Radius Consolidates Gold District in Yukon Territory
February 11 2010 - 8:30AM
PR Newswire (US)
VANCOUVER, Feb. 11 /PRNewswire-FirstCall/ -- Radius Gold Inc.
(TSX-V: RDU) - Simon Ridgway, the President of Radius, is pleased
to announce that the Company has acquired a large land position
covering the headwaters and drainage areas of the prolific Sixty
Mile Gold Camp of the Yukon Territory. Through claim staking and
negotiating a number of option deals with local placer gold miners
and mineral claim holders (which are subject to TSX Venture
Exchange approval), Radius has successfully consolidated the Sixty
Mile placer gold district which reportedly produced over 500,000 oz
of gold from the creeks that drain the Company's land position. The
hard rock source for this placer gold has never been determined.
The regional geology, geochemical signature and structural setting
have strong similarities to the setting of International Tower
Hill's (TSX-V: ITH.V) major Livengood gold discovery in Alaska, a
multi-million ounce gold discovery driven by the search for the
source of placer gold in that area. Gold in the Sixty Mile district
was first discovered in 1892 when C. Miller staked claims on what
was to become known as Miller Creek. Placer gold mining has been
continuous in the district since that time and is still active
today. The area was targeted by Kennecott in their Yukon-Alaska
intrusion-related bulk tonnage gold program in the 1990s. Kennecott
conducted a property-wide reconnaissance soil and stream
geochemical sampling program, geological mapping and a 640 line-km
helicopter magnetic and radiometric survey. The soil sampling
defined several arsenic/gold anomalies, including a coherent 1.5 km
x 2 km-diameter, gold-arsenic soil anomaly on the south side of
lower Miller Creek. Mechanized trenching at the accessible southern
edge of this anomaly revealed easterly striking sheeted mesothermal
quartz veins returning 1.6 g/t gold over a 13 meter interval.
Kennecott noted that the mineralization is very similar in style to
that found in other metasediment-hosted granite-related porphyry
gold systems within the Tintina Gold Belt and that additional work
consisting of further soil sampling, trenching and drilling was
required to delineate and define the anomaly. However, no further
work has been conducted on the property by Kennecott or any other
party. The properties are located approximately 75 km due west of
Dawson adjacent to the Yukon-Alaska border. Access to the claims is
by the posted 15-km long Sixty Mile road, from the Top of the World
Highway. Option Terms In order to consolidate the land holdings in
the Sixty Mile district, Radius has negotiated option agreements
with various landowners. To exercise all of the options, Radius
must pay a total of $378,000 cash and issue a total of $378,000
worth of shares by August 31, 2013. The initial payment (on TSXV
approval of the agreements) is a total of $18,000 cash and $18,000
worth of shares. The reader is cautioned that Radius has not yet
completed sufficient work to verify the results contained in
historic reports from Sixty Mile, and as such they cannot be relied
on. Qualified Person The technical information in this release was
prepared under the supervision of David Cass, Radius's
Vice-President of Exploration, who is a member of the Association
of Professional Engineers and Geoscientists of British Columbia,
and a "qualified person" in accordance with National Instrument
43-101. ON BEHALF OF THE BOARD "Simon Ridgway" Simon Ridgway,
President Investor relations: Ralph Rushton / Erin Ostrom Symbol:
TSXV-RDU; OTCBB-RDUFF Shares Issued: 53.5-million Neither the TSX
Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release. DATASOURCE: Radius Gold Inc. CONTACT: on
Radius Gold Inc. and its properties, please call toll free
1-888-627-9378 or visit our web site (http://www.radiusgold.com/).
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