Drilling Commences at Radius Gold's Plata Verde Silver Project
26.06.2024 | The Newswire
Project Highlights:
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Large scale historic underground bulk silver mining operation from 1800's.
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Silver mantos occur over 500m x 300m area (exposed in historic mines) with observed thickness up to 30m.
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Recently re - Radius Gold Inc. (TSXV: RDU) ("Radius" or the "Company") is pleased to announce that diamond drilling has commenced at the Plata Verde silver project in Chihuahua, Mexico. Radius, in partnership with Minera San Julian, S.A. de C.V. ("Minera San Julian"), a wholly owned subsidiary of Fresnillo Plc ("Fresnillo") plan to complete a minimum of 2000m of diamond core drilling targeting bulk minable, underground silver resources at the historic Plata Verde mines. The drill program is fully funded by Minera San Julian as part of the option agreement (see news release, March 5, 2024) signed between the companies to jointly explore Plata Verde.
Bruce Smith, Radius Gold President and CEO, commented: "The Radius Gold team is excited to get started drilling at Plata Verde. The large-scale historic silver mines have never been drill-tested and are compelling targets. As one of the largest silver producers in the world, our partner, Fresnillo, brings significant expertise to this exploration program and our project team. We are encouraged by the results of surface and underground chip sampling, the metallurgical program, and the project's history of bulk tonnage underground silver production. The large scale excavations inside these mines indicate that the historic miners were into a significant mineralized system and the clearly visible banded silver sulphides found on the walls and roofs of the mines add to our confidence in making a discovery at this project."
Following the completion of the first-pass diamond drilling, additional drilling will be based on results, to be confirmed by the Radius and Fresnillo joint technical committee. Silver mineralization occurs as massive to crustiform banded barite calcite and quartz with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia within a basaltic/andesite extrusive volcanic. The basaltic/andesite host occurs at the base of the Upper Rhyolitic Volcanics of the Northern Sierra Madre.
A historic extensive network of anastomosing mining tunnels and cavities was completed by hand with hammer, chisel and black powder explosives, leaving behind large underground cavities up to 50m x 50m x 30m high. Throughout the mines roman numerals painted on the walls record up to 58 mining areas. The mining excavations define a strike extension of over 500m and up to 300m wide. The host volcanic unit is at least 60m thick.
Silver mineralization is observed within mantos with multiple large scale breccia zones, fracture fill, stockwork and disseminated style mineralization within the volcanic host. Drilling will target extensions of the manto systems and also feeder systems below the mantos.
Figure 1. Historic silver mines at Plata Verde, an anastomosing sequence of silver mines, excavated in the late 1800's following silver mantos hosted within basaltic volcanics.
Click Image To View Full SizeFigure 2. Banded silver sulphides, with barite, calcite and silica with characteristic green silver chloride oxides.
Click Image To View Full SizeDrill Targets
Figure 3. Plata Verde mines showing planned drilling in 3D with historic mines and silver rock chip sampling.
Click Image To View Full SizePlata Verde Project
The Plata Verde project, located in Chihuahua, Mexico, was re-discovered by Radius Gold, and is a historic, large-scale, underground, bulk tonnage silver mining operation. Plata Verde is located east of the historic Batopilas silver mining district (1708 to 1920) which reputedly produced over 300 million ounces of silver from high grade veins and structures.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius' Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala utilizing partnerships where appropriate to retain the Company's treasury. 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
Simon Ridgway
Executive ChairmanSymbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.comNeither 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 limitation, statements about the Company's plans for its properties. 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", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
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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.
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