Fresnillo plc completes $171,000 property payment at Plata Verde; drilling anticipated to start Q1 2024
news release
November 16, 2023
Fresnillo plc completes $171,000 property payment at Plata Verde;
drilling anticipated to start Q1 2024
Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) is pleased to
announce that Minera San Julian, S.A. de C.V. (“Minera San Julian”), a wholly owned subsidiary of
Fresnillo plc (“Fresnillo”) has paid US$171,000 to Geometales del Norte -Geonorte, S.A. de C.V.
(“Geonorte”), a wholly owned subsidiary of Radius Gold , under the terms of the Exclusivity Agreement
for the development of the Plata Verde project in Chihuahua, Mexico (“Plata Verde”). This amount has
been used by Radius to fund payments pursuant to the underlying option agreements with the owners
of Plata Verde’s mining concessions. A maiden drill program is anticipated at Plata Verde in Q1 2024.
Under the terms of the Exclusivity Agreement between the companies (see news release July 19, 2023),
Minera San Julian has an Exclusivity Period to January 7, 2024 to negotiate a definitive agreement that
would include an option agreement to earn a 70% interest in Plata Verde. Minera San Julian has the
right to extend its Exclusivity Period for 6 additional months beyond January 7, 2024 , by providing
Geonorte a minimum of US$500,000 to commence drilling at Plata Verde. Such drilling shall be initiated
within 3 months following January 7, 2024.
Bruce Smith, Radius Gold President and CEO , commented: “We are pleased with Fresnillo’s, the world’s
largest silver mining company, continued commitment to the Plata Verde project, given some uncertainty
over new Mexican mining regulations which have delayed the start of drilling . With the last payment of
the Exclusivity Agreement completed, Radius anticipates drilling will start within the first months of 2024.
Plata Verde is located in a historically prolific silver mining district. The Plata Verde property has shown
widespread silver mineral ization in surface and underground rock chip sampling, excellent silver
recoveries in initial metallurgical testing, and it has never been drill-tested. Our team looks forward to
getting drills turning on this property in the near-term.”
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing
partnerships where appropriate to retain the Company’s treasury. At the same time, management is
seeking out additional investment and project acquisition opportunities across the globe. Radius is a
member of the Gold Group of companies, led by Simon Ridgway. You may find more information on Radius
Gold at www.radiusgold.com or www.sedarplus.ca.
-2-
ON BEHALF OF THE BOARD
Simon Ridgway
Executive Chairman
Symbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: [email protected]
Website: www.radiusgold.com
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