Click here to close now.


News Feed Item

Radius Options Blue Hill Gold Project, Idaho From Otis Gold Corp

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/14/14 -- Radius Gold Inc. (TSX VENTURE:RDU)(OTCBB:RDUFF) is pleased to announce that it has signed an agreement for the right to acquire a 70% interest in the Blue Hill Gold Project (the "Property") from Otis Gold Corp (TSX VENTURE:OOO).

The Property hosts an epithermal hot-spring gold exploration target, is drill-ready, road-accessible, and is located in southeast Idaho, 24 km south of the town of Oakley and 4 km north of the Utah border. The property package consists of 36 federal lode mining claims located on federal land (comprising 295 hectares), and one Idaho State lease (comprising 33 hectares).

In July 2008, Otis completed a program of geologic mapping and sampling, as well as contracting Zonge Geosciences Inc. to perform a controlled-source audio magnetotelluric (CSAMT) geophysical resistivity survey over the target. Based on the results of Otis' work program, drilling was proposed but never carried out.

Gold mineralization on the Property was first discovered by geologist Stan Dodd and Meridian Minerals in 1985. Alteration and gold mineralization are hosted by capping chalcedonic sinters and strongly silicified tuffaceous rocks in the Cenozoic-aged Salt Lake Formation, which consists of epiclastic, sedimentary and tuffaceous volcanic rocks overlying older Paleozoic and Precambrian basement rocks. The area of sinter exposed at surface is approximately 1 km by 0.5 km in area, and contains surface gold-in-sinter concentrations of up to 2 ppm. Mineralization appears both disseminated in sinter and related to north- and northeast-trending, high-angle structures within a northwest trending graben. Local, post-mineral, northeast-trending faulting has displaced and buried mineralized sections to the northwest, some of which have yet to be drill tested.

Two drill programs were completed in the past: the first in 1986-1987 by Meridian, and the second in 1998 by Latitude Minerals Corp. Both programs were designed to test the Property for the presence of an economic low-grade, bulk-tonnage, near-surface target. A total 3665 m of drilling in 29 drill holes was carried out on the Property. The drill holes were all reverse circulation, with the exception of one core hole in the 1998 campaign. Drill results confirmed the presence of significant near-surface thicknesses of sinter-hosted epithermal hot-spring-type gold mineralization. Mineralization is characterized by various forms of clay, silica and 1 to 5 % primary fine-grained pyrite, now mostly oxidized to various iron oxides.

Results from the two drilling campaigns included intervals such as 61.0 m grading 0.91 ppm Au from 85.3 m to 146.3 m in drill hole BHC-86-09, 9.1 m grading 1.01 ppm Au from 48.8 to 57.9 m in drill hole BHC-86-04, 21.3 m grading 0.68 ppm Au from 112.8 m to 134.1 m in drill hole 98-LBC-1, and 25.9 m grading 0.61 ppm Au from 131.1 m to 157.0 m in drill hole 98-LBR-24. In all, 20 out of the 29 drill holes on the Property contained composite intervals longer than 3.0 m and grading over 0.5 ppm Au, confirming the overall mineralized character of the sinter terrace assemblage. The results, however, were not deemed economic from the point of view of a bulk tonnage target, and despite recognizing the potential for higher grade hydrothermal feeder systems under the sinter, no drilling has ever been focused on testing this target.

Radius' interpretation of the 2008 CSAMT survey results indicates the presence of several resistivity anomalies that are highly suggestive of structural feeder systems to the hot-spring sinter:

1.  A distinctive shallowly west-dipping low- to high-resistivity transition
    zone interpreted as representing the base of the Salt Lake Formation,
    structurally overlying older Paleozoic basement. This feature is
    permissive of a permeable detachment or shallowly dipping fault feeder
    system to the overlying sinters.

2.  Several localized high-resistivity undulations at the interpreted base
    of the Salt Lake Formation are associated with the sinter area, and are
    interpreted as high-angle structural features that may extend into the
    Paleozoic rocks. The association of mineralized sinter at surface and in
    drill core directly above one of these geophysical anomalies is
    particularly of interest.

3.  A steeply-dipping major feature bounding the eastern side of the sinter
    zone and present on several CSAMT sections is interpreted as a braided
    fault system probably associated the northwest-trending graben. It
    potentially represents the ultimate plumbing system to depth for the
    hydrothermal system regionally.

Radius's geologists believe the Property has significant potential for high-grade veins or vein breccias at depth below or near the mineralized sinters and associated with one or more of the geophysical features discussed above. These constitute the Company's exploration target on the Property. The presence of abundant sinter with anomalous concentrations of gold is unusual in hot-spring environments, and highly encouraging of targeting a deeper high grade feeder system. Importantly, none of the previous drilling has focused on the potential for high grade feeders associated with the mineralized sinters, and this represents a significant exploration opportunity for Radius.

The President and CEO of Radius, Simon Ridgway, commented: "I see similarities between the Blue Hill Project and our Cerro Blanco discovery in Guatemala. The surficial sinters at Cerro Blanco carried grades similar to those found at Blue Hill, up to about 1 g/t Au. The CSAMT survey at Cerro Blanco showed clear resistivity anomalies we interpreted as feeders, and this proved to be the case when we drilled. We encountered much higher grade mineralization below the sinter. The resource at Cerro Blanco (currently owned by Goldcorp Inc.) consists of an Indicated 1.27 Moz of Au (2.52 Mt grading 15.64 g/t Au), and an Inferred 0.67 Moz of Au (1.35 Mt grading 15.31 g/t). Our intentions with the Blue Hill Project are to follow a similar workflow and see whether analogous high grade mineralization exists below the sinter on the Property."

Cautionary statement: The Cerro Blanco resource is quoted from "Resources and Reserves, Goldcorp Inc., December 31, 2013", and has not been independently verified by Radius or its QP. The reader is cautioned that the similarities between the surficial sinters at Blue Hill and Cerro Blanco noted above do not necessarily imply that the Blue Hill sinter will itself be underlain by higher grade mineralization, or that any such mineralization discovered will be economic.

A first pass drill campaign is currently being planned and permitted, and is expected to commence in Q3 2014. Up to 2000 m of drilling are contemplated for this first pass program, with drill holes being designed to test the most prospective of the geophysical anomalies associated with the mineralized sinter.

Option Terms

The Company has been granted the option to acquire a 70% interest in the Property (subject to a 2.5% NSR royalty on a portion of the Property). The option may be exercised by making cash payments to Otis totaling US$525,000 and incurring exploration expenditures on the Property totaling US$5,000,000, over a period of four years.

Qualified Person

David Clark, M.Sc., P.Geo. (APEGBC), is the Company's Qualified Person as defined by National Instrument 43-101, and has approved the disclosure of the 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 ( for more information.


Simon Ridgway, President and CEO

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 Statements

This news release may include certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration and development results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the documents filed by the Company from time to time on SEDAR at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends an...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line lo...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.