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Fresnillo plc completes $171,000 property payment at Plata Verde; drilling anticipated to start Q1 2024
(TheNewswire) November 16, 2023 – TheNewswire - Vancouver, British Colum...
About this update from Radius Gold Inc.
[{"type":"text","content":"Fresnillo plc completes $171,000 property payment at Plata Verde; drilling anticipated to start Q1 2024\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n November 16, 2023 – TheNewswire -\n \n \n Vancouver, British Columbia – Radius Gold Inc. (TSXV:RDU)\n(“Radius” or the “Company”) is pleased to announce that\n \n \n Minera San Julian, S.A. de C.V. (“Minera San\nJulian”), a wholly owned subsidiary of Fresnillo plc\n(“Fresnillo”) has paid US$171,000 to Geometales del\nNorte-Geonorte, S.A. de C.V. (“Geonorte”), a wholly owned\nsubsidiary of Radius Gold,\n \n \n under the terms of\nthe Exclusivity Agreement for the development of the Plata Verde\nproject in Chihuahua, Mexico (“Plata Verde”).\n \n This\n \n amount has been used by Radius to fund payments pursuant to\nthe underlying option agreements with the owners of Plata Verde’s\nmining concessions. A maiden drill program is anticipated at Plata\nVerde in Q1 2024.\n \n \n \n \n Under the terms of the Exclusivity Agreement between\nthe companies (see news release July 19, 2023), Minera San Julian has\nan Exclusivity Period to January 7, 2024 to negotiate a definitive\nagreement that would include an option agreement to earn a 70%\ninterest in Plata Verde.  Minera San Julian has the right to extend\nits Exclusivity Period for 6 additional months beyond January 7, 2024,\nby providing Geonorte a minimum of US$500,000 to commence drilling at\nPlata Verde.  Such drilling shall be initiated within 3 months\nfollowing January 7, 2024.\n \n \n \n \n Bruce Smith, Radius Gold President\nand CEO, commented: “We are pleased with Fresnillo’s, the\nworld’s largest silver mining company, continued commitment to the\nPlata Verde project, given some uncertainty over new Mexican mining\nregulations which have delayed the start of drilling\n \n \n .\n \n \n \n \n With the last\npayment of the Exclusivity Agreement completed, Radius anticipates\ndrilling will start\n \n \n within\nthe first months of 2024. Plata Verde is located in a historically\nprolific silver mining district.  The Plata Verde property has shown\nwidespread silver mineralization in sur...