Radius Gold Inc. (TSX-V:RDU) (OTCQB:RDUFF) is pleased to announce that it has commenced a diamond drill operation on the Blue Hill Gold Project in southeast Idaho. Radius holds an option to earn a 70% interest in the Property from Otis Gold Corp., for cash payments of US $525,000 and incurring exploration expenditures on the Property totalling US $5,000,000 over a period of four years. This first phase drill program is expected to be completed within 30 to 50 days.
The Property hosts an epithermal hot-spring gold system in Cenozoic-aged volcanic and volcanosedimentary rocks, with surface and near-surface sinters assaying up to 2 ppm Au. The Cenozoic rocks overlie deeper Paleozoic quartzite and limestone and are interpreted as being structurally emplaced on the basement rocks. Two drill programs in the 1980s and 1990s tested the near surface sinters for bulk tonnage, low grade gold mineralization, but the potential for deeper high grade gold mineralization associated with a plumbing system to the sinters was not tested.
Radius has re-interpreted a 2008 CSAMT resistivity survey completed by Otis and has identified a number of resistivity anomalies its geophysicist believes are highly suggestive of structural feeder systems to the overlying hot-spring sinters. A 2000 m diamond drill program has been planned to test Radius’ geological model, targeting resistivity anomalies at the Cenozoic/Paleozoic interface or deeper in the Paleozoic rocks, and at depths greater than 75 m below the deepest previous drilling. A minimum of four 500 m drill holes are planned for the first phase program, with subsequent drilling to be undertaken if the initial program yields positive results.
Radius has been exploring for gold in Latin America for over a decade. The Company has a strong treasury as a result of exploration asset sales and is looking for project acquisition opportunities across the globe.
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