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Radius, Pilagold release second phase Banderas results
2004-04-13 15:35 ET - News Release
See News Release (C-RDU) Radius Explorations Ltd
Mr. Simon Ridgway reports
RADIUS / PILAGOLD ANNOUNCE BANDERAS DRILL RESULTS & PROVIDE MERGER UPDATE
Radius Explorations and Pilagold have released results from the second phase of diamond drilling at the Banderas project in eastern Guatemala.
Highlights of the recently completed drilling include intersections of 11.6 grams per tonne Au equivalent over 2.2 metres in hole BDD-014; 8.5 grams per tonne Au equivalent over 2.6 metres in hole BDD-019 including 16.1 grams per tonne Au equivalent over 1.2 metres; and 5.2 grams per tonne Au equivalent over 6.7 metres in hole BDD-022, including 13.3 grams per tonne Au equivalent over 0.9 metre. Detailed assay results from the second phase of drilling are tabulated below together with the intercepts from the first stage of drilling in 2003. An updated drill plan can be found at the PilaGold Web site (www.pilagold.com).
Banderas is held under a joint venture agreement whereby PilaGold can earn a 60-per-cent interest in the property from Radius through exploration expenditures (see below). The property hosts a classic epithermal gold vein system: gold and silver-bearing quartz-carbonate veins and breccias are hosted by felsic to intermediate flows and tuffs which comprise a volcanic dome field. Parallel vein structures have been traced in outcrop and float up to 2,500 metres along strike, and at least five vein systems have been identified on the property to date.
The 12-hole (1,643-metre) core drilling program was completed in mid-March, and was designed to test for strike and dip extensions to known mineralization on the main Pyramid Hill and M28 trends. Significant intercepts have now been defined 1,500 metres along strike on the Pyramid Hill zone. Previous phase 1 core drilling consisted of 902 metres in 10 holes, completed in October, 2003.
The main M28 vein structure has now been drill tested over a 350-metre strike length on three sections, up to 180 metres down dip. The 130-degree to 140-degree trending vein is generally two to five metres wide and dips 30 to 40 degrees to the west, occurring at the contact between basement andesites and overlying rhyodacites flows. In this case the structure appears to be subhorizontal, or may have been disrupted by "east-side down" normal faulting, to produce vein intercepts which step down to the east.
The Pyramid Hill vein structure has been drill-tested over 1,500 metres strike on three sections, up to 90 metres down dip. This 130-degree to 140-degree trending structure dips subvertically, with multiple vein intercepts in a structural zone up to 50 metres wide on one section. Again, the veins occur along the contact between andesites and overlying rhyodacites flows.
Gold and silver mineralization in both zones is generally associated with banded white chalcedonie quartz and black (silver sulphide) ginguro bands. Significant gold values generally fall in the range of two to 12 grams per tonne with local high-grade values up to 18.7 grams per tonne (over 1.5 meters).
The full results of the phase 1 and 2 drill programs are currently being compiled. The drilling completed to date has demonstrated that a substantial strike length of mineralized vein system exits at Banderas. Interestingly, the source (or sources) of a number of extremely high hypogene-grade float samples (which returned values of up to 374 grams per tonne Au and 3,524 grams per tonne Ag in one particular sample) has yet to be identified in drilling.
In light of this, additional trenching and prospecting are now under way at Banderas with the aim of following up several untested high-grade float discoveries on the western and southern margins of the property, and a third round of drilling is being planned for Banderas for later this year.
Table 1: Banderas drilling second stage results
From To Interval Au Ag Au Eq.*
(metres) (g/t)
BDD-011
No significant results
BDD-012
91.1 93.1 2.0 4.4 31.9 5.0
BDD-013
No significant results
BDD-014
56.3 58.5 2.2 6.9 261.9 11.6
70.1 71.6 1.5 4.2 232.0 8.4
BDD-015
65.5 67.0 1.5 3.8 9.8 4.0
BDD-016
154.5 156.1 1.6 5.0 4.3 5.1
BDD-017
Hole abandoned
BDD-018
67.9 71.6 3.7 3.9 99.3 5.7
Incl.
67.9 68.5 0.6 12.1 28.1 12.6
BDD-019
86.9 89.6 2.6 6.8 94.8 8.5
Incl.
88.4 89.6 1.2 14.0 103.0 16.1
BDD-020
No significant results
BDD-021
No significant results
BDD-022
62.5 69.2 6.7 3.9 69.8 5.2
Incl.
66.8 67.7 0.9 11.8 90.5 13.3
*Au equivalency calculated using 1:55 price ratio between $8 Ag and $420 Au.
Table 2: Banderas drilling first stage results
From To Interval Au Ag Au Eq.*
(metres) (g/t)
BDD-001
13.8 14.3 0.5 6.2 99 8.0
BDD-002
28.5 30.3 1.8 2.9 57 3.9
BDD-003
28.9 30.7 1.8 7.2 123 9.4
BDD-004
53.9 58.2 4.3 6.0 72 7.3
Incl.
53.9 54.6 0.7 14.8 5 14.9
BDD-005
29.0 30.5 1.5 7.4 84 8.9
BDD-006
48.8 50.5 1.7 6.0 76 7.4
BDD-007
77.7 79.3 1.6 7.5 33 8.1
BDD-008
86.9 90.5 3.6 9.3 41 10.0
Incl.
89.0 90.5 1.5 18.8 64 20.0
BDD-009
44.2 45.7 1.5 3.1 31 3.7
BDD-010
67.1 68.6 1.5 1.9 2.0 1.9
Well, I didn't sell today for those reasons. Both stocks are overdue for news so I'll wait it out for now.
Is this actually a merger or a buyout? Looks to me that PRI shareprice had slipped and RDU is buying it out because it is undervalued. Especially if its looking like PRI has some nice ground. Who better to know what it is worth than RDU.
Not so fast tf. Why the merger now? Also if you put together a merger then you probably want to have something juicy coming up to promote it with. Just some thoughts.
We got burned. Now I'm glad PRI is my smallest position.
Ya funny how that little price push on RDU lined it up to the ratio offered to PRI shareholders.
Shite. I guess I'm a Radius shareholder now. I was hoping for some juicy drill results.
Radius and Pilagold agree to merger deal
2004-03-03 11:04 ET - News Release
See News Release (C-RDU) Radius Explorations Ltd
Mr. Simon Ridgway of Radius Explorations reports
RADIUS AND PILAGOLD ANNOUNCE MERGER
Radius Explorations and Pilagold have entered into an agreement whereby Radius and Pilagold will combine their respective businesses. Management believes this transaction offers significant benefits to both companies and their respective shareholders. The technical and financial strengths of the combined companies will create a first-rank exploration group, focused on gold in Central America.
The combination will be completed through the acquisition by Radius Explorations, of all of the common shares of Pilagold under a plan of arrangement. Under the terms of the arrangement, each Pilagold shareholder will be entitled to receive one common share of Radius for every 2.25 Pilagold shares held.
