(via TheNewswire)
Fresnillo is the world’s leading silver producer and Mexico’s largest gold producer. Fresnillo holds one of the largest precious metals reserves in
Bruce Smith, President and CEO of Radius, stated, “Plata Verde has the potential to be a large-scale silver discovery and our new partner Fresnillo, as the world largest primary silver producer, recognizes that potential. Together, we have the technical resources and skills to explore and maximize the potential of the Plate Verde project. Plate Verde is located between two of Fresnillo’s premier mining assets, the
Highlights of the potential Definitive Agreement are summarized below:
Minera San Julian would spend over a four year period a minimum cumulative amount of US
$ 5.0 million on exploration activities at thePlata Verde Project .Minera San Julian would make option payments to Geonorte totaling
US$ 3.117 million , which includesUS$1.117 to cover underlying property agreements.Minera San Julian would have the right to earn a 70% interestin the
Plata Verde Project .If the option is exercised, a new company (NewCo) would be set up to own the
Plata Verde Project , Newco would be owned 70% by Minera San Julian and 30% byGeonorte.Any additional funding required by NewCo would be provided by Minera San Julian and Geonorte in proportion to their respective ownership interests in NewCo.
Should either Party’s interest fall below 10% interest in NewCo that interest would convert to a 2% NSR.
The Parties will have the right of first refusal to acquire the other Party’s shares in NewCo if the other Party receives a firm offer for the other Party’s interest in NewCo that the other Party would propose to accept.
Figure 1: Location Map of Plate Verde and Surrounding Mines
Click Image To View Full Size
About Plata Verde
The Plata Verde project is located in
Radius geologists have re-discovered an undocumented large scale underground bulk mining operation where in the late 1800's, historic miners hand excavated an extensive series of anastomosing caverns, producing silver bars at an associated smelter operation. The project appears to be un-explored since the miners ceased their operations, and no references have been found within the
At Plata Verde, silver mineralization occurs as massive to crustiform banded silica, barite and calcite with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia within a basaltic/andesite extrusive volcanic. The basaltic/andesite host occurs at the base of the Upper Rhyolitic Volcanics of the Northern
On the eastern side of the creek several small entrances, hardly visible, lead to an extensive network of anastomosing mining tunnels and cavities. The mining and excavation were done by hand with hammer, chisel and black powder explosives, leaving behind large underground cavities up to 50m x 50m x 30m high. Throughout the mines roman numerals painted on the walls record up to 58 mining areas. The mining excavations define a strike extension of over 500m and up to 100m wide. The host volcanic unit is at least 60m thick. The southern extension is cut by a fault which forms a large cliff face. To the north,east and west the host volcanic flows and silver mineralization are covered by the ignimbrites and remain open to unknown extent in these directions.
Radius's geological team have completed detailed underground mapping and sampling of the historic
Multiple large scale volcanic breccia zones up to 75 m diameter and sampled on multiple mine levels. The breccias are cemented by massive to crustiform banded barite calcite with silver chlorides, sulphosalt minerals and native silver.
Fracture fill and stockwork silver mineralization occurs as massive to crustiform banded barite calcite with silver chlorides, sulphosalt minerals and native silver.
Disseminated style mineralization with fine silver sulphosats disseminated within the volcanic host with little to no brecciation, veining or fracture fill.
Detailed underground 2x2 m panel samples were collected from the historic
The barite/silver chloride mineralization appears to be a late-stage low temperature mineralizing event with the source and feeder systems an attractive exploration target. Barite and silver chloride are often part of the upper levels or supergene zone around large silver deposits, notably within parts of the Fresnillo district. The solubility of barite and silver chlorides is low, and hence the source zone is likely to be close by. Extensions of the known manto style mineralization below the ignimbrite cover to the north, east and west are open.
Figure 2: Entrance to historic
Click Image To View Full Size
Technical Information
Bruce Smith,
*Information on Fresnillo mining assets obtained from Fresnillo 2021 Annual Report
Quality Assurance and Quality Control
Reported assays are rock chip and channels samples taken by Radius geologists and trained sampling teams. Sample intervals are generally 2m chip channels or 2x2m panels producing samples of between 2 to 9 kg. Reported samples were delivered to
Radius has a portfolio of projects located in
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
Symbol: TSXV-RDU
Contact: Bruce Smith
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the
Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the results of exploration work and future plans at the
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether the planned exploration work at Plata Verde will proceed as intended; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the exploration work at the
Copyright (c) 2022 TheNewswire - All rights reserved.
Copyright (c) 2022 TheNewswire - All rights reserved., source