VANCOUVER, Nov. 4 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to report that B2Gold ("B2") has provided an update on recent exploration at the Trebol and El Pavon gold properties in Nicaragua. B2 is exploring the Trebol project and has been successful in expanding the extent of known gold mineralization there. At the Pavon project, B2 is investigating the potential for gold production. Highlights are reported below.
Trebol Gold Project, northeast Nicaragua
The Trebol project located in northeastern Nicaragua is a low sulphidation epithermal hot springs district consisting of numerous strong gold anomalies spanning over 14 km of strike length. Gold is associated with vein and replacement style mineralization in volcanic rocks found in a series of low-lying, heavily forested hills. Rock chip and soil sampling completed by Radius in 2005 was followed up by nine drill holes for 963 m in the Santo Domingo zone, previously reported in Radius news releases dated August 7 and September 12, 2008. Thick intersections of mineralized rock cut by the drilling yielded intervals such as 23 m of 1.5 g/t Au (TR-DH-001) and TR-DH-which returned 19.8 m of 2.9 g/t Au, demonstrating the potential for bulk tonnage gold mineralization.
The Santo Domingo zone remains open to the south where trench results such as TRSD-027 show values of 11 m at 3.9 g/t Au, 800 m to the southwest of the area drilled by Radius. New areas of mineralization are currently being evaluated by B2 including SW Trebol, another 5 km to the southwest, where rock chip samples taken from hydrothermal breccias have yielded values from trace to in excess of 4 g/t Au. Another recently discovered zone of silica and breccias, for which sample results are pending, occurs some 3 km to the northeast.
B2's current exploration effort is concentrated on further defining the Santo Domingo Zone and developing the newly discovered mineralized occurrences for a drilling campaign in 2010.
Pavon Gold Project, central Nicaragua
The Pavon low sulphidation system was discovered by Radius in 2003. Several veins occurring over a strike length of 6 km have been explored with 74 trenches and 71 diamond drill holes totaling approximately 10,700 m. Historic results include up to 9.1 g/t Au over 14.2 m in Trench 1 and 10.3 g/t Au over 16.8 m in PADH-005 in the north zone and up to 6.7 g/t Au over 11 m in PADH-01 in the south zone (see Radius news releases dated Sept. 16, 2004 and March 17, 2004). B2 is currently evaluating the viability of open pit mining portions of the veins and shipping it to the mills at Orosi or El Limon.
B2Gold has been granted an option from Radius to acquire a 60% interest in the Trebol, Pavon and San Pedro properties in Nicaragua by spending a total of $4 million on exploration on any one or more of the properties within 4 years from the date of the agreement. When B2Gold has spent the $4 million, it will own a 60% interest in all of the properties and a joint venture will be formed whereby each party will contribute its pro-rated share of the exploration costs.
Radius began exploring in Nicaragua in 2003. In addition to discovering a number of exploration projects with potential to host gold resources; specifically the Trebol, Pavon and San Pedro exploration properties, Radius's technical team also compiled an extensive regional exploration data base covering much of Nicaragua. Radius has agreed to provide this to B2Gold, on an exclusive basis. If as a result of reviewing the regional data, B2Gold identifies a prospect or project for acquisition and exploration on ground that is not covered by an existing concession, Radius will apply for a concession over the area and that area will then be designated a "project area".
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.
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. 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
Simon Ridgway, President
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)