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Radius Gold Inc ("Radius"; RDU: TSX-V) and Coastport Capital Corp ("Coastport"; CPP: TSX-V) are pleased to announce that a diamond drill is on site at the high-grade San Ramon gold project in south-central Nicaragua. Drilling is scheduled due to start on Wednesday, November 24th. Approximately ten to fifteen holes will be drilled to test the strike and depth extent of high-grade gold veins in this historic mining camp.
San Ramon hosts several major epithermal gold quartz veins -the La Leonesa, La Reina, and Canton veins- which were mined in the early to mid 1900s. Although there are no production records or mine plans, surface and underground workings indicate strike lengths of over 1,500m for individual veins. Mining stopped at the local water table, about 150m below surface,
Radius began working at San Ramon in late July 2003, focusing on finding mineable reserves in the wall rock and along strike of known high-grade veins. The results of the work confirmed that significant potential still exists at San Ramon. Highlights of the sampling include 24.8 g/t Au over a width of 2.3m and 38.9 g/t Au over 1.0m from the Canton vein, and a best section of 19.5 g/t Au over 1.5m from the Rosamond vein. A key finding was that, as suspected, significant gold values continue into the wall rocks of the veins opening up potential for a bulk tonnage target.
The current drill programme consists of a minimum of approximately 1,000m in 10 to 15 holes to test the Canton, Rosamond, La Leonesa, and La Reina vein systems. Radius' field crews are now on site and the drill program should take 3 to 4 weeks to complete. Drilling will start at the Rosamond vein, continue with La Leonesa and finish with Canton and La Reina.
The targets are high-grade ore shoots below the level of previous mining and mineralized wall rocks seen in surface trenching reported previously by PilaGold. A drill collar location plan and archived news releases on the work completed by PilaGold and Radius at San Ramon are available on Radius's web site (www.radiusgold.com.) The first assay results are expected in January 2005.
Radius Gold has an option to earn a 70% interest in Chorti Holdings A.V.V. the corporation that holds a 100% interest in the San Ramon concession. To acquire this interest, Radius must make cash payments totaling approximately US$350,000 and spend US$2 million in exploration expenditures on the concession over a 3 year period.
San Ramon was optioned to Coastport by PilaGold -now Radius Gold Inc- in June 2004 (see PilaGold news release NR2004-09). Coastport has the exclusive right to acquire an undivided 50-per-cent legal and beneficial interest in the property by spending (a) at least US$1-million by December 31, 2005; and (b) an aggregate of at least US$2-million by July 1, 2006.
The granting of the option was subject to Coastport raising a minimum of $500,000 Cdn prior to the closing of the transaction to ensure that sufficient funds will be available to carry out exploration on the property. In September, Coastport completed a non-brokered private placement of units, originally announced on June 23, 2004, for gross proceeds $550,000.
Full details of the agreement between Radius Gold and Coastport are available on the Radius Gold web site (www.radiusgold.com).
Peter Thiersch, M.Sc. P.Geo. is the Qualified Person as defined by National Instrument 43-101 and has verified that the results presented in this release have been accurately summarized from the official assay certificates provided to the Company. All samples were prepared and analysed at the CAS Labs Inc. (CAS) facility in Tegucigalpa, Honduras. CAS, based in Washington State, has provided analytical services to the gold and silver mining/exploration industries since 1989.
You can view the Next News Releases item: Thu Dec 2, 2004, Radius & Fortuna Reach a Joint Venture Agreement on the High Grade Tambor Gold Project, Guatemala
You can view the Previous News Releases item: Tue Nov 2, 2004, Radius and Glamis Sign Option Agreement for Banderas Project, Eastern Guatemala
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