VANCOUVER, June 6, 2011 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased
to report that drilling is underway at its Sixty Mile project in
west-central Yukon, 75 kilometres west of Dawson City at the
Canada/U.S. border. Five thousand meters of drilling are planned to
test the epithermal gold targets in the Sixty Mile river valley.
In its 2010 exploration program Radius made two bedrock gold discoveries
- the Graben fault zone and the Thrust fault zone - while searching for
the source of the extensive placer gold that has been produced from the
stream and river beds of the Sixty Mile gold district. Both target
areas have the size potential to host significant gold deposits, and it
is the aim of this year's drilling to confirm the economic potential of
these gold discoveries.
This first program will focus first on the Graben zone, an
eight-kilometre-long belt of strongly altered Carmacks volcanic rocks
associated with a northeast-trending half graben fault that juxtaposes
altered volcanics against a much older belt of schistose rocks. An
epithermal-style gold system was discovered in the 1980's in the
altered andesites. In 2010, Radius drilled two holes testing the
volcanic rocks proximal to the fault zone. Both holes returned highly
anomalous gold values over +50-metre intervals with narrower intervals
of potentially ore-grade material (see Radius news release dated
November 16, 2010).
In 1988 previous workers drill tested the Per mineral occurrence which
is located in the valley three kilometres to the southwest of Radius's
2010 holes and hosted by similar andesites. This short program returned
a best interval of 10.5 m grading 8.7 g/t Au (Radius has not been able
to verify this intersection because the drill hole collar has been
lost). Here the andesites were silicified, unlike the rocks in the
lower grade intercepts obtained by Radius.
Therefore, Zonge International, Inc., a geophysical contractor based out
of Tuson, Arizona, has started a Controlled Source Audio Frequency
Magnetotelluric (CSAMT) and Induced Polarization (IP) survey, with the
aim of identifying siliceous, possibly gold-bearing bodies hosted in
the andesites. A grid-based auger drill program is also underway,
designed to collect bedrock samples beneath mined gravels and
overburden for geochemical analysis and alteration studies to help
focus the drilling.
A second rig will be mobilized to the property to drill test the second,
thrust related gold discovery.
The road accessible property, which consists of 899 Yukon quartz claims
covering approximately 180 sq km and 30 Alaska State claims covering 14
sq km, straddles the Yukon/Alaska border. Radius has a 100-per-cent
interest in the property through staking and various option/earn-in
agreements with several underlying property owners, extensively the
placer miners in the region.
Roger Hulstein, a member of the Association of Professional Engineers
and Geoscientists of British Columbia and a Qualified Person as defined
by National Instrument 43-101, is responsible for the accuracy of the
technical information in this news release, and for overseeing the
design and execution of Radius's Sixty Mile exploration program.
Radius has been exploring for gold in Latin America for nearly a decade,
and has assembled interests in a portfolio of promising gold projects
throughout the region, including carried stakes in two small-scale
developing gold projects in Guatemala and Nicaragua. Radius also has a
number of 100% owned exploration plays, including the HB property in
Guatemala and several properties in the Rackla Belt and Sixty Mile
placer gold district in the Yukon.
ON BEHALF OF THE BOARD
Simon Ridgway, President & CEO
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 80.1-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:
For further information on Radius and its properties, please call toll free 1-888-627-9378 or visit our new web site (www.radiusgold.com).