The combination of the businesses will have the following advantages to the shareholders of both companies:
the consolidation of the landholdings in Nicaragua will result in a formidable exploration entity in the most prospective country in the region;
the reduction of administrative and regulatory compliance costs;
the formation of a focused and dedicated management team; and
the elimination of any perceived conflicts of interest.
The resulting entity will be named Radius Gold. The board of directors of Radius Gold will be a combination of the existing Radius and PiIaGold directors, with Simon Ridgway remaining as president and chief executive officer of the resulting entity.
Upon the completion of the arrangement, shareholders of Pilagold will receive in total approximately 10,284,452 shares of Radius Gold, representing 20.6 per cent of the total 50,055,944 shares of Radius Gold that will then be outstanding. The cash position of Radius Gold will increase to over $20-million, with exploration permits over 1.2 million hectares in Central America.
The above transaction is subject to a number of customary conditions, including the finalization of formal documentation, receipt by the board of directors of both Radius and Pilagold of a fairness opinion regarding the transaction, court approval, regulatory approval and approval of the shareholders of both companies. Both Radius and Pilagold anticipate holding shareholder meetings at the beginning of May.
An information package regarding this transaction will be included in the notice of meeting material that will be mailed to the shareholders of both companies.
Maybe I'll call them today. They have a no charge number
1 888 627 9378
I used to own RMB which halted not long after I sold and is still halted, so sometimes these things can take a while. If they found somthing very very good it might just mean a merger is warranted. Maybe a major is involved. <g>
Hard to believe we're still halted. I don't know whether I should be elated or worried...
I live few miles away but did not know about it. At least
I get to both Vancouver shows each yr and many of the AGM.
I don't own PRI or RDU, wanted the last PP of PRI but could not get in. I think both have good props and mgmt, but the
PRI chart is a S/H/S IMO, min move about 56, just about there.
Also Money Flow has been bad for 3 mo, and OBV not too swell.
Still I would like to get on board at these prices.
Ijust can't ever get to one of these conferences. They're either in Canada or as this one is in Boca Raton. I liked the Don Coxe reference to the G7 conference in the mouth of the rat as particularly appropriate.
Unfortunately I'm not and should have pulled the trigger last week by the looks of this halt. Radius would seem to be a value here looking at the price performance over the last year. I guess we're not going to find out what's going on till at least tommorow.
Simon Ridgeway is speaking at the BMO Nesbitt Conference in Florida tomorrow morning. I guess he'll have something important to say?
http://corporate.bmo.com/conferences/2004Resources/agenda/images/JuniorGrowthAgenda.pdf
Are you a shareholder of either of them? I have a small position in PRI and had wanted to add more recently but was waiting for an opportune time to sell something else.
Both are still halted after the close. Got a feeling some reactive move of substantial proportion is about to happen.
Stop it, you're getting me excited.
RDU made a nice move yesterday, good sign.
Interesting news:
October 22, 2003
Radius Purchases Gold Fields Interest in the Tambor Joint Venture.
Resource Calculation Underway.
Vancouver – Radius Explorations Ltd. (“Radius”) is pleased to announce that it has reached an agreement with Gold Fields Inc. whereby Radius will purchase all of Gold Fields’ interest in the Tambor Joint Venture. The purchase price to be paid by Radius is 1,300,000 common shares in the capital stock of the Company.
This transaction will give Radius a 100% interest in all of the Tambor Properties located in Central Guatemala, and will increase Gold Fields’ equity interest in Radius to 5,100,000 shares, 17.5% of the issued capital of the Company.
The Tambor Joint Venture (55% GF / 45% RDU) was formed in 2001 to explore a 25 kilometer long belt of gold mineralization located on the south side of the Motagua fault zone, a regional structure that forms part of the collision boundary between the Caribbean and North American tectonic plates. The Tambor Properties host an orogenic lode gold belt, discovered by Radius in 2000 and advanced by Gold Fields over the past two years. As the operator of the joint venture, Gold Fields significantly increased the land holdings and made several new gold discoveries in this belt.
Since May of this year the joint venture has conducted 44 diamond drill holes totaling just under 5,000 meters, testing the Guapinol South and Pozo Del Coyote zones. These two zones are located at the eastern end of a seven kilometer long gold-in-soil anomaly. Drilling intersected locally robust gold-arsenopyrite-quartz bodies hosted within an east-west trending shear zone. Some of the better drill intersections are listed below....
A good post here discussing the latest Holly results (that weren't released)
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19239829
Gold Fields increases stake:
Gold Fields Increases Stake in Radius; Drilling Continues at Guapinol South
7/29/03
VANCOUVER, BRITISH COLUMBIA, Jul 29, 2003 (CCNMatthews via COMTEX) --
Radius Explorations Ltd. ('Radius') is pleased to announce that Gold Fields Exploration B.V. ('GFBV') has acquired 1,904,762 common shares of Radius upon the exercise of share purchase warrants held by GFBV. At the time of the acquisition, GFBV already held 1,904,762 common shares of the Company, and now holds 12.9% of Radius's outstanding common shares. The common shares were acquired by GFBV for investment purposes and in connection with the acquisition of a right of first refusal regarding property transactions from Radius. GFBV has stated that it does not have any current intention of acquiring ownership of, or control over, additional securities of Radius.
The above transaction has provided Radius with approximately $2.38-million in additional working capital. As of July 28, Radius had approximately $4.6-million in working capital.
Gold Fields Ltd. ('Gold Fields') is the operator of the Tambor joint venture in Guatemala and has the right to earn a 55% interest in the Tambor Properties from Radius by spending US$5-million over three and a half years. To date over US$3 million has been spent on these properties by Gold Fields.
Drilling is presently ongoing on the Guapinol South Zone where 350 metres of strike length and approximately 200 metres vertically have been tested to date. If the Pozo del Coyote drilling is included (results released), over 750 metres of strike of the zone have been tested.
Gold mineralization at Guapinol and Pozo de Coyote occurs within and adjacent to quartz veins localized in an east-west trending, steeply dipping zone of mylonitized phylites. The mylonite zone is structurally complex with evidence of an extensive history of shearing and quartz vein emplacement.
Results from the present program at Guapinol South will be compiled and released at the completion of the program.
For further information on the Company and its projects, please call toll free at 1-888-627-9378 or visit our web site at www.radiusgold.com.
ON BEHALF OF THE BOARD
Simon T. Ridgway, President
Shares Issued: 29.6 million
A big block of Pillar shares came available today. Could be some of those 50 cent warrants being exercised and sold? There are 1.235 million that expire on July 28th.
http://www.sedar.com/csfsprod/data35/filings/00518242/00000001/x%3A%5CPRI%5CQreports%5CQrep1202.pdf
Came across this:
http://www.sedar.com/csfsprod/data37/filings/00536817/00000001/g%3A%5CFILES%5CLEGAL%5CWORD%5Cdmfl%5C....
Dynamic Mutual Funds owns a big chunk of Pillar; 1.1 million shares.
Preliminary Metallurgical Test Work: Marimba (Cerro T zone)
Silver-Gold Trench Results: Banderas Project
Vancouver, July 7, 2003 - Pillar Resources Inc. ("Pillar") and Radius Explorations Ltd. ("Radius") are pleased to provide an update on current exploration at the Marimba (Cerro T) and Banderas joint venture properties in southeast Guatemala.
