Vancouver – An independent resource estimate tabled by Radius Explorations (RDU-V) gives the Tambor property in Guatemala some 274,000 oz of contained gold.
Using a 0.3 gram gold per tonne cut off, the indicated resource in the Guapinol South Cliff and Poza del Coyote zones total 456,000 tonnes grading 3.94 grams gold. The two zones also host some 596,000 tonnes grading 4.9 grams gold in the inferred resource category.
The Laguna North zone hosts the bulk of the contained oz. with 1.95 million tonnes grading 1.95 grams gold currently placed in the inferred section.
The study, which was completed by Colorado-based Chlumsky, Armbrust and Meyer LLC, states ” it is considered likely that the current resource (at Tambor) could be doubled or tripled or even more with a concerted drilling program.”
Radius first discovered gold mineralization on the Tambor properties in 2000 and subsequently joint ventured the project out to Gold Fields (GFI-N). The South African-based major increased the land holdings and made several new gold discoveries. During the first half of 2003, Gold Fields drill tested the Guapinol, La Laguna, Poza del Coyote and Cliff zones. In October, Radius purchased all of Gold Fields’ interest in the Tambor joint venture by issuing 1.3 million shares. Gold Fields currently holds 5.1 million Radius shares for a 13.6% equity stake.
Radius will be seeking a joint venture partner to continue exploration over the property.
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