News out this morning
ORIGINAL: Radius Gold expands Plata Verde Project by 500ha and announces new road construction
2020-10-19 08:02 ET - News Release
(via TheNewswire)
October 19, 2020 - TheNewswire - Vancouver, Canada - Radius Gold Inc. (TSXV:R D U) (OTC: RDUFF ) is pleased announce that it has acquired the right to purchase the 500 hectare Don Jose property that surrounds Radius's Plata Verde silver project located in Chihuahua, Mexico . The Company is also pleased to report that local land owners have constructed a new access road that reaches the Project, enabling year round access by 4x4 trucks and facilitating exploration and future drilling programs. The Company is currently conducting environmental surveys at Plata Verde required to file drill permits.
Plata Verde Project Expansion
Radius has recently negotiated an option agreement with local concession holders to acquire the rights to the 500 hectare Don Jose concession that surrounds its 300 hectare Don Benja concession, bringing the Company's holdings at Plata Verde to 800 hectares. The Don Jose concession has no exploration history and covers the same prospective rocks that host the Plata Verde silver mineralization. Radius has conducted limited prospecting and stream sediment geochemistry at Don Jose. Within the property there are several highly anomalous silver values in stream sediment sampling that the Company will prioritise for exploration.
Road Access
When Radius's geologists discovered Plata Verde Project in March 2020, the Project was accessed by a strenuous 4 to 6 hour hike and all supplies and samples for subsequent exploration programs were transported by mules. Recently a local land owner constructed 4x4 road access to the property and has allowed the Company to use the road. Radius is currently negotiating a long term legal access right that will allow it to use the road for future exploration and drilling programs.
Plata Verde Silver Project
Radius is developing compelling drill targets at Plata Verde and recently announced the definition of large scale silver mineralized breccias within a 200m x 500m mineralized zone (see news release July 22, 2020 . The next phase of field work will consist of prospecting, mapping and sampling of the new Don Jose property, as well as geophysical programs at Plata Verde to identify feeder systems and expansions of the known mineralization under the thin (>100m) cover volcanics.
The Plata Verde Agreements
Radius can earn a 100% interest in the 300ha Don Benja concession by making staged payments totalling US$800,000 over four years with a final payment of $400,000 due at the end of year four. An $8,000 signing payment has been paid. The owner retains a 1% NSR which Radius can buy back for US$1,000,000.
Radius can earn a 100% interest in the 500ha Don Jose concession by making staged payments totalling US$500,000 over four years with a final payment of $185,000 due at the end of year four. A $9,000 signing payment has been paid. The owner retains a 1% NSR which Radius can buy back for US$600,000.
Radius is responsible for paying taxes owing on the properties of up to US$138,000. Radius is working to minimize and then pay the outstanding taxes, file outstanding claim reports and restore the properties to compliance.
Technical Information