Radius Gold Inc. provide a project update on the Company's flagship Amalia project in Chihuahua, Mexico. Pan American Silver has completed all option payments to Radius (totalling US$1.5M) and exploration expenditures to enable the company to earn an initial 65% interest in the project, . The companies recently met to review all the project information and to discuss several potential arrangements to advance the project. Discussions are ongoing. The current phase of drilling at the El Cuervo target is expected to conclude during July 2022. Results are still pending for drillholes AMDD22-065 to 067. 22 drill holes have been completed at the El Cuervo structure to date collared from 5 platforms with the holes fanned out testing approximately 500 m of strike extent and 350 m depth (Figure 1). Drilling at El Cuervo has so far defined mineralization similar to the Amalia structure, consisting of quartz veins, breccias and veinlets with variable grades and thicknesses. El Cuervo is open to expansion along strike and to depth. Three significant gold and silver mineralized structures, Amalia, California and El Cuervo, have been defined by more than 23,000 m of drilling. Across the 3 major structures, mineralization spans over 1,100 m vertically . Mineralization remains open for expansion at each target and multiple targets remain un-tested across the 6 km of structures defined to date. Pursuant to an option agreement signed in June 2018, Pan American Silver Corp. was granted the right to earn an initial 65% interest in the Amalia Project by making cash payments to Radius totalling US$1.5 million (paid) and expending US$2 million on exploration over four years (completed). Pan American may earn an additional 10% by advancing the property to preliminary feasibility. Drilling is carried out using NQ and HQ size tooling. Drill core is cut in half using a rock saw with one-half of the core then taken as a sample for analysis. Sample intervals are generally 1m intervals, producing samples of between 2 to 9 kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Chihuahua, Mexico. The samples are fire assayed for Au and are analysed for Ag and multi- elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Multi-element geochemical standards and blanks are routinely entered into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.