Preliminary Marimba (Cerro T) Metallurgical Test Work
Preliminary metallurgical test work by Acme Analytical Laboratories in Vancouver indicates that the mineralized silicified breccia horizon at Cerro T, first drill tested in May, will be readily amenable to conventional heap leach extraction.
Bottle-roll tests on a 100g composite sample of drill core from four mineralized intercepts (holes MDD006 to MDD009 reported in Pillar and Radius news releases, June 16, 2003), indicate greater than 95% recovery of gold in 24 hours in 1% cyanide solution. The composite sample fire assayed 1.91g/t Au of which 1.90 g/t Au was recovered during the bottle roll test. Total sulphur is 0.1% and sulphide sulphur is 0.05%. Holes MDD 006 to MDD 009 returned consistent gold grades with a weighted average of the four intersections of 1.18 g/t Au over 20.3 metres.
A second phase of drilling at Cerro T is planned for late July. This program will have two main objectives:
1. to establish a near surface, heap-leachable gold resource in the area of the first phase drilling;
2. and to expand the known strike length of the mineralized blanket to the east.
To date, drilling has tested only 700m of a >2 km long gold-in-soil anomaly. Further drilling will also take place at Lantiquin, 1.5 km west of Cerro T, to test the strike and dip extent of gold mineralization in a broad quartz/carbonate stockwork zone intersected during drilling in May.
Banderas Project
Recent prospecting and trenching at the Banderas vein system, 20 km south-west of Marimba, have extended the known strike length of epithermal vein mineralization by 600 m. A low angle vein (dipping 40º west), averaging 2-6 m in thickness, was located and trenched at the north-east end of the Banderas soil anomaly. Similar banded, high-grade, Au/Ag quartz veins occur in float and outcrop elsewhere on the property and trenching will be conducted in these areas.
Gold and silver assay results from recent trenching are tabulated below. Highlights include Trenches 002 and 003 which returned 4.4 m @ 13.1 g/t Au equivalent and 3.5 m @ 16.9 g/t Au equivalent respectively.
Initial geological interpretation suggests that at least 2 separate veins have been exposed in the trenches. A map showing the trench locations has been posted on the Pillar and Radius websites.
Preliminary petrographic examination of vein material from Banderas, carried out at the University of British Columbia, identified mineralogical and textural evidence which suggest that the Banderas veins are at a relatively high level in the mineralizing system, with good potential for the mineralized horizon to extend to deeper levels. In contrast, the presence of base metal sulphides and the absence of chalcedonic silica in samples from the Holly prospect, suggest a greater depth of formation.
Trench Number
Channel Width (m)
Au g/t
Ag g/t
Au Eq. g/t*
Main Vein Trend
T002
4.4
12.5
41.2
13.1
T003
3.5
1.6
1074.8
16.9
T005
2.1
6.2
8.3
6.3
T006
Post Mineral Cover rocks
T007
Results pending
T008
6.7
4.3
72.0
5.3
T009
2.7
4.3
pending
n/a
T010
Post Mineral Cover rocks
T011
Results pending
Secondary Vein Trend
T001
0.6
5.8
120.9
7.5
4.0
2.7
43.0
3.3
1.1
3.0
430.5
7.3
T004
No significant results
*Calculated using a price ratio of 70:1 (Ag:Au)
My last check of the insider trading indicated a lot of selling by Simon Ridgeway on this last run. There was some news today:
First Quarter Financial Results/Warrants and Options Exercised
Friday June 20, 1:05 pm ET
VANCOUVER, BRITISH COLUMBIA--
Radius Explorations is pleased to report on its first quarter financial results.
The Company reported a net loss for the three months ended March 31, 2003 of $142,647, compared to $115,930 for the three months ended March 31, 2002. Revenue was similar in each period, however, administrative expenses increased by $14,902 from the previous year period. $186,149 was spent on the Company's mineral properties in Guatemala during the first quarter of 2003. In Nicaragua, the Company spent $127,387 exploring its 100% owned properties.
During the quarter, the Company completed a private placement financing of 1,000,000 units at $0.50 per unit, for gross proceeds of $500,000. As at March 31, 2003, Radius had working capital of approximately $2.3 million.
Subsequent to the quarter end, a number of warrants and options have been exercised, providing Radius with approximately $1.8 million in additional working capital.
For further information on the Company and its projects, please call toll free at 1-888-627-9378 or visit our web site at www.radiusgold.com.
ON BEHALF OF THE BOARD
Simon T. Ridgway, President
Shares Issued: 27.2 million
--------------------------------------------------------------------------------
Contact:
Radius Explorations Ltd.
Simon T. Ridgway
President
Phone: (604) 801-5432 or Toll Free 1-888-627-9378
Fax: (604) 662-8829
Website: www.radiusgold.com
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
Radius Exploration [TSX-V: RDU]
Radius has previously been identified by Mineweb as a company going places. This year, the stock has already risen by a dollar or nearly 300% to C$1.35 but analysts continue to support it.
Focused in Central America, primarily Guatemala, the market's love affair with Radius has much to do with its respect for the company's management, especially President Simon Ridgway, and his experience in the geography Radius continues to explore. Ridgway had success in Central America five years ago, when his company Mar-West found and then sold a two-million-ounce gold deposit in Honduras to Glamis Gold. In the dark days after Bre-X, the $48 million price tag was not a shabby deal.
Like other juniors in this list, Radius has also tied up with a gold major, in this instance Gold Fields. The South African producer has a 9% stake in Radius and is earning into a joint venture in Guatemala. One of the ventured properties, Guapinol, recently announced some significant drill intersections.
Company insiders have put their money where their mouths are: directors and management own 20% of Radius on a fully diluted basis; Ridgway himself owns half of this.
http://www.mips1.net/mgjr.nsf/Current/85256ACE0035918D88256D470076A2D4?OpenDocument
RADIUS EXPLORATIONS LTD.
TSX VENTURE SYMBOL: RDU
JUNE 16, 2003 - 14:27 ET
Radius Explorations Ltd.: Phase 1 Drill Results from the
Marimba Project, Guatemala
VANCOUVER, BRITISH COLUMBIA--
Pillar intersects gold-bearing breccias over 700m strike length
at Marimba
Radius Explorations Ltd. ("Radius") and Pillar Resources Inc.
("Pillar") are pleased to report gold results for the first phase
of diamond drilling at the Cerro T and Lantiquin zones on the
Marimba project in eastern Guatemala.
To date, the drilling has confirmed the continuity of the
gold-bearing breccias at Cerro T over an approximate strike
length of 700m. Drill hole intercepts within the gold-mineralized
breccia range from 2.6 g/t Au over 8.3m at the eastern end of the
current drilling to 1.3 g/t Au over 22.9m on the western end.
Summary results are tabulated below and a drill plan showing
collar locations is available on the Radius and Pillar web sites
(see below).
