisition is underway on favorable targets identified by the remote
sensing work. Claims totaling 37,000 hectares are currently in
application over areas where anomalous gold values (up to 825ppb Au)
were received from stream sediment sampling.
Peru
Artemisas
The Artemisas property is an early-stage sediment hosted gold property
located in the District of Chuquibambilla, Department of Apurimac, some
1,000km southeast of Lima, at an altitude of 4,700m. The project
consists of 4 contiguous exploration concessions totaling 3,300
hectares. Gold mineralization is hosted within a sequence of Jurassic
and Cretaceous-aged sediments. Hydrothermal breccias are developed as
bedding-parallel mantos and along steeply dipping fault zones. Surface
channel samples gave values from trace to 11.6 g/t Au over 2m.
An option and joint venture agreement was signed with Kingsgate
Consolidated Ltd. in January 2008. Under the terms, Radius can earn up
to 70% in the project by spending $2 million in exploration over a
period of 3 years, with 50% of costs to be expended on drilling. Once
Radius has vested its 70% interest, a joint venture will be formed
where both parties fund their share of exploration on a pro-rata basis.
If either party dilutes to less than a 10% interest, it will be
converted into a 1% Net Smelter Royalty.
An additional 2,600 hectares has been staked covering similar
prospective geology in adjacent ground.
Radius is currently in active consultation with the local communities
in order to gain permission to access the property and begin the work
program, which will comprise geological mapping and sampling, followed
by drilling of best targets.
Peru Regional
Elsewhere in Peru, Radius is undertaking regional target generation and
evaluation of projects and opportunities.
Assay Protocol & Qualified Person
Sample preparation and analyses were conducted by CAS Laboratories in
Tegucigalpa, Honduras. Samples were analyzed for Au, using a 30 gram
pulp with Fire Assay AA, with gravimetric finish. Check assays are
undertaken at Acme Laboratories in Vancouver. 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.
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.
For further information on Radius Gold Inc., please call toll free
1-888-627-9378 or visit our web site www.radiusgold.com.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, President
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.5-million
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Copyright (c) 2008 RADIUS GOLD INC. (RDU) All rights reserved. For
more information visit our website at http://www.radiusgold.com/ or
send mailto:news@goldgroup.com
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