Vancouver – Radius Exploration (RDU-V) has regained sole ownership of the large Tambor gold project in Guatemala.
The Simon Ridgway-led junior agreed to issue 1.3 million shares for all of Gold Fields‘ (GFI-N) interest in the property. The move gives the South African based major a total of 5.1 million Radius shares for a 17.5% equity stake in the company.
The 1,000 sq. km Tambor properties lie on the south side of the subcontinental scale Motagua Fault system. The area was recognized as prospective in 2000 when Radius geological staff located mesothermal-style gold mineralization associated with a belt of schistose rocks within this suture zone. In 2001, Gold Fields entered the scene by inking a deal to earn a 55% interest in the project by spending US$5 million over a three and a half -year period.
Since May, the joint venture put down 44 diamond drill holes into the Guapinol South and Pozo Del Coyote zones. These two zones are located at the eastern end of a 7-km long gold-in-soil anomaly. Drilling intersected gold-arsenopyrite-quartz veins hosted within an east-west trending shear zone.
Highlights from Guapinol South includes holes 33 and 39, which returned 72.1 grams gold per tonne over 5.3 metres and 33.7 grams gold over 1.5 metres, respectively.
Moving 6-km to the west, hole 15 returned 12.1 grams gold over 18.3 metres at the Laguna target. Two other holes returned similar grades over 14-to-18 metres width.
Radius has launched a first pass resource calculation as part of its due diligence for the deal.
The junior also announced a $9 million financing; comprising 6 million units priced at $1.50 each. A unit holds one share and half a warrant. A full warrant is exercisable at $1.75 for a two-year period.
The funds will be used primarily on the company’s gold projects in Nicaragua.
Be the first to comment on "Radius takes back Tambor stake"