| ||Vancouver, Canada. Simon Ridgway, President of Radius Gold ("Radius", TSX-V: RDU) is please to provide an update on Radius's gold exploration programs in Central America.|
In addition to the Natividad epithermal gold project in central Nicaragua, where Radius's partner Meridian Gold continues to drill, Radius's exploration team have continued regional stream geochemical sampling and prospecting across the country. For the first half of the year, Radius received very few significant results from these programs.
However, during the 3rd quarter of 2006, Radius's teams have discovered at least two new potentially significant projects which are beginning to return strongly anomalous gold values in stream, soil and rock sampling.
In the northwest of the country, Radius has been working at the Santa Barbara project close to the La India mining camp. Company teams have also been exploring in the Region Autonomo Atlantico Norte (RAAN) of northeast Nicaragua where they have identified a new low sulphidation vein system with significant strike extent.
India Norte Project
The India Norte vein system, which is 100% owned by Radius, lies in northeast Nicaragua close to the old La India mining camp, located approximately 70 km from Managua. Radius's geologists identified a series of quartz veins and stockwork zones associated with a cluster of rhyodacite domes approximately 5 km north of the La India vein system which was mined historically.
Radius's soil geochemistry and prospecting has defined a north-west trending mineralized structure over 2.5 km long with gold-mineralized stockworks up to 30 m in true width locally. Initial trench sampling returned low to moderate grade gold results but over significant widths (see table below).
However, there is reason to believe that the Company's work to date has identified only the upper parts of the mineralized system. Research indicates that all of the mined ore shoots in the nearby La India camp, including those in the La India, Escondido, Constancia, Tatiana and Constancia veins, were mined between an elevation of 500 m above sea level (ASL) down to as low as 50 m ASL.
The trenches sampled by Radius at India Norte are from well above that elevation, mostly on higher ground at elevations above 550m ASL indicating that there may be significant potential for gold-bearing epithermal veins at deeper levels. The northwesterly strike of the mineralized structures sampled by Radius is also consistent with the strike of the ore veins within the La India mining camp. Further results are pending and a drill plan is being prepared to test this working hypothesis. Significant trench results from the recent work are given below and a map showing the location of the project is available on Radius's website at www.radiusgold.com .
Trench No. Sampled Interval (m) Au g/t
TRAN-001 58.0 0.6
TRAN-008 6.0 2.3
TRAN-010 17.7 2.6
TRAN-012 26.0 1.3
The Company's regional programs in northeast Nicaragua have also started to return positive results. Recent stream sediment and reconnaissance rock sampling Region Autonoma Atlantico Norte (RAAN) has identified vein float, and notable amounts of free, visible gold in sediment and in quartz float samples in two areas. As a result, Radius has submitted several new exploration concession applications covering what are thought to be two new, potentially extensive vein systems exposed within a series of low-lying hills. Prospecting work has identified possible low-sulphidation quartz vein structures up to 8m wide locally.
Initial rock grab sampling has returned strongly anomalous gold results with samples ranging from a high of 66 g/t Au to lows of 250 ppb. More detailed work will follow upon the granting of Radius's concessions in these areas.
Meridian continues to drill at Natividad. The joint venture recently received permission to drill at the Los Valles zone where a short program of 6-7 drill holes was planned. Results will be reported when received.
Radius is in advanced negotiations over potential joint ventures on gold exploration projects elsewhere in Latin America and these will be reported on in due course. Management is hopeful that joint venture terms will be finalized on at least one project shortly.
In late October, Jock Slater left his position as Vice President Exploration with Radius. Jock has been with the Gold Group of companies since 1997 and the Board reluctantly accepted his resignation. Jock leaves to pursue other ventures and the Company thanks him for these many years of commitment and wishes him well in his future endeavours. No decision has been taken as to Jock's replacement.
Assay Protocol & Qualified Person
All sample preparation and analyses were conducted by CAS Laboratories in Tegucigalpa, Honduras. Samples were analyzed for Au, using a 30 gram pulp with Fire Assay, AA finish.
The information in this release was prepared under the supervision of Mr. Harmen Keyser, a member of the Northwest Territories Association of Professional Engineers, Geologists and Geophysicists, and a "Qualified Person" in accordance with National Instrument 43-101.
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
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.3-million
You can view the Next News Releases item: Fri Nov 17, 2006, Radius Acquires Option on Ecuadorian Gold Project
You can view the Previous News Releases item: Fri Oct 13, 2006, Radius Provides Natividad Drilling Update
You can return to the main News Releases page, or press the Back button on your browser.