Spurred on by recent discoveries in the region, Radius Gold (RDU-T) has dusted off its Holly-Banderas project in southeast Guatemala and is embarking on a drilling campaign to further test the high-grade silver potential of a number of prospects.
Radius originally acquired the Holly and Banderas properties based on the results of a regional stream-sediment sampling program conducted in 2001 and 2002. The 90-sq.-km area is still considered highly prospective by Radius, based on pervasive alteration throughout the region and multiple gold and silver anomalies defined in soil sampling, trenching and drill intercepts from historic work.
A review of its own regional data base has led Radius to apply for several additional concessions covering silver-lead-zinc anomalies.
A re-evaluation of the Holly-Banderas project has led to a focus on the Pyramid Hill zone, where previous drilling encountered some encouraging numbers at shallow depths. Radius completed 22 holes in 2,500 metres of drilling at Banderas in 2002-2003, plus 15 holes totalling 2,000 metres at Holly in 2003, before optioning the project to Glamis Gold in 2004.
Intervals of 3.2 grams gold and 115 grams silver per tonne across 4.7 metres, and 6.9 grams gold and 262 grams silver across 2.2 metres are representative of the Banderas drilling results. Drilling at Holly encountered selected intervals of 10.6 metres averaging 8 grams gold and 263 grams silver, plus 3.6 metres grading 22 grams gold and 697 grams silver.
Glamis carried out two short drill programs, mainly testing for bulk tonnage gold in one zone at Banderas before returning the project to Radius in 2005.
Recent analytical work by Radius on the drill core has identified the clay mineral Buddingtonite, along with opaline silica, in the hydrothermal alteration assemblage at Banderas. Studies of other major silver deposits suggest that Buddingtonite occurs higher up in the alteration system, as much as 300 to 400 metres above the high-grade pay zones.
With this geological model in mind, Radius aims to test for bonanza-type veining substantially deeper than the previous drilling has tested at Holly and Banderas. The initial holes of the new drilling campaign will focus on extending the previous intercepts down dip and along strike, as well as testing the Pyramid Hill vein zone.
The world-class Escobal silver discovery of newly listed Tahoe Resources (tho-t) is about 50 km due west of Radius’ package of properties. Found in 2007, Escobal is grassroots high-grade discovery that is still being proven up. It is currently defined to contain an indicated 100 million oz. silver in 4.6 million tonnes grading 684 grams silver, 0.54 gram gold, 1.17% lead and 1.97% zinc. Another 176 million oz. silver sits in the inferred category, estimated at 12.8 million tonnes grading 427 grams silver, 0.51 gram gold, 0.89% lead and 1.49% zinc.
In related news, a small 500-metre drilling program is underway on Radius’s Snowcap gold property in Canada’s Yukon Territory. The program is being conducted by Wesgold Minerals (wsg-t) to test the source of a gold and mercury soil anomaly defined during the 2009 exploration program.
Wesgold can earn a 60% interest in the 45-sq.-km property from Radius by spending $1 million in exploration and issuing a total of 1 million shares.
Radius is trading around 63¢ in a 52-week range of 82-17.5¢, with 73 million shares outstanding, or 85.9 million on a fully diluted basis.
Be the first to comment on "Radius targets bonanza silver in Guatemala"