PR from another company in our Historical Bonanza District!
A .43 cent company!
FWIW......
RADIUS GOLD INC
Radius Provides an Update on Its Nicaragua Exploration Programs
2/28/2008
VANCOUVER, BRITISH COLUMBIA, Feb 28, 2008 (Marketwire via COMTEX News Network) --
Simon Ridgway, the President of Radius Gold Inc. (TSX VENTURE:RDU)(OTCBB:RDUFF), is pleased to provide a brief update of recent progress on the Company's exploration programs in Nicaragua. Radius is exploring a number of epithermal gold systems in central and northern Nicaragua including the 100% owned Trebol vein system and the Estrella de Oro project. A man-portable diamond drill rig has been contracted and mobilized to Nicaragua for use on the Company's Nicaraguan projects in the 2008 field season.
Radius is working in close consultation with the local communities in all of its projects to ensure local support for its exploration activities, and is a major employer in these communities.
Estrella de Oro
Estrella de Oro is a recently acquired gold property located 17km west of Siuna, near the historical Bonanza District in north-central Nicaragua. The concession comprises 46,000 hectares and covers an historic gold operation.
Trenching has commenced in the vicinity of the old workings on Cerro Estrella ridge. Eight trenches have been excavated to date over an area approximately 350m x 140m. Outcrop is very poor due to dense vegetation cover. Initial assay results have been received and the most significant weighted average channel sample results are as follows:
- TR-LE-001 15.2m @ 6.73 g/t Au, incl. 2.72m @ 10.24 g/t Au & 1.3m @ 44.17 g/t Au
- TR-LE-002 12.3m @ 1.55 g/t Au
- TR-LE-003 9.3m @ 3.77 g/t Au, incl. 3.62m @ 7.15 g/t Au
- TR-LE-004 4.9m @ 8.55 g/t Au
The results confirm that the gold mineralization is associated with a sequence of steeply-dipping to sub-vertical quartz veins showing variable widths, and hosted within strongly altered volcanic tuffs.
Despite the success of the initial trenching, the geology and distribution of the vein trends remains poorly understood and further trenching and sampling is underway in the Cerro Estrella area in order to better define the continuity of the mineralization along strike to the northeast and southwest. Regional drainage sampling is also underway to define additional targets: visible gold can be panned from several surrounding streams.
Trebol
Trebol is an early-stage epithermal gold property located in the Region Autonoma Atlantico Norte (RAAN), northeastern Nicaragua. Work has resumed there after Hurricane Felix halted Radius's program in late 2007. Access is being restored and a new exploration camp constructed.
Further trenching is underway after initial work defined a system of alteration and gold mineralization associated with low-lying silicified ridges over a strike extent of at least 5 km. The new trenching, combined with soil geochemical surveys, will better define the width and strike of the alteration and mineralization. Early scout drilling is anticipated to provide valuable information on the geological and structural controls on mineralization, and confirmation of the presence of gold mineralization below the surface weathered zone.
The Company previously reported the following channel sample results from initial trenching (see news release dated October 16, 2007, and a trench location map on the Radius website www.radiusgold.com):
- Trench 2 - 10.4m at 1.3 g/t Au
- Trench 3 - 34m at 1.0 g/t Au
- Trench 4 - 35.25m at 4.9 g/t Au including 17.6 g/t Au over 8.35m
- Trench 5 - 11.65m at 2.73 g/t Au
- Trench 13 - 6m at 1.73 g/t Au
Outcrop at Trebol is very poor due to vegetation cover. Trenching to bedrock has generally shown that higher grade gold mineralization ( greater than 2 g/t Au) is associated with quartz veins which show multiple trends, and are enclosed and/or intercalated with lower grade quartz stockworks. This may indicate potential for bulk-tonnage mineralization.
La India and San Pedro
The Company reports that it is in discussions with potential joint venture partners for these properties. The Company will report on developments as they occur.
PDAC Toronto
Radius will be attending the annual Prospectors and Development Association of Canada conference, March 2 - 5, in Toronto, and would like to extend an invitation to its Booth # 2433 in the Metro Toronto Convention Centre.
Assay Protocol & Qualified Person
The scientific and technical information in this release was prepared under the supervision of Mr. 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, President
Shares Issued: 53.5-million
SOURCE: Radius Gold Inc.
Radius Gold Inc. Ralph Rushton Investor Relations (604) 801-5432 or Toll Free: 1-888-627-9378 Radius Gold Inc. Erin Ostrom Investor Relations (604) 801-5432 or Toll Free: 1-888-627-9378 (604) 662-8829 (FAX) Email: info@radiusgold.com Website: www.radiusgold.com
