Radius Gold provides update on drilling at Motagua Norte property, and recent developments in Guatemala
news release
May 23, 2024
Radius Gold provides update on drilling at Motagua Norte property, and
recent developments in Guatemala
Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius”) and joint venture partner, Volcanic
Gold Mines Inc. (TSXV: VG) (“Volcanic”) report on the conclusion of the first pass drilling campaign at the
Motagua Norte Project, Guatemala.
As previously reported (April 25th, 2024), the initial drillholes did not locate the source of the broad area
of bonanza grade gold bearing quartz boulder float discovered by Volcanic geologists and named the Mila
target. The gold-bearing quartz float at Mila covers a thin serpentinite package and underlying schistose
metasedimentary rocks which have been cut by a series of east-west trending structures hosting
significant vein zones. The principal structures, such as the Veta Madre Fault and the Veta Padre structure,
are located to the south and uphill from th e field of gold-bearing boulders. A strong zone of stockwork
veining separates these two larger structures.
A total of 13 holes were drilled in this first pass program testing a range of targets. Results have been
received for the initial drill holes that tested for vertical and north-dipping veins at and near to the Veta
Madre Fault . Results indicate that the gold -bearing quartz boulders did not originate from th ese
structures. The last four holes were drilled in the opposite direction, from south to north, to test for south-
dipping structures. Several veins of various sizes were intercepted in these drill holes . Assay results are
pending, however no visible gold was seen in the drill core. Results will be released as soon as they become
available.
In other developments in Guatemala, a new Minister of the Environment (MARN) was appointed on
April 12, 2024 and i nitial public comments from the new Minister were not positive for mineral
exploration and development in the country. Before committing further funds to Guatemala, Volcanic will
monitor the two significant precious metal deposits where developments are on hold: the multi-million
ounce gold deposit at Cerro Blanco and the large high grade silver-lead-zinc deposit at Escobal. These
mines could employ thousands of people, providing jobs to Guatemalans so they can thrive in their own
communities.
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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
Caribbean tectonic plates.
Volcanic Gold Mines has an option agreement 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 Holly Project where the joint venture has established a high-grade epithermal gold resource 60km
north of the Cerro Blanco gold deposit. (See news release Sept. 18, 2023).
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’s Qualified
Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith
has 30 years of mineral exploration experience and has prepared and approved the technical information
contained in this news release.
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 inv estment 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.
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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”, “con taining”, “remaining”, “to be”, “periodically”, or
statements that events, “could” or “should” occur or be achieved and similar expressions, including negative
variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any results,
performance or achievements expressed or implied by forward -looking statements. Such uncertainties and factors
include, among others, whether planned exploration work at the Company’s projects will proceed as intended;
changes in general economic conditions and financial markets; the Company or any joint venture partner not having
the financial ability to meet its exploration and development goals; risks associated with the results of exploration
and development activities, estimation of mineral resources and the geology, grade and continuity of mineral
deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s
quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at
www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward -looking statements, there may be
other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
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.