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Radius Gold and Volcanic Gold Mines announce modification to Option Agreement to include the Motagua Norte project
(TheNewswire) September 18, 2023 – TheNewswire - Vancouver, Brit...
About this update from Radius Gold Inc.
[{"type":"text","content":"Radius Gold and Volcanic Gold Mines announce modification to Option Agreement to include the Motagua Norte project\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 September 18, 2023 –\n \n \n TheNewswire\n \n \n -\n \n \n Vancouver, British\nColumbia – Radius Gold Inc. (TSXV:RDU) (“Radius” or the\n“Company”)\n \n \n and\n \n \n Volcanic Gold Mines Inc.\n \n \n (“Volcanic”)\n \n \n are pleased to\nannounce that they have modified the Option Agreement signed in 2020\n(see Radius News Release September 3, 2020) to include Radius’s\nMotagua Norte project in exchange for the Banderas project.  The work\nthat the Volcanic team has completed to date has demonstrated that\nMotagua Norte is a high grade orogenic gold system with compelling\ndrill targets.\n \n \n \n \n Highlights\n \n \n \n \n \n \n Under the modified Option Agreement, Volcanic has an\noption to earn a 60% interest in the Holly and Motagua Norte projects\nif Volcanic spends US$7M on exploration of the properties within 48\nmonths from March 2021, being the date drilling permits were granted\nfor the Holly project.\n \n \n \n \n \n \n Volcanic has invested ~US$4.29M in exploration on\nHolly, and under the modified Option, a minimum of $2.0M will be\ndirected at the exploration and drilling of Motagua Norte.\n \n \n \n \n \n \n Volcanic’s geological team spent considerable time\nand resources evaluating Radius’s 340,000 ha regional applications\nin eastern Guatemala and identified the Motagua Norte prospect as high\ngrade orogenic gold system with compelling drill targets.\n \n \n \n \n \n \n The modified Option Agreement is subject to approval by\nthe TSX Venture Exchange.  As Radius and Volcanic have a common\ndirector and two common officers, Volcanic is a “non-arm’s length\nparty” to Radius within the meaning of TSX Venture Exchange Policy\n5.9.  The modified option agreement is not, however, a “related\nparty transaction” as defined in Multilateral Instrument 61-101,\nProtection of Minority Security Holders in Special Transactions (“MI\n61-101”) and therefore the requirements of the Exchange’s Policy\n5.9 and MI 61-101 do not apply.\n \n \n \n \n Technical I...