Radius Gold receives drilling permit at Amalia and commences preparations for phase 4 drilling
Vancouver, October 26, 2020 - Radius Gold Inc. (TSXV:RDU) is pleased to announce that it has received a new drill permit for its Amalia Gold-Silver joint venture project, operated by Pan American Silver Corp. and that preparations for a phase 4 drill program are underway. At the Amalia Project, geological work, drill pad construction and road building in preparation for the upcoming program is in progress. The teams at Amalia are following strict COVID-19 safety protocols and if there are no COVID-19 outbreaks in the local area, Pan American Silver plans to start phase 4 drilling in November, 2020.
Phase 4 drilling is being designed to test down dip and lateral expansions of the high-grade gold and silver mineralization of the San Pedro structure that was previously defined by drilling phases 1-3 (Figure 1).
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Figure 1. Previous drilling along the San Pedro Structure and proposed phase 4 holes
The Pan American Agreement
Pursuant to the option agreement signed in June 2018, Pan American Silver Corp. has the option to earn up to an initial 65% interest in Radius's Amalia Project and Palmillas Properties by making cash payments to Radius totaling US$1.5 million (of which US$400,000 has been received) and expending over four years US$ 2 million on exploration and reimbursement of Radius's costs to maintain its option agreements with the owners of Amalia and Palmillas. Pan American may earn an additional 10% by advancing the project to preliminary feasibility.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release. Reported rock chip samples were conducted by Pan American Silver. Pan American implements a quality assurance and quality control ("QAQC") program including the submission of certified standards and blank samples to the laboratory. The results of the QAQC samples submitted demonstrate acceptable accuracy and precision.
Radius has a portfolio of projects located primarily in Mexico, United States and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company's strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe.
ON BEHALF OF THE BOARD
Simon Ridgway
President and CEO
Symbol: TSXV-RDU
Contact: Simon Ridgway
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements which include, without limitation, statements about the possible acquisition by Pan American of an interest in the Amalia and Palmillas Projects; the exploration plans for the Amalia and Palmillas Projects; the Company's business strategy, plans and outlook; the merit of the Company's investments and properties; timelines; the future financial performance of the Company; expenditures; approvals and other matters. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the possible acquisition by Pan American of an interest in the Amalia and Palmillas Projects; the plans for exploring the Amalia and Palmillas Projects; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the exploration activities at the Amalia and Palmillas Projects will proceed as planned; that the Company's activities will be in accordance with its public statements and stated goals; that all required approvals will be obtained; that there will be no material adverse change affecting the Company or its investments or properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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