A second phase of drilling will commence at Cerro T in July with
the objective of outlining potential for 15 to 20 million tonnes
of open-pit, heap-leachable oxide ore. There are strong
geological similarities between Cerro T and the low-grade
(0.77g/t Au) San Martin gold deposit in Honduras. San Martin is
being mined by Glamis Gold and produced nearly 130,000 ounces of
gold at a total cash cost of US$106 per ounce during 2002.
In total, 1,408m of core drilling was completed at Marimba in 16
holes during March and April using a light weight, man-portable
rig to reduce environmental impacts and increase community work
opportunities.
Cerro T
At Cerro T, six holes (MDD 006 to 010 and MDD 015) were drilled
over an area of 200m by 200m to test the grade and thickness of
the gold-bearing discovery breccia previously exposed by
trenching. Holes MDD 006 to MDD 009 returned remarkably
consistent gold grades, and the weighted average of the four
intersections is 1.18 g/t Au over 20.3 metres.
An additional fence of four holes (MDD 011 to 014) was drilled
550m to the east of the discovery breccia. Of these, hole MDD
013, at the south end of the fence, returned an average of 2.6
g/t Au over 8.3m in mineralized breccia. This is interpreted to
be an extension of the mineralization intersected in holes MDD
006 to 009. A gold-in-soil geochemical anomaly suggests the
breccia has a minimum strike length of 1,200m.
The silicified breccia trends roughly 060 degrees, dips
moderately to the north, and is hosted by massive limestones
close to the contact with underlying limey shales. The breccia
shows evidence of both structurally controlled and bedding
replacement styles of epithermal mineralization.
Lantiquin
At Lantiquin, 1.5km to the east of Cerro-T, initial drilling
suggests that gold grades are increasing with depth. Three holes
(MDD 001, 002 and 005) were drilled along 200m of strike length
of a broad shear zone to test for increasing gold grades at depth
and/or along strike within silicified structures. Results
indicate multiple zones of greater than1 g/t Au over widths of up
to 10m, significantly better grades than those seen in surface
sampling of this same zone. Additional drilling is planned to
further test the zone down dip and along strike.
The mineralization at Lantiquin consists of quartz-carbonate
stockworks and steeply north dipping, 060 degrees trending
silicified structures exposed in road cuts, within a broad area
of anomalous (300ppb Au) limey shale and greenstone wall rocks.
These structures appear to be the western extension of the same
fault system that passes through the Cerro T area.
Project Background
At Marimba, Pillar has identified a gold-bearing epithermal
alteration system extending over an area of 18 square kilometres,
hosted within a dilation zone of the regional Jocotan fault
system. Over 40 active and paleo-hot spring systems have been
mapped in the area. Gold-silver mineralization is related to
rhyolite domes and associated epithermal and hot-springs style
mineralized systems, and occurs in a variety of altered units
including silicified schists and jasperoidal (silica replaced)
limestones. Exploration of the property is on-going with several
significant gold-in-soil anomalies still to be tested.
Pillar Resources Inc. is earning a 60% interest in the Marimba
Project from Radius. To exercise the option, Pillar must spend
CAD$2.5 million in exploration expenditures on the Project over
three years. Once Pillar has acquired the 60% interest, Radius
has the right to require Pillar to purchase the remaining 40% of
the Project held by Radius's subsidiary in consideration for a
40% equity interest in Pillar. Pillar has also agreed to honour a
right of first refusal held by Gold Fields Exploration B.V.
pursuant to a prior agreement between Radius and Gold Fields,
which requires that if Pillar proposes to transfer any of its
interest in the Marimba Project to a third party, it must first
offer to transfer such interest to Gold Fields.
QA / QC
Core was logged, sawn and sampled under the direct supervision of
Peter Thiersch, M.Sc. P.Geo. who is the Qualified Person as
defined by National Instrument 43-101 responsible for the design
and management of the drill program. Core samples were crushed
and split at Inspectorate Laboratories' preparation lab in
Guatemala - part of the BSi Inspectorate group. Pulps were
analyzed by FA/AA techniques at Inspectorate's Reno, Nevada
facility. Field blanks were inserted by Pillar on site, and
approximately 10% of the core was selected for re-assay by
Inspectorate. It is important to note that anomalous values were
returned by Inspectorate from some of the blank samples submitted
into the sample stream. Therefore, all mineralized intervals were
check assayed at Acme Analytical Laboratories in Vancouver, BC.,
and Acme's results are quoted in this release. Mineralized
intervals were calculated using a 0.30 g/t Au cut-off.
ON BEHALF OF THE BOARD
Simon T. Ridgway, President
Table 1. Radius Explorations Ltd. / Pillar Resources Inc.,
Marimba JV, Guatemala Marimba Drill Hole Results. Average Gold
Grade and Intercept Distance (0.30 g/t Au cut-off)
--------------------------------------------------------------------
Hole Number From (m) To (m) Interval (m) Au (g/t)
--------------------------------------------------------------------
MDD-001 64.0 76.0 12.0 1.17
EOH 135.1m
--------------------------------------------------------------------
MDD-002 57.9 68.6 10.7 0.84
EOH 108.2m
--------------------------------------------------------------------
MDD-003 EOH 73.2 m No significant intercepts
--------------------------------------------------------------------
MDD-004 77.7 79.3 1.6 2.66
EOH 97.6m
--------------------------------------------------------------------
MDD-005 109.7 128.0 18.3 0.78
EOH 156.4m
--------------------------------------------------------------------
MDD-006 1.5 24.4 22.9 1.30
EOH 65.5m
--------------------------------------------------------------------
MDD-007 0.0 12.0 12.0 1.79
EOH 44.5m
--------------------------------------------------------------------
MDD-008 0.0 21.7 21.7 0.97
EOH 50.3m
--------------------------------------------------------------------
MDD-009 0.0 30.5 30.5 1.01
EOH 51.5m
--------------------------------------------------------------------
MDD-010 30.5 36.6 6.1 0.69
EOH 70.1m
--------------------------------------------------------------------
MDD-011 EOH 108.2m No significant intercepts
--------------------------------------------------------------------
MDD-012 EOH 108.2m No significant intercepts
--------------------------------------------------------------------
MDD-013 36.6 44.9 8.3 2.62
EOH 64.0m
--------------------------------------------------------------------
MDD-014 EOH 176.8m No significant intercepts
--------------------------------------------------------------------
MDD-015 42.8 53.8 11.0 0.77
EOH 57.6m
--------------------------------------------------------------------
MDD-016 21.3 29.0 7.7 0.50
EOH 40.5m
--------------------------------------------------------------------
Radius continues to show strength. Should have reentered when it went under $1.00.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18989227
Radius Reports High-Grade Drill Results, Poza Del Coyote, Guatemala
Radius Explorations Ltd. ("Radius") is pleased to report preliminary gold results from recent drilling at the Poza Del Coyote system on the Guapinol property, part of the Tambor joint venture project in Guatemala.
Gold Fields of South Africa Ltd Limited. ("Gold Fields") is the operator of the joint venture and has the right to earn a 55% interest in the property from Radius by spending US$5 million over three and a half years.
