Radius Gold drills 10.25 g/t gold over 13.55 metres at Amalia, Mexico
Radius Gold Inc. [RDU-TSXV] reported results from the remaining three drill holes from the El Cuervo target at the Amalia project in Chihuahua, Mexico. The current phase of drilling at El Cuervo has concluded and the new results define a significant silver and gold system at El Cuervo that is open to expansion in all directions.
Highlight drill results include drill hole AMDD22-065 that returned 17.00 metres of 438 g/t silver and 0.80 g/t gold, including 2.0 metres of 3,182 g/t silver and 4.49 g/t gold.
AMDD22-066 returned 13.55 metres of 841 g/t silver and 10.25 g/t gold, including 5.65 metres of 1,560 g/t silver and 19.16 g/t gold.
“The El Cuervo system is the third major gold-silver target discovered at the Amalia Project, with multiple wide and high-grade drill results returned from the 22 hole El Cuervo program . With Amalia Central, California and El Cuervo targets all demonstrating resource potential, the growing scale of the Amalia Project is apparent. With an excess of 10km of vein systems, mineralization extending over 1,000 vertical meters and multiple targets yet untested, the Amalia Project has great potential but still requires significant drilling to define the overall extents. Radius is in discussion with our partner, Pan American Silver Corp. [PAAS-TSX, NASDAQ], to chart the best way forward for both companies,” stated Bruce Smith, President and CEO.
The current phase of drilling at the El Cuervo target has concluded totaling 22 drill holes, collared from 5 platforms, fanned out to test approximately 500 m of strike extent and 350 m depth. Drilling at El Cuervo has defined mineralization similar to the Amalia structure, consisting of epithermal quartz veins, breccias and veinlets stockworks hosted within rhyolite volcanics along a major fault system. El Cuervo remains open to expansion along strike and to depth.
Pursuant to an option agreement signed in June 2018, Pan American Silver has completed its right to earn an initial 65% interest in the Amalia Project by making cash payments to Radius totaling US$1.5 million (paid) and expending US$2 million on exploration over four years (completed). Pan American may earn an additional 10% by advancing the property to preliminary feasibility.