Click here to close now.



Welcome!

News Feed Item

Radius Gold Acquires Copper-Gold Target in Idaho

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/28/14 -- Radius Gold Inc. (TSX VENTURE:RDU) (OTCBB:RDUFF) is pleased to announce that it has entered into an agreement with renowned prospector, Merrill Palmer, to lease a 100% interest in the Mineral Property which consists of a series of 78 federal mining claims covering approximately 562 hectares in the historic Mineral Mining District, Washington County, Idaho.

The Mineral Mining District was so-named after prospectors discovered silver-bearing base metal veins in the area during the 1870s. A town site was established and small-scale silver mining of high-grade veins began in the 1880s and continued in earnest until the repeal of the Sherman Silver Purchase Act by President Cleveland in 1893, which caused a collapse in the silver price and decimated the silver mining industry. The mines and smelters at Mineral shut down at that time, and subsequent mining was very sporadic and at a small scale from then through to 1950. The District has been essentially dormant since then apart from a few years of exploration in the late 1960s and 1970s, and has escaped modern exploration efforts altogether.

Cyprus Mines Corporation acquired a land position in the area in 1968 after reconnaissance work indicated the presence of two types of deposits: silver-bearing base-metals veins in a package of volcanic and sedimentary rocks, and porphyry-type copper hosted in a diorite and quartz diorite intrusion. Their exploration program, undertaken between April of 1968 and February of 1970, consisted of geological mapping, geochemical soil surveys, a 17 line-mile IP-resistivity geophysical survey, and a 40 hole program of reverse circulation, churn, and diamond drilling.

Cyprus's exploration efforts were focused on establishing the presence of a low-grade, near-surface silver deposit amenable to bulk mining methods. Although they intersected narrow high-grade Ag-bearing veins in the historically mined area, they considered the near-surface deposit model to be a failure and terminated the project before completion of the secondary objective of evaluating the copper potential within the intrusions. Radius has been able to obtain the 1968 through 1970 results from the Cyprus programs.

As part of its due diligence work on the Mineral Property, Radius selectively sampled and spot-checked the soil grid, confirming the Cyprus results. In addition, the Company digitized and inverted the raw 1969 geophysical data to obtain modern 2D inversions of both resistivity and IP effect, something Cyprus would not have been able to accomplish at the time of the survey.

The 1968 soil survey outlined a broad greater than 400 ppm Cu-in-soil anomaly with an area of approximately 1.5 km by 3 km, associated with the diorite and quartz diorite intrusions. Coincident with the soil anomaly is a broad zone of anomalous IP effect, potentially caused by the presence of disseminated sulphides. Whereas the Cu-in-soil anomaly terminates abruptly on the northern contact of the intrusion with overlying sedimentary and volcanic rocks, the IP effect is observed to dive off to the north under the north-dipping overlying rocks, suggesting that the zone of potential copper mineralization may be larger than indicated by the soil geochemistry.

Cyprus drilled four drill holes into the copper target. Holes MDD-1 and MDD-2 were both drilled into coincident soil and IP anomalies. MDD-2 assayed 266 m of 0.165% Cu from 5 m to end-of-hole at 271 m. Hole MDD-1 assayed 52.1 m of 0.126% Cu from 70.1 m to 122.2 m, and 150.9 m of 0.11% Cu from 150.9 m to end-of-hole at 301.8 m. Holes B-2 and MDD-3 are not in zones of significant IP effect. B-2 returned six intervals, ranging from 2.9 m to 8.7 m in thickness, grading greater than 0.2% Cu. MDD-3 returned only slightly anomalous Cu concentrations. Cyprus historical drill log summaries describe the mineralization in the diorite as hosted by propylitically altered veins and breccias within the intrusion. Radius's research indicates that Cyprus rarely assayed for gold in its work program at Mineral, and where it did the assay methodology is questionable; the Au potential of the target has likely never been evaluated.

The drill results presented here are quoted from the following historical reports:


--  Mineral District Final Report - Exploration. Cyprus Mines Corporation,
    May 1969. 
--  The Mineral Project: Current Status and Potential, Cyprus Mines
    Corporation, March 1970.

Radius believes the work was performed to a professional standard, and has verified the locations of the probable drill collars, but has not independently confirmed the drill logs or results.

More recently, prospecting work undertaken by Mr. Palmer has demonstrated the existence of sheeted 0.1 to 1 m thick quartz-tourmaline veins within the intrusion that grade up to 30 ppm Au and 5% Cu. Neither these sheeted veins nor the vast majority of the IP and soil anomaly has been tested.

Radius believes it has uncovered a promising Cu-Au target in a mining-friendly jurisdiction that has been completely overlooked by modern exploration, and intends to start work immediately on the Property to bring it to drill-ready stage.

The Agreement

The Company has been granted a lease of 100% of the Property (subject to a 3.0% net smelter return royalty) of up to 99 years which the Company may keep in good standing by making annual advance royalty payments to Mr. Palmer of US$50,000 for the first year and increasing US$10,000 each subsequent year, for a total of US$1,100,000 over the first ten years. Annual payments after the tenth year of US$150,000 will be required until commercial production has commenced. During the first five years of the lease, the Company may reduce the NSR royalty to 1.5% by paying US$2.0 million to Mr. Palmer.

Quality Assurance and Quality Control

As part of its due diligence program on the Property, the Company submitted soil and rock chip samples for analysis to Acme Analytical Laboratories. The soils were prepared with an aqua regia digestion and analyzed by ICP-MS (Acme AQ251). Rock chip samples were pulverized to 200 mesh, and prepared with an aqua regia digestion, followed by ICE-ES (AQ300), or digested by 4-acid digestion (Acme MA370), and analyzed by fire assay fusion and ICP-ES (FA330-Au and FA530).

Qualified Person

Mr. David Clark, M.Sc., P.Geo., a member of the Association of Professional Engineers and Geoscientists of British Columbia, is the Company's Qualified Person as defined by National Instrument 43-101, and has approved the disclosure of technical information contained in this news release.

About Radius

Radius has been exploring for gold in Latin America for over a decade. The Company has a strong treasury as a result of exploration asset sales and is looking for project acquisition opportunities across the globe. Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com) for more information.

ON BEHALF OF THE BOARD

Simon Ridgway, President and CEO

Symbols: TSXV-RDU; OTCBB-RDUFF

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...