| ||Coastport Capital Inc. and Radius Gold Inc. have released the results for their 11-hole diamond drill program at the San Ramon project in Nicaragua. The results include a best intersection of 16.9 grams per tonne gold over 1.5 metres.|
Eleven holes were completed on or beneath the Rosamond and La Leonesa vein systems at San Ramon. veins and/or wallrock stockwork and breccia zones were intersected in most holes confirming what was seen and suspected from the surface trenching completed last year. Intersections which returned greater than one gram per tonne gold are shown below.
Significantly, reconnaissance prospecting on a newly acquired licence in the San Ramon area has discovered a previously unknown vein exposed for 900 metres along strike in an area five kilometres southeast of the San Ramon veins. A concession application has been filed to cover the new discovery and more detailed work on this zone will start soon.
Coastport's management has informed its joint venture partner, Radius, that further work is planned at San Ramon.
The San Ramon camp hosts several major high-grade epithermal gold quartz veins, a number of which were mined in the early to mid-1900s. Surface and underground workings evidence strike lengths in excess of 1,500 metres on individual veins. Radius's historic sampling indicates that the veins and their oxidized wallrocks have the potential to host significant gold mineralization.
Radius work to date has focused on the La Leonesa and Rosamond veins. Narrow high-grade veins were mined at La Leonesa from 1902 to 1919. The veins strike east to west and dip steeply to the south. There are no production records and the depth of mining is unknown. Old workings suggest a strike length of over 1,000 metres for the Leonesa vein. The Rosamond vein, located 1.5 kilometres southeast of the Leonesa, strikes east to west and dips to the north at 45 degrees to 60 degrees. The vein was mined over a strike length of 500 metres to an unknown depth.
Radius's trenching at La Leonesa returned a best intersection of four metres at 5.9 grams per tonne gold from the apparent hangingwall of the main epithermal vein. Channel sampling at Rosamond returned a best section of 12.3 grams per tonne over 4.5 metres from the footwall and 13.6 grams per tonne gold over 1.9 metres from the hangingwall. Very little is known about the potential grades of the actual veins down-dip from the historical mine workings.
Coastport has the exclusive option to acquire from Radius an undivided 50-per-cent legal and beneficial interest in the property by spending at least $1-million (U.S.) by Dec. 31, 2005, and at least $2-million (U.S.) by July 1, 2006.
Nancy Reardon, MSc, PGeo, is the qualified person as defined in National Instrument 43-101 and is responsible for verifying 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 analyzed 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.
Coastport has not independently verified the results of the 11-hole diamond drill program on the San Ramon project presented in this news release. It is relying on Ms. Reardon, Radius's qualified person, for verification of the results.
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