Radius fails to deliver at Bridge

Reverse-circulation drilling on a third gold target at the Tambor project in central Guatemala has again failed to match surface values for Radius Explorations (RDU-V).

In response to the latest drill results from the Bridge prospect, the stock was pushed to an all-time low of 28 before settling in at 33. One of two holes completed on the Bridge zone hit 110 metres of 0.56 gram gold per tonne in carbonaceous phyllite. The second hole had no significant values.

The potential of the Bridge zone had been illustrated by chip sampling along a riverbank that yielded 3.59 grams gold per tonne over 85 metres in a carbonaceous phyllite. Across the river, sampling along an old railway embankment, some 10-15 metres above the riverbank exposure, returned 2.58 grams over 65 metres. A vertical trench, starting at river elevation and ending below the railway cut, assayed 2.43 grams over 10.7 metres. Quarter-gram values extended outward for several hundred metres. The showing is adjacent to an active hot spring and masked by a younger volcanic ash cover. A series of hand pits and trenches indicates that the zone extends over an area measuring roughly 600 by 300 metres. Highlights from trenching included 0.91 gram across 30 metres and 1.71 grams over 31 metres.

The first hole was collared some 235 metres southeast of the higher-grade riverbed showing. It intersected a near-surface 36.6-metre interval of hot-spring-related mineralization averaging 0.55 gram in altered volcanic ash immediately overlying the carbonaceous phyllite unit, which ran 0.56 gram over 109.7 metres. The carbonaceous phyllite, with elevated levels of arsenic and abundant silicification, is comparable to that encountered during drilling at the Lupita prospect, 4 km to the east.

The second hole was spotted 100 metres northwest of hole 1. Radius says the hole appears to have cut a different sedimentary phyllite unit that was barren of any significant values. The altered volcanic ash covering the phyllite unit returned 0.35 gram over 32 metres.

Radius plans to drill three more reverse-circulation holes at Bridge. The holes will be directed in an east-west orientation, rather than a northerly direction as the first two holes were. One hole will be aimed towards the riverbank exposure.

A diamond drill rig is being mobilized to the Lupita zone, where five of seven previously reported RC holes bottomed in gold-bearing phyllite. The widely spaced holes cut sulphide gold mineralization in the range of 0.77 to 2 grams across widths ranging from 18.3 to 135.6 metres. The core rig will further test Lupita on 200-metre stepouts.