Radius seeks Guatemalan gold

Vancouver — Radius Explorations (RDU-V) is about to begin a first phase of reverse-circulation drilling at the Tambor gold project in Guatemala.

The 20-hole, 2,500-metre program will focus on the Bridge, Sastre and Lupita-Chorro targets. Radius has outlined five shear-hosted oxide gold zones along a 6-km strike length of the Tambor thrust fault. Each of these zones hosts finely disseminated, micron-sized gold associated with hematite and arsenic or mercury.

The Sastre zone measures 600 by 500 metres and is outlined by a large gold-in-soil geochemical anomaly. Prospecting and hand-trenching have delineated six oxide gold occurrences within the structure.

Radius first looked at adits in the Sastre zone and completed two hand trenches that assayed 4.9 grams gold over 12.8 metres. Work then shifted to the Sastre Norte prospect, 500 metres to the north. Trenching there returned average values of 7.8 grams gold over 24.5 metres (in trenches SN-1, SN-4 and SN-5). More recent infill and stepout trenches in the area returned average values of 7.3 grams gold over 30.5 metres (trenches SN-7 to SN-10).

Radius contracted a structural geologist to examine the geometry of the Sastre Norte occurrence in a recently completed, 10-metre-deep excavator trench. The trench is adjacent to hand-trench SN-1, which returned 11.5 grams gold over 29.4 metres. Mineralization in the excavator trench appears to be inclined to the northeast, rather than to the southwest as originally thought. The junior intends to confirm this by drilling up to 10 holes.

At last report, the excavator pit was being sampled, and assays are expected within 2-3 weeks.

In other news, Radius plans to raise $2.1 million by way of a non-brokered private placement. The company will issue up to 2 million special warrants priced at $1.05 each. One special warrant will be convertible into one share and half a share purchase warrant. Each whole warrant will entitle the holder to buy one additional share at $1.25 for one year.