VANCOUVER, Feb. 11 /CNW/ - Radius Gold Inc. (TSX-V: RDU) - Simon Ridgway, the President of Radius, is pleased to announce that the Company has acquired a large land position covering the headwaters and drainage areas of the prolific Sixty Mile Gold Camp of the Yukon Territory.
Through claim staking and negotiating a number of option deals with local placer gold miners and mineral claim holders (which are subject to TSX Venture Exchange approval), Radius has successfully consolidated the Sixty Mile placer gold district which reportedly produced over 500,000 oz of gold from the creeks that drain the Company's land position. The hard rock source for this placer gold has never been determined. The regional geology, geochemical signature and structural setting have strong similarities to the setting of International Tower Hill's (TSX-V: ITH.V) major Livengood gold discovery in Alaska, a multi-million ounce gold discovery driven by the search for the source of placer gold in that area.
Gold in the Sixty Mile district was first discovered in 1892 when C. Miller staked claims on what was to become known as Miller Creek. Placer gold mining has been continuous in the district since that time and is still active today. The area was targeted by Kennecott in their Yukon-Alaska intrusion-related bulk tonnage gold program in the 1990s. Kennecott conducted a property-wide reconnaissance soil and stream geochemical sampling program, geological mapping and a 640 line-km helicopter magnetic and radiometric survey.
The soil sampling defined several arsenic/gold anomalies, including a coherent 1.5 km x 2 km-diameter, gold-arsenic soil anomaly on the south side of lower Miller Creek. Mechanized trenching at the accessible southern edge of this anomaly revealed easterly striking sheeted mesothermal quartz veins returning 1.6 g/t gold over a 13 meter interval. Kennecott noted that the mineralization is very similar in style to that found in other metasediment-hosted granite-related porphyry gold systems within the Tintina Gold Belt and that additional work consisting of further soil sampling, trenching and drilling was required to delineate and define the anomaly. However, no further work has been conducted on the property by Kennecott or any other party.
The properties are located approximately 75 km due west of Dawson adjacent to the Yukon-Alaska border. Access to the claims is by the posted 15-km long Sixty Mile road, from the Top of the World Highway.
In order to consolidate the land holdings in the Sixty Mile district, Radius has negotiated option agreements with various landowners. To exercise all of the options, Radius must pay a total of $378,000 cash and issue a total of $378,000 worth of shares by August 31, 2013. The initial payment (on TSXV approval of the agreements) is a total of $18,000 cash and $18,000 worth of shares.
The reader is cautioned that Radius has not yet completed sufficient work
to verify the results contained in historic reports from Sixty Mile, and
as such they cannot be relied on.
The technical information in this release was prepared under the supervision of David Cass, Radius's Vice-President of Exploration, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "qualified person" in accordance with National Instrument 43-101.
ON BEHALF OF THE BOARD
Simon Ridgway, President
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.5-million
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Radius Gold Inc.
For further information: For further information: on Radius Gold Inc. and its properties, please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com).