Guapinol: Poza Del Coyote
Ten reverse circulation drill holes (835m) were completed at Poza del Coyote to test the high-grade gold mineralization encountered in Trench GP-29 (10.9m at 66.8 g/t gold), reported previously (Radius Press Release NR2003-04, April 8, 2003). Preliminary gold assay results have been received for all holes, and metallic check assays are in progress.
The assay results (see Table 1) confirm the presence of high-grade gold mineralization associated with vein quartz and arsenopyrite. The results include a best intersection of 9.1m @ 21.9 g/t Au, including 2.3m @ 81.9 g/t Au (PRRC-03-008). This high-grade interval is close to the mineralization encountered in trench GP-29 that yielded gold assays up to 370.6 g/t Au in association with discordant arsenopyrite-bearing quartz veining. Visible gold was observed in a few sample intervals in the drilling.
Highlights include:
- PRRC-03-003 3.0m @ 10.2 g/t Au, from 5.3m to 8.4m
- PRRC-03-004 3.8m @ 23.4 g/t Au, from 21.3m to 25.1m
- PRRC-03-005 6.9m @ 13.4 g/t Au, from 13.7m to 20.6m
- PRRC-03-007 12.2m @ 4.4 g/t Au, from 35.1m to 47.2m
- PRRC-03-008 9.1m @ 21.9 g/t Au from 23.6m to 32.8m
- PRRC-03-009 2.3m @ 15.1 g/t Au from 15.2m to 17.5m
Interpretation of the drill logs indicates that the principal quartz vein system trends approximately east-west with a moderate to steep northerly dip. Geologic observations are still being added to cross sections and all inferences and interpretations are preliminary pending receipt of final assay information and completion of a full interpretation of the data.
Other Developments
Radius, through its joint venture partners-Gold Fields and Pillar Resources Inc.-is drilling a number of gold properties in Guatemala. At Guapinol, Gold Fields is now drill testing a high-grade gold-quartz vein with abundant visible gold that returned values up to 10.1 metres of 31 g/t Au in trench GP-5 and 8.8 metres of 20.8 g/t in trench GP-9 (see press Release NR2003-01 January 13, 2003). Surface prospecting suggests a potential strike length of up to 2,000 metres for the vein system. To date, Gold Fields have completed eight holes in a planned, 1800 metre core drilling program.
In the first quarter of 2003, Radius aggressively expanded its activities into Nicaragua where it is conducting a major generative exploration program over its 5,000 square kilometres of ground-holdings.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD Symbol: TSXV-RDU
Shares Issued: 25.1 million
"signed"
Simon T. Ridgway, President
NEWS: Drilling Completed at Marimba, Starts Today at Holly
Radius Explorations Ltd. ("Radius") and Pillar Resources Inc. ("Pillar") are pleased to provide an update on the drill programs at the Marimba and Holly gold properties in eastern Guatemala. A first-stage drill program (1,403m in 16 holes) has been completed at Marimba, and a reverse circulation rig has been mobilized to the Holly property where the second round of drilling will start today.
Pillar holds the Marimba and Holly Properties under option agreements with Radius (see Pillar news releases 2002-01, May 28, and 2003-07, March 31.)
The Marimba Gold Property
The Marimba drilling focused mainly on the north face of the Cerro T hill, where surface rock and soil sampling has defined an extensive, strong gold anomaly coincident with the trace of the Jocotan Fault Zone. Cerro T is geologically similar to the San Martin deposit (±38 million tonnes @ 0.77 g/t Au in oxide, heap-leachable), which is currently being mined by Glamis Gold.
Trenching at Cerro T exposed a gold-bearing, silicified breccia, at the contact between a thick-bedded limestone unit and a shale stone, that is thought to be fault controlled. The latest drilling confirmed the existence of the breccia at the contact between the two units and demonstrates that it has continuity along strike and down dip.
Three holes were also completed at the Lantiquin Zone where surface rock and soil sampling defined a broad area of weak gold mineralization. Alteration and mineralization is associated with northeast trending structures hosted by phylites and greenstones. Rock sampling in a road cut returned an average of 300ppb Au over 500m. The drilling tested this zone at depth.
A man-portable core rig was used at Marimba to minimize environmental impacts from the first-pass drill program. Core recovery ranged from good to excellent. Gold results are pending and will be reported when available.
The Holly Gold Property
At the Holly property in eastern Guatemala, reverse circulation drilling - which begins today - will focus on the Trail Zone where previous drilling intersected high-grade gold/silver mineralization hosted by silicified limey mudstones.
Core recovery from this rock unit in Radius's first stage drilling was very poor (±40%.) so the first RC hole will twin HDD-4 to confirm the grade of the high-grade zone intersected in this hole. Follow-up holes are planned to test this zone down dip and along strike.
The Banderas Gold Property
At the Banderas property, which is included in the Holly joint venture land package, gold mineralization occurs within epithermal veins associated with rhyolite flow domes.
Previous work by Radius defined some broad areas of low-grade gold in soil and rock. Significantly, recent rock-chip sampling of the high-grade, M28 gold/silver vein (previous sampling: 28g/t Au and >500 g/t Ag, average width of 1m) hosted by volcanic rocks, extended the known strike length of the vein by more than 600m, returning grades of up to 45 g/t Au and 1,500 g/t Ag.
Parallel zones with similar grades have also been located. A trenching program is underway to confirm the geometry and test the continuity of these high-grade shoots.
Nicaragua
Work programs are ongoing on several prospects recently acquired by both Pillar and Radius in Nicaragua. An update on activities and results obtained to date will be released shortly.
Pillar Financing
The financing announced in release NR2003-07 March 31st 2003, has been filed for acceptance by the exchange, and the funds have now been received. The final amount raised was $3,150,000 with units sold at $0.90 per unit, each unit consisting of one share and one half-share purchase warrant. Each full warrant will entitle the holder to purchase one additional share of Pillar at a price of $1.00 exercisable for one year. Upon Exchange approval an announcement will be made and the units issued.
For further information on Pillar Resources and Radius Explorations, please call toll free 1-888-627-9378.
ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
"signed" "signed"
Simon T. Ridgway, President Simon T. Ridgway, President
PILLAR RESOURCES INC. RADIUS EXPLORATIONS LTD.
Symbol: TSXV-PRI Symbol: TSXV-RDU
Shares Issued: 10.7 million Shares Issued: 25.1 million
Pillar now drilling:
News Release
April 10, 2003
Drilling Underway at the Marimba/Holly Prospects in Guatemala
Pillar Resources Inc. is pleased to announce that the drill has arrived at the Cerro T Gold Zone located within the Marimba Property in Guatemala and drill testing of this target will commence immediately.
The Marimba Property and Holly Property are held under option from Radius Explorations Ltd. The option agreements grant Pillar the right to earn a sixty percent interest in these properties by completing certain cash payments and property expenditures over a maximum four year earn-in period (see news releases 2002-01, May 28, and 2003-07, March 31).
Together, these prospects form a contiguous zone covering a 25+ km strike length of the productive Jocotan Fault Zone in Eastern Guatemala. The Jocotan Fault is host to two producing gold mines in neighbouring Honduras. Work to date on the Marimba/Holly properties has identified both volcanic hosted high-grade gold bearing structures/breccias, and low-grade bulk tonnage, sediment hosted gold targets in a text-book epithermal gold setting.
