Radius Gold Inc. announced progress at its Tropico project where the Company has defined a gold mineralized "hotspring type" sinter and breccia pipe target within the Fresnillo district, Zacatecas, Mexico. In the 3 months since acquisition (see press release dated 21 March 2023), Radius completed geological mapping, surface rock chip sampling and a deep penetrating CSAMT geophysical survey to define drill targets on the Tropico epithermal gold system. In addition to the out-cropping Tropico sinter and breccia pipe, the CSAMT survey defined a second strong resistive feature, located 300m west of Tropico named Capricorn, that the Radius geological team interprets to be a second potential breccia pipe structure.

Tropico Location: The Tropico target is located 30 km northwest of Fresnillo city, Zacatecas, Mexico. The Fresnillo mining district is one of the world's most productive epithermal systems and hosts the world's oldest continuously operating mines producing silver, gold, copper, lead, and zinc for approximately five centuries, since 1554. The district has over 150 veins, mantos and chimney deposits including +30 large scale ore producers and it continues to deliver new discoveries.

CSAMT Geophysical Survey: CSAMT geophysical surveys are a commonly used exploration method to define subsurface resistivity profiles up to 1km depth below surface. In epithermal systems silicified veins and breccias typically stand out as a resistive high. Radius completed 4 CSAMT sections between 1 and 1.5km long, on 100m line spacings, targeting the Tropico breccia pipe.

Tropico target is defined by surface mapping and geochemical sampling outlining a sinter and silicified breccia pipe with a strong gold mercury arsenic antimony geochemical signature. The Tropico gold system is roughly oval shaped, 450m long by 250m wide orientated NNE. The CSAMT survey defined a coherent resistive feature that precisely matched the surface geology, defining a robust pipe shaped target that starts at surface directly below the outcropping silicification and extends to 800m depth at the maximum extent of the survey.

The resistive target is approximately 10 times more resistant than adjacent host rocks. In the coming months Radius plans to commence a 2000m drill program targeting a Fresnillo style gold silver mineralized system below the outcropping sinter. Capricorn is a new and "blind" target identified in the recently completed CSAMT geophysical survey.

Located parallel to Tropico, approximately 300m to the west, the CSAMT survey defines a robust deep penetrating (to 800m) resistive pipe shaped body, on each of the 4 x 100m spaced survey lines. The resistive target is approximately 200m wide and similar in shape and format to the Tropico target. Capricorn system is not exposed at surface.

When the Radius team received the geophysical survey results, the lines were immediately walked and each 25m point inspected in detail for evidence of mineralization. The entire Capricorn target is covered in a thick layer of calcrete (caliche) and soil with no outcrop exposed. At 2 locations within the target area Radius dug pits 2m deep through the calcrete and soil cover and encountered pervasive kaolin alteration and minor silicification confirming the presence of a hydrothermal system.

The host rocks for the Tropico property are unaltered thinly bedded limestones and sediments, which are exposed at several locations on the margins of the property and away from the known mineralization. Radius geological team considers it is significant to encounter intense and destructive clay alteration on top of the Capricorn target and consistent with the geological model. Capricorn is open to expansion, both north and south.

Radius plans further pitting and geochemical sampling to define mineralization and aid drill targeting.