VANCOUVER,
July 3, 2012 /PRNewswire/ - Radius
Gold Inc. (TSX-V: RDU) is pleased to provide an update on recent
work completed by Fortuna Silver Mines Inc. (NYSE: FSM; TSX: FVI)
on Radius Gold's Tlacolula Property, Mexico. Fortuna has an option to acquire
a 60% interest in the Tlacolula Property by making cash payments
and share issuances to Radius, and by completing expenditures
totaling US$2 million on the property
(see Radius news release dated Sept. 23,
2009).
Fortuna reports that surface mapping and sampling
has identified a large and untested low sulfidation epithermal vein
system in the Tlacolula area of
central Oaxaca. Highlights
of the surface channel sample results include the following
mineralized intervals:
- CH 136366: 6.30 m averaging 19.34 g/t Au and 986 g/t Ag
(open)
- CH 135709: 9.60 m averaging 0.13 g/t Au and
295 g/t Ag (open)
- CH 138105: 3.30 m averaging 0.07 g/t Au and
234 g/t Ag
- CH 135862: 1.00 m averaging 4.28 g/t Au and
367 g/t Ag
- CH 135820: 1.50 m averaging 0.52 g/t Au and
561 g/t Ag
- CH 138118: 9.00 m averaging 0.22 g/t Au and 83
g/t Ag (open)
The channel samples are generally oriented
sub-perpendicular to the strike of the vein systems and are
believed to approximate true widths of the mineralized
structures. For several of the channels, the mineralized
intervals are minimum thicknesses as the channels start and/or end
in mineralization (indicated as 'open' in above highlights).
Two main veins totaling approximately 1,700 meters in strike length
have been identified in the project area to-date with on-going
exploration focused on the discovery of further extensions of the
veins. Drill testing of the Tlacolula mineralized vein system is scheduled
to start in mid-July.
Qualified Person
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 is responsible for the accuracy of the technical
information in this news release. Mr. Clark has verified that it is
an accurate summary of the reports provided to Radius by Fortuna.
However, Radius has not independently verified Fortuna's
exploration results.
About Radius
Radius has been exploring for gold in Latin America for over a decade. It has
assembled interests in a portfolio of promising gold projects in
Guatemala and Nicaragua, and a number of 100% owned
exploration plays, including extensive landholdings in southern
Guatemala.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Chief Executive Officer
Investor relations: Jaclyn Ruptash
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 86.6-million
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.
SOURCE Radius Gold Inc.