Cerro T falls into the category of sediment hosted gold targets. Silicified and brecciated limestone bodies have been identified forming the dip-slope of the north face of the Cerro T hill. Rock and soil geochemical results indicate that the gold zone is continuous across the entire face, an area of 1,200m by 600m. Trenching completed to date confirms an average grade of 1+ g/t gold. This first pass wide-spaced drill program at Cerro T will test the thickness of the gold zone and continuity of the gold grade. The target has the potential to host 18+ million tonnes at 1+ g/t gold giving only a 10m thickness to the gold mineralized blanket.
Many other gold zones exist within the Marimba/Holly property package, including the Trail Zone where previous drilling has intersected 6 m averaging 43.5 g/t gold and 1,617 g/t silver hosted by silicified limey mudstones. This zone is open in all directions. The Holly Ridge Zone is a high grade vein cutting volcanoclastics where previous drilling intersected 3.6 m averaging 22 g/t gold and 697 g/t silver. At the Lantiquin Zone, soil sampling and trenching have identified a broad gold zone hosted by silicified and carbonate altered volcanic rocks.
On a broad scale the gold mineralized systems located in the Marimba/Holly corridor are controlled by north-south trending extensional faults intersecting the east-west Jocotan structure, localizing the emplacement of Rhyolite Domes and giving rise to geothermal systems that are gold bearing. There is potential for several deposits and deposit types in this corridor.
For further information on Pillar Resources, please call toll free 1-888-627-9378 or visit our web site @ www.pillargold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-PRI
Shares Issued: 10.6 million
"signed"
Simon T. Ridgway, President
Radius news:
News Release 2003-04 April 8, 2003
High Grade Gold Zone Extended - Drilling Underway
Radius Explorations Ltd. is pleased to announce that recent results from surface sampling and manual trenching confirm a new high-grade gold discovery along strike and 200m east of the previously reported gold veins at Guapinol (see Release 2003-01, January 13).
This new area, named "Pozo del Coyote", is on the Progreso I licence, located between the Bella Vista and Golazo project areas. The Tambor Joint Venture, Gold Fields 55%/Radius 45%, has acquired an option to earn a 100% interest in the area subject to a 2% NSR.
The first trench (GP-29) returned a high-grade core interval of 10.93m at 66.83 g/t gold within a broader mineralized zone that also included 5.30m at 3.04 g/t, 2.98m at 1.98 g/t and 1.67m at 2.19 g/t. The true width of the broader mineralized zone is not well established but appears to be 30+m.
Trench GP-30, located 25m to the southwest, has mineralization of a similar grade to GP-29, however, initial results from this trench were contaminated by the free gold in the samples and results from a new analysis are pending.
A detailed soil grid over the area shows a strong 300m long gold anomaly outlining the known mineralization and open to the southeast. A drill rig has been mobilized to the area and drilling is underway.
Following the program at Pozo del Coyote the rig will be moved west to Guapinol where a fifteen to twenty hole program will test the high-grade veins in that zone. Nine holes have been completed at La Laguna North, results are pending.
For further information on the Company and its projects, please call toll-free at 1-888-627-9378.
ON BEHALF OF THE BOARD Symbol: TSXV-RDU
Shares Issued: 25.0 million
"signed"
Simon T. Ridgway, President
Pillar is starting to look like the better deal. The financing announced today will give it about 15 million shares outstanding. I don't know how many fully diluted. Thats roughly 10 million outstanding less than Radius. Obviously if I was a Radius shareholder I would be dissapointed with this deal. It looks like they have given Pillar a very prospective property for what may be a cheap price. The proof will be in the drilling.
tf
Holly optioned to Pillar:
PILLAR ACQUIRES OPTION ON 2nd GUATEMALA PROSPECT /
ARRANGES FINANCING
Pillar Resources Inc. is pleased to announce that, subject to acceptance by the TSX Venture Exchange, it has been granted an option to earn a 60% interest in certain exploration concessions located in Guatemala known as the Holly Project from a wholly owned subsidiary of Radius Explorations Ltd. (TSXV-RDU).
To exercise the option, Pillar must make cash payments to Radius totaling CAD$500,000 and incur a total of CAD$4.0 million in exploration expenditures on the Project over a three year earn-in period. Once Pillar has acquired the 60% interest, Radius has the right to require Pillar to purchase the remaining 40% of the Project held by Radius's subsidiary in consideration for capital stock in Pillar. Pillar has also agreed to honour a right of first refusal held by Gold Fields Exploration B.V. pursuant to a prior agreement between Radius and Gold Fields, which requires that if Pillar proposes to transfer any of its interest in the Holly Project to a third party, it must first offer to transfer such interest to Gold Fields.
The Holly Property is host to several epithermal gold targets. Surface mapping and sampling on the property has defined a series of sub-parallel north/south trending high grade gold/silver veins that are located along the trace of the Jocotan Fault Zone. The Jocotan Fault is an east/west trending regional structure that also localizes the gold mineralization at the Marimba Project some twenty kilometres east of Holly.
Radius drilled seven core holes on the Holly Property last year, testing some of the high-grade structures on the ridge and also drilling below high-grade surface values obtained in a limey-mudstone unit to the south of the ridge. Excellent gold values were obtained in several of the drill holes, although over narrow widths. The best result was in hole HDD-004 which tested the down-dip continuity of the surface results obtained at the trail zone (10.8 metres of 7.87 g/t Au.) This hole returned 6.0 metres averaging 43.56 g/t Au and 1,617 g/t Ag.
This acquisition, in conjunction with the Marimba Property previously optioned from Radius, gives Pillar one contiguous property that covers over 40 km of strike length along the productive Jocotan Fault Zone. A drill is being mobilized to the area and with several drill ready targets along the belt, the rig should be busy for several months.
To finance drill testing of this belt in eastern Guatemala and to fund the exploration of several high-priority gold prospects recently acquired in Nicaragua (see news release 2003-05, March 7), Pillar has arranged a non-brokered financing whereby the Company will raise $4,000,000 by selling 4,444,444 units at a price of $0.90 per unit. Each unit will consist of one share and one-half of a share purchase warrant. Each full warrant will entitle the holder to purchase one additional share of the Company at a price of $1.00 exercisable for one year. A finder's fee is payable in connection with this financing.
For further information on Pillar Resources, please call toll free 1-888-627-9378 or visit our web site @ www.pillargold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-PRI
Shares Issued: 10.6 million
"signed"
Simon T. Ridgway, President
There is also Pillar news. I post it here because the two companies share the same management as well as being joint venture partners.
NR 2003-05 March 7, 2003
PILLAR ACQUIRES ADDITIONAL GOLD PROJECTS IN NICARAGUA
Pillar Resources Inc. is pleased to announce that it has signed an agreement whereby the Company has acquired an exclusive option to earn a 70% interest in eight gold prospects located in Nicaragua. Upon the acquisition of the Kuikuinita concession (see news release 2003-01, January 7), Pillar acquired a first right of refusal on these eight prospects and following a due diligence program, the Company has closed an all-encompassing deal.
