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Message: Radius Samples 58.26 g/t Au and 1,937 g/t Ag over 5.1 m at Pino Zone, Guatemala
May 16, 2011 (Canada NewsWire Group) -
VANCOUVER, May 16 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to report results from the first trench on the new Pino zone at the 100% owned HB project located in eastern Guatemala. Radius holds over 1,500 sq. km. of granted concessions and concession applications in the region covering a virtually unexplored Tertiary volcanic belt that has recently been shown to host world class intermediate and low sulphidation silver/gold deposits.
In a release of May 5, 2011 Radius reported the identification of a high grade float boulders on the north side of the Holly ridge. Although these boulders were initially thought to have travelled down slope, perhaps from eroded veins, the size of the quartz blocks warranted sampling. A total of 18 historic and recent samples collected from the quartz float, returned grades from just under 1 g/t Au up to 112 g/t Au and over 5,600 g/t Ag, with many of the samples returning over 500 grams per tonne silver.
Recent trenching by Radius geological staff has revealed texturally-similar quartz veins in situ cutting the schistose rocks in the area of the boulders. Assay results have now been received for 4 chip samples constituting a continuous sample of 5.1 m of the vein exposed in the trench, which has returned:
58.26 g/t Au and 1,937 g/t Ag over 5.1 m (including 110.28 g/t Au and 3,520.6 g/t Ag over 2.0 m)
At the present time we do not know the true width of the structure and further trenching is required to determine the strike and dip of the vein. Radius completed grid based soil geochemistry and geophysics over the property in 2002 and the indications from this work are that the vein is striking north-south, and there is a coincident geophysical IP anomaly. This discovery, however, is close to the northern limits of the grid. Sample results for the trench are given below:
|Sample||Easting||Northing||From m||To m||Width m||Au g/t||Ag g/t|
A sample of brecciated and silicified schist taken in a pit dug two meters from the vein returned 2.79 g/t Au and 49 g/t Ag over a 1 meter sample (# 60433). Management is extremely encouraged by these results as it appears we have located the source of the high grade float boulders. Planning is now underway to expand the soil grid to the north and to complete a new geophysical survey. Further trenching is now underway.
The Holly and Banderas projects (HB) were discovered by Radius during a regional stream sediment sampling program in Eastern Guatemala conducted in 2001/2. The projects are close together and are now being considered as a single exploration project, the HB project.
Sampling Methodology, Quality Control, and Assurance
Samples are sent to the Inspectorate Guatemala sample preparation facility in Guatemala City for sample preparation, and pulps forwarded to the Inspectorate American Corporation laboratory facility in Sparks, Nevada, for analysis. Approximately 12% of the samples submitted consist of commercial standards, blanks, and duplicate samples. Gold amounts for each sample are determined by fire assay, digested in aqua regia solution and analyzed by atomic absorption finish. Samples with over 1 g/t Au are re-analysed by gravimetric finish. Ag is analysed by aqua regia digestion followed by atomic absorption finish with overlimits analysed by fire assay with gravimetric finish. A 30 element suite is analysed by ICP.
Drilling Sampling Protocol, Chain of Custody, and Data Verification
All sampling is conducted under the supervision of the Company's on-site project geologist and the chain of custody from the drill to the logging facility is continually monitored. Samples are transported to the Inspectorate facility in Guatemala City directly by Company personnel. Data verification of the analytical results includes analysis of the duplicates, standards and blanks to ensure that they pass industry best practice guidelines for acceptability. All assays are reported as drilled intervals.
Roger Hulstein, BSc, P.Geo., is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Hulstein is responsible for the accuracy of the technical information in this news release.
Radius has been exploring for gold in Latin America for nearly a decade, and has assembled interests in a portfolio of promising gold projects throughout the region, including carried stakes in two small-scale developing gold projects in Guatemala and Nicaragua. Radius also has a number of 100% owned exploration plays, including the HB property in Guatemala and several properties in the Rackla Belt and Sixty Mile placer gold district in the Yukon.
ON BEHALF OF THE BOARD
Simon Ridgway, President & CEO
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 79.9-million
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Radius Gold Inc. Actual results may differ materially from those currently anticipated in such statement.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For further information on Radius and its properties, please call toll free 1-888-627-9378 or visit our new web site (www.radiusgold.com).
Source: Canada Newswire (May 16, 2011 - 8:41 AM EDT)
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