Radius reports bonanza grade gold discovered across wide areas at Mila target, Guatemala
news release
October 11, 2023
Radius reports bonanza grade gold discovered across wide areas at
Mila target, Guatemala
Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) is pleased to
provide an update on exploration work conducted by JV partner, Volcanic Gold Mines (TSXV -VG), on
Radius’s high-grade Mila prospect in the Motagua Norte project in Guatemala.
Highlights of the gold discoveries at the Mila prospect:
• Concentration of bonanza-grade and visible gold in quartz veins over a 250 x 570 m area.
• Continuous line rock chip sampling across mixed outcrop, subcrop, boulder fields of 34 m
averaging 42 g/t gold and 24 m averaging 54 g/t gold.
• High-grade gold in both quartz veins and stockwork quartz in the wallrock suggests wide zones
of gold mineralization.
• Visible gold in quartz veins identified in new areas to the south and west of Mila.
• Orogenic gold-silver deposit with significant depth potential.
• Trenching and d rilling planned to establish the geometry, width and grade of the gold
mineralization.
Volcanic’s initial prospecting samples returned exceptional gold grades at Mila prospect (see Radius news
release Sept 1, 2022). In order to determine whether the very high gold grades (many samples above 1 oz
gold / tonne) were the result of selective sampling or widespread across the target zones, a program of
continuous 2 m chip sampling was conducted across mixed terrain of outcrop, subcrop and float boulders.
In these areas it is not possible to be sure of true widths, and sampling was conducted to define the
distribution of gold mineralization and target trench and drill priorities.
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Map of the Cirilo 1 exploration licence showing the location and gold grade of 513 rock chip samples collected during i nitial
prospecting.
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High-grade gold assays and visible gold occur in both quartz veins, and in wallrock quartz stockwork zones.
Multiple quartz veins with at least two different orientations are recognized; north-south and northwest-
southeast striking. The principal mineralized quartz veins form prominent mounds and ridges of collapsed
outcrop boulder piles with quartz boulders up to 2 m in diameter and outcrops up to 4 m or more in width.
Continuous chip channel sampling ac ross one prominent ridge has returned average grades of up to 95
g/t gold across a 10 m width of collapsed quartz vein boulders, each sample representing a 2 m long
segment of the line. Significantly wider quartz boulder fields occur where multiple, close -spaced veins
reach surface. Continuous lines of 2 m long chip channel samples of mixed outcrop and colluvium have
returned average grades of 42 g/t gold along a 34 m line, and 54 g/t gold over a 24 m line from two parallel
lines 70 m apart in one boulder field at the centre of the prospect area.
The distribution of mineralized boulder float, supported by limited outcrop data, suggests that the high -
grade gold mineralization in the Mila prospect is concentrated in two north -south structures
approximately 200 m apart, each structure at least 250 m strike in length. The current interpretation is
that one or both structures support multiple quartz veins across a width of at least 25 to 50 m. Trenching
and drilling will be required to look beneath the quartz bo ulder cover and establish the true geometry,
width and grade of the mineralized veins and wallrock stockwork zones in the Mila prospect.
TOP: High-grade gold mineralized
quartz boulders cover large areas at the
Mila prospect with lines of continuous
chip channel sampling of mixed outcrop
and colluvium returning average grades
such as 42 g/t gold along a 34 m line,
and 54 g/t gold along a 24 m line of
samples BOTTOM: A ridge of collapsed
high-grade gold-quartz vein outcrop and
boulders at the Mila prospect which
returned an average of 95 g/t gold
across a 10 m width from 2 m chip
channel samples of outcrop and boulder
float.
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Additional gold vein discoveries
Beyond the Mila prospect ongoing prospecting and rock chip sampling continues to identify additional
mineralized veins within the licence area:
1. Two gold quartz veins have already been identified approximately 500 m to the south of the Mila
prospect with two high-grade rock chip samples of 9.34 g/t and 29.6 g/t gold some 280 m apart.
2. Quartz veins grading up to 60.2 g/t gold have also been identified at a couple of locations further
along the regional Motagua Norte trend be tween 800 and 1700 m to the west of the Mila
prospect.
Gold mineralization and geology
The mineralized quartz veins and stockwork zones are hosted by biotite schist and phyllite of the Motagua
Suture Zone, an east-west striking belt of metamorphic rocks that formed at the line of collision between
the North American and Caribbean tectonic plates. Gold mineralization appears to be hosted by north -
south and east to southeast-striking veins.
High-grade assays have been returned from both sulphide -bearing quartz veins and quartz stockwork in
the wallrock. The mineralized quartz veins are enriched in gold, silver, lead and minor copper and have
textures and a geological host consistent with emplacement from a mesothermal system in an orogenic
setting. The mineralization appears to be zoned with quartz veins at the eastern end of the licence area
at Mila and to the south of Mila containing the highest gold values, and veins to the west of Mila with
generally lower gold but higher silver and lead values.
Exploration potential and way forward
The Mila prospect is a new discovery with a sizeable footprint of abundant high -grade quartz at surface,
pointing to a significant gold system . The abundance of high -grade quartz vein and quartz stockwork
spread across a 250 x 570 m area, the identification of multiple cross-cutting gold mineralized quartz veins
at surface, and the demonstration that high -grade quartz is not confined to the quartz veins but also
occurs in the wallrock, point to a broad, high -grade and e xtensive gold system. The mineralization is
orogenic style, with mineralization at mesothermal depths within a major transform structure. These
systems and structures typically support mineralization over significant vertical distances, and so there is
potential for mineralization to continue to significant depths.
Trenching and drilling is planned to map out individual veins, vein sets, and stockwork zones, quantify the
width and grade of mineralization, and explore the gold mineralization to depth.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of t he Australian Institute of Geoscientists, is Radius’ 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 reviewed and approved the technical information
contained in this news release.
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Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing
partnerships where appropriate in order 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.
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.
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 limit ation, statements about the results of exploration work and future
plans at 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”,
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Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
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include, among others, whether the 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 activ ities, 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
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other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
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Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and op inions of
management, including but not limited to: that the Company’s stated goals and the planned exploration 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
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forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
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