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The Artemisas property is located in the District of Chuquibambilla, Department of Apurimac, and some 1,000km southeast of Lima. It lies at an altitude of 4,700m and consists of 4 contiguous exploration concessions totaling 3,300 hectares. The property was staked in 2006 by Kingsgate, an Australian junior who conducted surface rock channel sampling focused within a 1.5km by 0.75km area called Millococha. Surface channel samples taken by Kingsgate in this area gave values from trace to 11.6 g/t Au over 2m. Gold mineralization exhibits a strong structural and lithological control and is associated with 0.5 - 3m wide zones of strong silicification, brecciation and fracturing with secondary iron oxides after sulphides. Additional mineralized zones were identified elsewhere on the property and require follow-up.
The claims were staked in 2006 by Kingsgate, who carried out channel sampling and some localized geological mapping. Gold mineralization at Artemisas is hosted within a sequence of Jurassic and Cretaceous-aged sandstones, shales and fine grained quartzites belonging to the Hualhuani Formation. Strongly silicified hydrothermal breccias are developed both as bedding-parallel mantos and along steeply dipping fault zones, some of which were exploited for gold in colonial times. Host rocks are equivalent to the Chimu Formation in northern Peru that host several important gold deposits such as Santa Rosa, La Arena and Llagunas Norte.
The 2008 work program at Artemisas will entail first securing access agreements with the local communities, followed by detailed geological and structural mapping in order to prioritize targets for geophysics and drilling. Exploration targets include epithermal gold-copper mineralization of high sulphidation type and conceptual porphyry-skarn deposits at depth.
A formal Option and Joint Venture Agreement was signed in January 2008 with Kingsgate Consolidated. Radius can earn up to 70% in the project by spending $2 million in exploration over a period of 3 years, with 50% of costs to be expended on drilling. Once Radius has vested its 70% a Joint Venture will be formed where both parties fund their share of exploration on a pro-rata basis. If either party dilutes to less than a 10% interest, it will be converted into a 1% Net Smelter Royalty.
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Maps
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