The agreement calls for Pillar to incur exploration expenditures of US$2,000,000 for each concession that it wishes to complete the earn-in, and make cash payments ranging from a minimum of US$300,000 to a maximum of US$2,400,000. After the earn-in of a particular concession, the optionor will have 90 days to decide to retain a 30% working interest or to convert to a 4% NSR. In the event that the conversion to an NSR is chosen, Pillar will have the right to purchase 2% of the 4% NSR for $1,250,000 per percentage point, and additionally will have a first right to purchase the remaining 2% NSR.
Each of the Nicaraguan Projects under option covers favourable geology with numerous known gold-bearing occurrences, many with a history of small-scale production. Several of the areas are also associated with broad zones of alluvial gold workings. The entire package was explored by Western Mining of Australian (WMC) between 1994 and 1997. WMC completed extensive regional studies over a large portion of Nicaragua. Follow-up exploration on all of the optioned Projects included several phases of detailed work including stream sediment, soil and rock geochemistry, geological mapping and geophysics. Drill targets were identified; however, no drilling was conducted.
Upon WMC pulling out of gold exploration and mining, these projects and the detailed database all reverted back to the underlying property owner, Mr. Frank Mena, a local businessman and have now been acquired by Pillar.
Mr. Simon Ridgway comments, “This is a unique opportunity. Historically, Nicaragua was the main gold producer of Central America. In fact, in the 1940’s and 1950’s it was one of the world’s top ten gold producers (USGS gold production statistics). However, since that time there has been virtually no new gold discoveries in the country. The projects that we have acquired are the result of 2.5 years work and US$7 million in exploration dollars. A recently upgraded mining law makes Nicaragua a favourable place to work. Combined with the Kuikuinita Project previously optioned to the Company, these projects give Pillar a very strong land position in Nicaragua, and the Company looks forward to rapidly advancing this highly prospective ground.”
In Guatemala, the Company is still awaiting arrival of the drill rig expected in the next week, then drilling will commence on various targets within the Marimba concession under option from Radius Explorations Ltd.
For further information on Pillar Resources, please call toll free 1-888-627-9378 or visit our web site @ www.pillargold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-PRI
Shares Issued: 10.6 million
“signed”
Simon T. Ridgway, President
News Release
March 7, 2003
CORPORATE UPDATE
Radius Explorations is pleased to provide an update on recent corporate activities.
Financings Close / Warrants Exercised - Over the last couple of months, the Company has closed two private placements, and a number of warrants were exercised, providing Radius with over $2.0 million in additional working capital. The private placement securities have hold periods until April 20, and May 7, 2003, respectively. The present cash position of Radius is $2.3 million.
Appointment of Director - Management would like to welcome Mr. Nicholas Glass who has been appointed to the Board of Directors. Mr. Glass is a member of the Bar in British Columbia, England and Wales, and currently practises as a mediator and arbitrator in labour relations disputes and civil claims. He has been on the boards of two highly successful public companies, one of which was sold in 2002 for $40 million and a second presently the subject of a $60 million bid. Mr. Glass is also a director and officer of two private investment companies, with real estate and securities holdings in Canada, the U.S. and the U.K.
For further information on the Company and its projects, please call toll free at 1-888-627-9378 or visit our web site at www.radiusgold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-RDU
Shares Issued: 25.0 million
"signed"
Simon T. Ridgway, President
News Release 2003-02 February 17, 2003
EXPLORATION ADVANCES ON SEVERAL FRONTS
Several concurrent exploration programs are occurring on Radius Explorations' Projects in Central America. Radius continues to aggressively explore for gold on 100% owned ground in Guatemala, and has now aggressively expanded operations into Nicaragua.
In addition, drilling campaigns are commencing in Guatemala by joint venture partners Gold Fields of South Africa on the Tambor Joint Venture (south-central Guatemala), and Pillar Resources Inc. on the Marimba Joint Venture (eastern Guatemala).
Tambor (Gold Fields Joint Venture)
Gold Fields of South Africa continues to explore the 1600 square kilometre Tambor Joint Venture properties. A Phase III drilling program on the La Laguna North Zone will shortly commence. This next round of drilling will test down dip and strike extensions of the gold mineralization intercepted in hole BVRC-02-0015 which returned 18.3 metres of 12.2 g/t Au. (Radius news release 2003-01). The Phase III program will consist of approximately 2,000 metres of reverse circulation drilling, with holes located in two or three drill fences.
Another area of focus in this program will be the Guapinol Zone. Trenching continues to return high grade gold over significant widths, and more than 1.7 kilometre strike length of the system has now been tested by trenching. Vein material with abundant visible gold continues to be reported, most recently from the Quebrada Poza del Coyote and Quebrada Aqua Zarca areas to the east of the Guapinol South zone. A seventeen hole, 1525 metre, reverse circulation drill program will be implemented by Gold Fields to test the Guapinol South high-grade shoot. Permitting and road construction is underway and a second drill will be mobilized upon completion of the access.
Holly (100% Radius)
Following the release of the first set of drill results on the Holly Project (Radius news release 2002-15), several companies have requested to review the exploration data and discuss joint venture possibilities. Proposals for joint venture of the prospect have been received. Radius management will decide before month-end how to proceed with the advancement of the Holly Project to best maximize shareholder value.
Marimba (Pillar Resources Joint Venture)
Drilling on the Cerro T and Lantiquin Zones will begin shortly. For further details see the recent Pillar Resources Inc. news release dated February 13, 2003.
Nicaragua (100% Radius)
Radius has applied for approximately 50,000 hectares (5000 square kilometres) of exploration licences in Nicaragua. Field crews have been mobilized and initial geological mapping has identified several large mineralized systems.
The geology is similar to Honduras and Guatemala and the Radius exploration team will use their experience of the region to advance quickly with target recognition, evaluation and definition. First pass stream sediment sampling has already produced several highly anomalous target areas including samples with greater than 5000 ppb (five grams per tonne) gold.
For further information on the Company and its projects, please call toll free at 1-888-627-9378 or visit our web site at www.radiusgold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-RDU
Shares Issued: 24.7 million
"signed"
Simon T. Ridgway, President
Thanks for the heads up.
tf
I agree that insiders should sell at some point. Keep in mind that Mr. Wasylyshyn is not just a Director, he manages the exploration projects of the Company and is a geologist. He has reduced his stake by 25% for some reason. Maybe he has bills to pay, I don't know. I do know he knows something I dont.
As you point out Mr. Ridgeway is now down 20% from his January position. They may be just capitalizing on the penny letter promotions you mention. I would be cautious.
I hadn't checked the report for a couple of weeks. I was aware of Robert Wasylyshyn selling but wasn't too concerned since he was the only insider selling and had been selling since the 50's. Who knows, maybe he is on the way out?
I see now that Simon Ridgeway has started selling since Jan 29th and is now down over 300,000 shares. Thats a bit more concerning.
