VANCOUVER, Nov. 5 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to announce that it has acquired by staking a 100% interest in 198 mineral claims known as the Snowcap property in central Yukon Territory considered prospective for epithermal gold mineralization.
Tertiary volcanic rocks were first mapped in the Snowcap area in the 1960's by the Geological Survey of Canada. A variety of felsic volcanics have been mapped, including chalcedonic tuffs and phreatic breccias with sinter clasts. Surficial exploration work completed in the late 1980's identified anomalous gold and mercury values in rock, soil, and stream sediment samples closely associated with quartz-sericite-hematite alteration zones near a regional fault which localized the volcanic activity and potential epithermal style mineralization.
"The Snowcap property represents a district-scale, underexplored, gold-silver exploration target," said Simon Ridgway, President of Radius. "We are pleased to have acquired a 100% interest in 45 square kilometers of highly prospective ground for the cost of staking. The project has nearby powerline and road access. We consider the Yukon as a favourable place to do business, with secure mineral title and a combination of historic and recent world-class gold discoveries."
In keeping with Radius's strategy of acquiring and joint venturing quality exploration projects, Radius has granted a first right to option the property to a private B.C. company in consideration for introducing the target area to Radius.
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.
Radius Gold Inc. has been exploring for gold in Central America for nearly a decade, and management is currently assembling a portfolio of royalties on promising gold projects in South and Central America. In Guatemala, under joint venture with Kappes Cassidy, Radius is developing a small, high grade gold mining operation on the Tambor project. In Nicaragua, B2Gold is exploring Radius' extensive land holdings and investigating early gold production opportunities from the Pavon project. Radius recently optioned the Nueva California project in Peru for 1-million shares in Focus Ventures and royalty interests in any future production from the project.
ON BEHALF OF THE BOARD
Vice-President, Corporate Development
Contact: 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)