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Radius rises on Amalia results

Well-connected explorer Radius Gold (TSXV: RDU) says it has intercepted gold mineralisation in all five holes testing the Campamento-San Pedro structural corridor at its Amalia gold-silver joint venture in Mexico’s Chihuahua state.
Radius rises on Amalia results Radius rises on Amalia results Radius rises on Amalia results Radius rises on Amalia results Radius rises on Amalia results

Explorer reports strong gold-silver mineralisation at Pan American JV in Mexico

Staff reporter

The deepest hole cut 26m at 7.08g/t gold and 517g/t silver from 144.35m, the company said.

The nine-hole program was completed by project operator Radius and funded by Pan American Silver (TSX: PAAS) under a deal struck in July.

Pan American has the option to earn an initial 65% of Amalia by paying US$1.5 million and spending $2 million on exploration over four years.

Radius said the initial drilling was designed to test the targets 50-150m below ground surface and said considering the topography, the drill holes cut mineralisation in a range between 1988m above sea level and 1882m ASL, effectively testing it over a 100m vertical interval.

It is planning follow-up drilling early next year.

The company also completed initial drilling last month at its Coyote gold project in Nevada.

Radius CEO Simon Ridgway is also the founder and chairman of Fortuna Silver Mines, and founder and CEO of Medgold Resources and CROPS Inc.

Radius had C$7.69 million (US$5.8 million) in working capital at the end of September.

Its shares rose more than 31% yesterday or C3c to 12.5c, putting its market cap close to $11 million.

They had started the year around the same level and peaked at 18.5c in September after starting drilling at Amalia.