Radius Gold update on drilling at Mila Gold Discovery, Guatemala
news release
March 4, 2024
Radius Gold update on drilling at Mila Gold Discovery, Guatemala
Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius”) and joint venture partner,
Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”) are pleased to present an update on the first -
pass drilling campaign that is ongoing at the Motagua Norte Project.
Drilling to date has confirmed that the broad area of boulder float with abundant visible gold and
bonanza grade assay results discovered by Volcanic geologists is underlain by a serpentinite
package, and that all of the colluvial boulders of quartz and schists bearing the high -grade gold
values have likely moved downslope from a major structural corridor that the JV has named the
Veta Madre Fault Zone.
The Veta Madre Fault contains a wide quartz vein that has been known for some time, and where
sampled, has returned relatively high silver and lead results but poor gold numbers. It is a
massive vein, forming in places a vertical, impassable wall. Flute m arks and slickensides on the
vein show near-vertical fault movement. However, in the area uphill from the Mila quartz float
field, the vein is not exposed. The drill program conducted to date has cut 6 m to 15 m of
colluvium composed of quartz and schist float, bearing visible gold in places, before passing from
this colluvium into a serpentinite package. With the drill data in hand it appears that the green
schists and serpentinite contact is at the Veta Madre Fault Zone, and the Mila zone within this
major structural corridor is the target to be tested. Drilling of this target is underway and drill
pads are being prepared along the strike of the structure.
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Map showing the extent of the colluvial fan of bonanza-grade gold mineralized quartz boulders at the foot
of a broken section of the Veta Madre Fault Zone. Drill pads (black circles) with planned drill direction to
the southwest (black lines) shown.
This presents an exciting picture: the Motagua Norte project has geological similarities to the
Motherlode and Grassy Valley type orogenic systems of California, hosted in metamorphic rocks
along plate boundary faults, often in close association with serpentine rocks. These systems are
known for quartz veining with coarse visible gold and high -grade ore shoots, that can have
extensive vertical depth components. For example: the historic Empire Mine in California was
mined to over 1km depth and produced 5.8Moz at an average grade of 19 g/t Au1.
As we previously reported, 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 boulder scree that has been locally transported downhill. In
addition to the obvious quartz vein mineralization, gold has also been observed hosted within
1 Taylor, R.D., Monecke, T., Reynolds, T.J. and Monecke, J. 2021. Paragenesis of an orogenic gold
deposit: new insights on mineralizing processes at the Grass Valley District, California. Economic
Geology, v. 116, no. 2, p. 323–356.
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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.
The Veta Madre Fault vein exposed in a 20-30 m cliff immediately west of the Mila bonanza-grade quartz
boulder colluvium field. At this locality the Veta Madre Fault dips steeply to the north and bears fluting
and slickensides indicating dip-slip movement.
Simon Ridgway, Volcanic Gold Mines President and CEO, commented:
“The Volcanic team continues its dedication to the project; the more we work the more we learn.
This recent geological interpretation has significance for the belt as we see similar structural
settings in many of the zones we have sampled along the belt.
The team is facing the challenge of working within communities where some have been
persuaded by reports and information supplied by NGO’s that mining is bad. This challenge
requires a constant effort to inform the community to counteract misinformation an d erroneous
assumptions. However, people want work, and they want to work in their own backyard and not
be drawn by necessity to travel to North America to feed their families. Exploration and mining
can provide work opportunities. The team is gathering support from all areas to inform and show
the positive influence that mining can bring to the area.”
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 op tion 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).
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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
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Certain statements contained in this news release constitute forward -looking statements within the meaning of
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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 activiti es, estimation of mineral resources and the geology, grade and continuity of mineral
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