|October 25, 2011 12:19 PM - Financial - Natural Resource Discoveries - Mining - OTC Bulletin Board & U.S. Small Cap |
Radius Intersects High Grade Veins in 60 Mile Drilling
VANCOUVER, Oct. 25, 2011 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to provide an update on initial results from the diamond drilling conducted at the Sixty Mile property this year. In total 20 holes (5,273 m) were drilled. Sixteen holes tested the Graben Fault Zone in the Sixty Mile River Valley and four tested the Thrust Fault Zone.
Results have been received for 13 holes which tested targets in the Graben Fault Zone. Results for 3 remaining holes that tested the same zone, and for 4 holes that were drilled at the Thrust Fault Zone, are pending. The best results received so far from the 2011 program are:
Results from all of Radius's Yukon exploration programs continue to be delayed due to major backlogs at the Yukon assay laboratories. Results will be released when received, compiled and interpreted.
- hole DDH11-08 which cut 19g/t Au over 1m from 193.5m downhole.
- hole DDH11-10 which cut 132g/t Au over 1.5m from 249m downhole.
The Graben Fault Zone
The Graben Fault Zone is one of two bedrock gold discoveries zones identified by Radius. It is located on the edge of the Sixty Mile river valley where highly altered Carmacks volcanic rocks are in fault contact with much older gneissic rocks of the Fifty Mile Batholith and schist units of the Yukon Tanana Terrane. The volcanics are strongly altered over an 8km long strike length, and largely buried beneath placer gold-bearing river gravels, presenting a significant challenge for drill targeting. The initial exploration program comprised of grid-based auger drilling to test the top of bedrock. Clays in the bedrock sample were then identified by short wave infrared spectroscopy, and a Controlled Source Audio Frequency Magneto-telluric (CSAMT) geophysical survey was also used to identify resistivity highs and lows for drill targeting.
Holes DDH11-08 and 09 tested the historic Per occurrence (see Radius's news release dated June 6, 2011) which lies within a zone of illite alteration that extends towards the east where holes DDH11-10 and 14 tested fault structures. DDH11-08 intersected strongly bleached and sericite altered Carmacks Group andesite crosscut by narrow dolomite pyrite veins that contained 19.0 g/t Au from 193.5 m to 194.5 m.
Drill hole DDH11-10 intersected 132 g/t Au over 1.5m. This hole was drilled 1.4km east northeast of hole DDH11-08. The interval consisted of bleached, hematized and sericite altered quartz feldspar biotite schist cross cut by minor quartz/pyrite veins. The large scale of the alteration system which can be traced over an 8km strike length, required that the 2011 drilling was very widely spaced in order to drill test several targets. While many of the holes returned disappointing results, especially the follow-up holes at the Toni occurrence, the high grade intercepts in holes DDH11-08 and 10 are potentially related to an alteration zone that can be traced for a distance of 2 km, requiring further follow up work.
In 2010, Radius drilled two holes at the Toni occurrence testing the volcanic rocks proximal to the fault zone. Both holes returned highly anomalous gold values over plus-50-metre intervals with narrower intervals of potentially ore-grade material (see Radius's news release dated Nov. 16, 2010). The initial 2011 drill holes (DDH11-01, 02, 03 and 06) targeted down dip and along strike of last year's hole DDH10-06 at the Toni occurrence, and while these holes returned erratic anomalous gold values with some narrow >1g/t Au intervals, the drilling did not identify potential for a bulk-tonnage gold target at Toni.
Holes DDH11-04, 05, 07, 11, 12 and 13 tested potential silica bodies outlined by the geophysical program. Several of the holes intersected broad zones of anomalous base metal values. For example, holes DDH11-04 and 05 intersected a high level porphyritic granitoid with quartz stockwork veining containing chalcopyrite and minor molybdenite, but none of these geophysical anomalies proved to have merit as gold targets. DDH11-09 did not return any significant values and results for holes DDH11-14, 16 and 17 are pending. Holes DDH11-15, 18 19 and 20 were drilled to test the Thrust Fault Zone and results for these holes are also pending