Business
Radius increases land position at Sixty Mile, exploration program underway
Radius increases land position at Sixty Mile, exploration program underway
About this update from Radius Gold Inc.
[{"type":"text","content":"\n\n\n\n Jun. 3, 2010 (Canada NewsWire Group) -- Radius Gold Inc. (TSX-V: RDU) is pleased to announce that it has added to its large land position covering the headwaters and drainage areas of the prolific Sixty Mile gold camp of the Yukon Territory by way of an option to acquire a 100% interest in 52 claims. To exercise the option, which is subject to Exchange approval, Radius must pay a total of $190,000 cash and issue a total of $200,000 worth of shares over three years. The Company has also acquired by staking an additional 30 claims in the Sixty Mile area across the border in Alaska, increasing Radius's land holdings in the region to 12,000 hectares.\n\nExploration Underway\n\nOn June 1st 2010, Radius announced that it had successfully closed a $2.52M flow-through financing for its northern Canadian projects, with the bulk of the cash raised earmarked for the Sixty Mile program. Field work has now started, and a field camp has been established.\nA high-resolution airborne magnetic and radiometric survey is about to commence covering Radius's full land holdings in the area. Kennecott completed a 640-line-kilometre helicopter magnetic and radiometric survey as part of its Yukon-Alaska intrusion-related bulk-tonnage gold program in the 1990s. The new survey will improve on the resolution of the historic data and, with additional geochemical sampling, will help define drill targets.\nAuger drilling has started in the Sixty Mile river valley. A series of 10 auger hole profiles, with 25m spaced holes, is planned to test the bedrock beneath the placer workings in the Sixty Mile River bed. The drilling will investigate historical gold results from very limited hardrock drilling conducted on one of the Sixty Mile claims by a previous operator.\n\nAbout the Sixty Mile Project\n\nRadius successfully consolidated approximately 12,000 hectares in the Sixty Mile placer gold district which reportedly produced over 500,000 ounces 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 multimillion-ounce gold discovery driven by the search for the source of placer gold in ...