Business
Solomon to drill test Radius's Ten Mile Creek Gold Project; Radius Acquires Additional Yukon Ground
Solomon to drill test Radius's Ten Mile Creek Gold Project; Radius Acquires Additional Yukon Ground
About this update from Radius Gold Inc.
[{"type":"text","content":"\n\n\n\n Aug. 19, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 19 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased to announce that Solomon Resources Limited ("Solomon") has informed the Company that it has retained a drill contractor for the Ten Mile Creek gold property, Yukon and drilling is expected to commence within the next two weeks.\nSolomon states in its news release issued today that it has completed the first phase of its 2010 field exploration program on the property. That work consisted of soil geochemical surveys, geophysical surveys and mechanical trenching. The objective of their program was to verify the results reported by former operators and refine diamond drill targets for drilling this season.\nThe Ten Mile Creek property is located within the Dawson Range of Canada's Yukon Territory approximately thirty kilometres north-northwest of the Kinross White Gold property. Solomon can earn a 51% interest in the property by spending $2.5 million on exploration and making staged cash and share payments of $500,000 cash and 1 million shares over 3 years, according to the following schedule:\n\n\n >\n\n\nOn completion of the earn-in, a 51/49 joint venture would be formed going forward. The joint venture would cover all costs related to the project on a pro rated basis.\nSolomon's work confirms the results obtained by previous operators in the area which identified anomalous gold values in stream sediment, soil and rock samples. In 1998, Teck Resources Limited staked over 200 claims in the area, and in the following three seasons it carried out a reconnaissance program of geological mapping, soil and rock sampling, and a minor trenching program on the property. This work outlined five gold mineralized zones hosted in and adjacent to two Mesozoic quartz monzonite intrusive bodies. See Solomon's news release dated August 19, 2010 for more detail about their results.\n\n\n >\n\n\nRadius is also plea...