Does that mean its time to bail? I'm not convinced. The insiders get a lot of cheap shares and would be stupid not to sell them at some point. If I held several hundred thousand shares I'd want to unwind them slowly on the way up.
I'm a bit more concerned with whats driving the stock price right now. Ever since a dollar, Pacific stopped buying and retail took over. I think the run-up has been due to a number of letter writer recommendations. If we don't get drill results until April then there may be a slide due to the lack of news. There seems to be strong support around a dollar. Might be worth a try trading it and getting back in lower. I do want to be in the stock for the next Holly results.
Whats your position on the stock?
tf
Dont like the looks of this going by the insider trading. Nothing but selling by insiders all through the resent run up. Since December 18th Robert Wasylyshyn has sold 350,000 shares. Any comment?
Looks like Radius has a lot of irons in the fire with drilling on 3 properties this month(Marimaba, Banderas and the Tambor joint venture). Then there is Holly, where they have had some excellent results. I'm guessing that once they are done drilling on Banderas, they'll move the rig to Holly? Should have some drill results by early April.
tf
NEWS RELEASE
NR 2003-03 February 13, 2003
FIRST HOLES TO BE DRILLED AT THE MARIMBA PROJECT, GUATEMALA /
TRENCHING STARTS AT THE KUIKUINITA PROJECT, NICARAGUA
Gold exploration programs are underway at Pillar Resources' Marimba Project in Guatemala and at the Kuikuinita Project in Nicaragua. Drill testing of exposed mineralization and strong soil geochemistry will start this month at Marimba. A field camp has been established and trenching has commenced on a strong linear gold target at the Kuikuinita Project in Central Nicaragua.
Marimba Joint Venture (Radius Explorations Ltd.)
Two gold targets - Cerro T and Lantiquin - will be drill tested this month. This will be the first drilling on the Marimba Project. The inclined drill holes will test both target areas for moderately-dipping, gold-mineralized silicified limestone breccias and steeply-dipping ‘feeder' structures.
The Cerro T Zone was discovered from outcrops on a new public road. Work since then has exposed a zone of gold mineralized silicified limestone at the west end of a prominent hill (Cerro T). An excavator cut has exposed silicified breccia averaging 1.44 g/t gold over 100 metres. The thickness of the mineralized zone is estimated at 15 to 20 metres. It is overlain by recent tufa on the steep hillside to the east of the exposed silicification. A soil grid over the hillside returned a strong and consistent gold anomaly, with the +100 ppb contour extending for 1500 metres E-W and 500 metres N-S. Maximum soil values are greater than 2 g/t gold. There is little outcrop in the area of the anomaly, and pits uncovered tufa with clasts of silicified limestone, similar to the exposed mineralization to the west end. The Cerro T zone will be tested with 10 wide spaced holes. The target area has the potential to host 20 to 40 million tonnes at a grade of +1g/t Au.
The Lantiquin Zone is in a similar geological setting 2 kilometres to the west of the Cerro T zone. Pillar's exploration of this area has discovered a 1500 by 800 metre area of gold anomalous soil and rocks. Mineralization is associated with silicified limestone breccias, quartz veins and calcite stockworks in a large area of carbonate-altered greenstone. Seven inclined holes will test the zone.
The entire mineralized system on the Marimba Project covers an area of six kilometres by three kilometres with over 40 active and paleo hot-spring centres throughout the area. In addition to the Zones discussed above, there are several other areas with anomalous gold, arsenic, antimony, and mercury geochemistry which are presently undergoing target definition.
Kuikuinita, Nicaragua (100% Pillar)
Pillar has completed the acquisition of the 28,900 hectare Kuikuinita Project in northern Nicaragua, and field crews have been mobilized to the Project. The Project covers a series of geochemical (gold and trace element) and geophysical (magnetic, resistivity and chargeability) anomalies.
Initial geological mapping has identified several large mineralized systems. Previous exploration outlined a gold (with associated silver, arsenic, lead, zinc, and antimony) anomaly related to variably silicified volcanics extending over an area three kilometres by two kilometres. The anomalies were open, extending beyond the boundaries of the existing licence, and further ground has been staked.
Hand trenching of the existing anomalies is taking place, additional targets within the Kuikuinita Project are also being evaluated, and previously unexplored portions are receiving first pass inspection.
As part of the Kuikuinita acquisition Pillar has the first right of refusal on 12 additional projects within Nicaragua. These projects comprise one of the largest and most comprehensive exploration databases compiled for historically under-explored Nicaragua. Review of existing data is on-going and company geologists have begun the process of field evaluations. Further acquisitions are anticipated.
For further information on the Company, please call toll free 1-888-627-9378 or visit our web site @ www.pillargold.com.
ON BEHALF OF THE BOARD Symbol: TSXV-PRI
Shares Issued: 6.7 million
"signed"
Simon T. Ridgway, President
tf
I received an update from IR as follows:
Drills will be turning on the Banderas property before the end of this month.
Goldfields has been very good about forwarding results to Radius on their joint venture. Their approach to date has been to collect data from large areas rather than focus on one spot. More drilling will be going on before the end of this month.
The Holly property was subject to a joint venture with Lalo at the time of drilling which took place last Sept. When Lalo defaulted on their part of the agreement (funding), the results of the drilling were shelved until the legal situation was resolved. Thats why the late (December) release of the Holly results. Radius is reevaluating their strategy for Holly in light of the Lalo joint venture falling apart. Further development is in the works but thats all I was told.
I wasn't given any information on the Marimba joint venture with Pillar.
I was also told that there would be a news release out in the "near future".
tf
From Mineweb:
Best of the Vancouver juniors
By: Tim Wood
Posted: 2003/02/06 Thu 20:00 / © Mineweb 1997-2003
VANCOUVER -- The Cordilleran Roundup provides an opportunity to see the juniors in a comparative surrounding which is especially helpful. We’ll start off with companies that have caught our eye and follow up in the next few days with companies that other pundits made a note of.
Radius Explorations [RDU]
Radius has staked out ground on the Guatemala Gold Belt and its preliminary exploration results were good enough to have Gold Fields [GFI] jump in as an option partner on the Tambor and Bella Vista Projects and commit to spending a significant sum. Drilling and trenching results from mid-January further confirmed the value of the project
With Gold Fields taking over operations on those projects, Radius switched its focus to the Holly project in eastern Guatemala which has shown a lot of promise. Trenching results in the middle of last year boasted very good gold and silver grades from a system of epithermal veins. Holly was subsequently optioned to Lalo Ventures, only for it to default and hand the project back to Radius. Subsequent drilling returned very strong grades along good widths.
Radius is flush with additional regional projects that appear just as prospective. One is a joint venture with a Radius controlled subsidiary, Pillar, on the Marimba project, further to the east of the Holly project.
Management is solid and supported by a strong board. The company has 36 million fully diluted shares out (25m issued) and cash on hand exceeding C$2 million. For those wondering about Guatemala’s political risk, consider that it agreed with the US and Canada in recently rejecting Libya’s chairmanship of the UN Human Rights Commission.
http://www.mips1.net/MGGold.nsf/UNID/TWOD-5JJ469
tf
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