VANCOUVER, July 3, 2012 /CNW/ - 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.
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.
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
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.
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.
For further information:
Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com).