Vancouver — Radius Explorations (RDU-V) has launched a 2,500-metre program of diamond drilling combined with reverse-circulation drilling over the promising Tambor gold property in Guatemala.
Over the past year, Radius has assessed the grade and geometry of five known gold zones, Sastre, Bridge, Lupita, Valery and TBS, which are situated in a 6-km-long gold-in-soil geochemical anomaly. The company plans to drill six, seven or eight holes into the 1-km-long Lupita zone before moving onto the 500-metre-long Sastre target.
The Tambor project covers a series of low-sulphidation, epithermal gold zones hosted by highly deformed Paleozoic-aged schists. Recent infill and stepout trench results from the Sastre zone confirmed the continuity of the main mineralized unit. The results were reported as the best estimate of true width. They are as follows:
- Trench SN-7 — 54.5 metres grading 6.41 grams gold per tonne;
- Trench SN-8 — 40.9 metres averaging 10.06 grams gold;
- Trench SN-9 — 14.2 metres averaging 4.83 grams gold; and
- Trench SN-10 — 12.4 metres grading 4.74 grams gold.
On the financing side, the company expects to close a $2.2-million deal with Gold Fields (GOLD-Q) by next week. The major gold producer is picking up 2 million special warrants priced at $1.05 each.
The private placement, which had previously delayed the start of drilling, will give the South African company a 12.5% stake in Radius.
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