Radius Gold increases its land position at the Bald Peak Property, Nevada; Commences exploration work
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 19, 2017) - Radius Gold Inc. RDU is pleased to announce the Company has increased its land position at the Bald Peak property, Nevada. The Bald Peak gold property was acquired in March 2017 from Ely Gold & Minerals Inc. ELY and its wholly owned subsidiary, Nevada Select Royalty Inc., adding to Radius's portfolio of epithermal gold prospects in the Aurora gold camp, Nevada.
Radius has staked an additional 59 unpatented mining claims at the Property expanding the strike length of the target area and filling in any gaps along the prospective geology. These claims are contiguous with the claims acquired from Ely Gold (see Radius news release March 6, 2017). The Bald Peak Property now consists of 87 unpatented mining claims in Mineral County, Nevada, 10 unpatented mining claims in Mono County, California and one mineral prospecting license in Mono County, California. The Property overlies a 6 km long, NE-trending, gold-bearing epithermal system that, according to research completed by Radius, has seen minimal exploration work previously.
Bald Peak Mountain is a rhyolite dome complex located 7 km WNW of the historic Aurora Gold mine that was recently acquired by Klondex Mines Inc. The high level epithermal gold bearing veins/stockworks and sinters known to date on the Property occur in a rhyolitic sedimentary unit which is intermittently exposed along a NE-trending depression, potentially a graben structure.
The limited exploration work conducted on the Property consisted of rock chip samples along the trend. Historical exploration documentation shows that within the Property boundaries, 201 rock chip samples from exposed outcrops returned assay values ranging from trace to 7 g/t Au, with 40 samples returning assay values above 1 g/t Au. Rock chip samples also contain highly anomalous levels of Hg, Sb, and As, elements typical of shallowly-exposed epithermal systems. The historical geochemical data suggest that these outcrops may represent the upper portions of a productive hydrothermal system.
Radius has initiated its summer exploration program consisting of mapping, rock and soil sampling and prospecting with the intension of establishing the extent of current mineralized zones with an aim to developing drill targets to test these systems at depth.
The historical results given here are from previous explorers' exploration summary documents, and have not been independently verified by a Qualified Person. The exploration work summarized appears to have been done to an appropriate technical standard, however, and Radius's Qualified Person believes them to be reliable. Radius will be selectively resampling surface outcrop as part of its due diligence exploration work.
David Clark, M.Sc., P.Geo., is Radius's Qualified Person under the terms of National Instrument 43-101, "Standards of Disclosure for Mineral Projects" and has approved the technical information in this news release.
Radius has been exploring for gold in Latin America for over a decade. The Company has a strong treasury and is looking for investment and project acquisition opportunities across the globe. Please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com) for more information.
ON BEHALF OF THE BOARD
Simon Ridgway, President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 Company's plans for the Bald Peak Property; 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 Company's plans for exploring the Bald Peak Property; 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 Company's exploration activities at the Bald Peak Property 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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