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NR RGI 6
Vancouver: Radius Gold Inc (TSX-Venture: RDU-V), is pleased to announce the results of recent drilling at the Columbus and Kuikuinita projects in Nicaragua.
Further drilling is planned for the Kuikuinita project to investigate the potential of this newly discovered polymetallic zone. No further work is planned for Columbus at the present time. Significant results for both drill programs are given in the tables below.
- At Kuikuinita, Hole KUDH-7, returned 2.7m @ 774 g/t Ag, 2.2g/t Au. 1.9% Cu, 12.5% Pb and 6.6% Zn. within a broader interval of 20.9m @ 0.8g/t Au, 226g/t Ag, 0.6% Cu, 3.4% Pb and 1.0% Zn.
- At Columbus, drill hole CODH-2 intersected 19.8m @ 3.1g/t Au.
Kuikuinita is located in Central Nicaragua, approximately 50 km south of the Golden Triangle mining area which produced 5-million of gold hosted by polymetalic veins and skarns. Mineralization at Kuikuinita is hosted by a sequence of mafic to ultramafic volcanics cut by intermediate dykes and stocks. The prospective area covers 3km by 2km.
Sixteen wide spaced holes were drilled to test a bulk tonnage, intrusive associated gold target outlined by trenching. In addition to the polymetallic intercept reported above, the results include 12.9g/t Au over 2.8m from hole KUDH-10. This intercept is hosted by a zone of massive pyrite with anomalous Pb, Ag, Zn, and Cu. values
The silver/gold base metal zones, although suspected from surface trenching results, are a new style of mineralization on the property. The geometry of these mineralized intercepts is not clearly understood. The Phase 2 drill program will assist in interpretation and test the strike and depth potential of the high grade zones.
The Columbus prospect hosts Au-Cu-Ag-Mo mineralization in quartz-iron oxide and quartz-tourmaline breccia pipes and Cu-Ag disseminated in altered intrusive rocks. It is located in northeastern Nicaragua 50km northeast of the Golden Triangle mining camp. Eight holes were drilled at Columbus.
Four diamond drill holes tested the breccia pipes, and four more tested coincident IP and soil copper anomalies in the intrusive rocks, for a total of 888m. Drill hole CODH-2 tested Au mineralized quartz-tourmaline breccia and intersected 19.8m (true width approx. 15m) of 3.1 g/t Au. Significant results are summarized below.
Radius Gold announces that, subject to acceptance by the TSX Venture Exchange, it will amend a total of 1,339,051 outstanding private placement warrants that were previously issued by one of the Company's predecessor companies, PilaGold Inc., to reduce the exercise price from $2.25 to $1.75 and to extend the expiry date by one year. The warrants will now be exercisable until November 20, 2005.
Employee Stock Options
The company has granted a stock option to an officer of the Company to purchase up to 50,000 shares exercisable for five years at a price of $1.50.
Mr. Harmen Keyser, P.Geol., a Director of Radius, is the Qualified Person as defined in NI 43-101, and has verified that the results presented in this press release have been accurately summarized from the drill data provided to the Company from the field teams.
For further information on Radius Gold Inc., please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com).
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Simon Ridgway, President
Shares Issued: 52.2-million
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