VANCOUVER, July 28 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to report that B2Gold ("B2") has provided an update on exploration activities at the Trebol and Pavon gold projects, both in Nicaragua. Exploration at both projects is yielding very positive results and Radius is highly encouraged by B2's progress.
B2 has made good progress at the Pavon project in central Nicaragua, although work has slowed somewhat with the onset of the rainy season. Another geologist has been assigned to the project in order to speed up progress. Recent trenching has focused on the Pavon Norte vein and highlights of the results from these trenches are shown below.
Trench Length (m) Au (g/t)
TRP-10-022 22.5 7.2
incl 4.6 18.6
TRP-10-023 5.2 9.4
incl 4.2 11.0
TRP-10-024 5.2 5.8
TRP-10-025 3.3 15.8
TRP-10-026 4.0 10.4
TRP-10-028 9.9 6.6
TRP-10-029 9.3 6.8
incl 3.0 13.6
TRP-10-030 11.4 3.2
TRP-10-031 13.5 4.3
incl 3.8 7.5
TRP-10-032 6.9 6.8
B2 reports that the trench results continue to show good potential to develop an open pit gold resource at Pavon Norte, where a total of 42 trenches have now been dug. B2 continues to take large bulk samples for metallurgical tests.
B2 has completed a Lidar ("LIght Detection And Ranging") survey at Trebol. An area of 225km(2) was flown using helicopter mounted Lidar equipment flying at 400m altitude. The raw Lidar data is currently being processed. Once complete, the processing will yield a highly accurate topographic base map, and should allow the geologists to locate faults more easily as well as other topographic anomalies for follow-up.
Activities in July are focusing on trenching the northernmost anomalies at Trebol to assess the potential strike length of gold mineralization there, with plans for future drilling to assess the resource potential. Some 500 samples were recently shipped from Trebol to B2's Limon mine laboratory for preparation.
B2Gold is earning into a 60-per-cent interest in Trebol and other Nicaraguan exploration properties owned by Radius by spending a total of $4-million (U.S.) on exploration of any one or more of the properties within four years from the date of the agreement. When B2Gold has spent the $4-million (U.S.), it will own a 60-per-cent interest in all of the properties and a joint venture will be formed under which each party will contribute its prorated share of the exploration costs.
David Cass, Radius's Vice-president of Exploration, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Cass is responsible for the accuracy of the technical information in this news release and has verified that it is an accurate summary of the reports provided to Radius by B2Gold. Radius has not independently verified B2's assay results.
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 two 100% owned exploration plays, the HB property in Guatemala and Sixty Mile property in the Yukon Territory - with drilling campaigns for 2010 in the planning stages.
ON BEHALF OF THE BOARD
Simon Ridgway, President & CEO
Investor relations: Ralph Rushton/Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 72.9-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 and its properties, please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com)