Radius Gold Inc. announced that they recently staked 230 claims. These claims cover the eastern extension of the belt of rocks that host ATAC Resources’ Osiris discovery, contiguous with ATAC’s Sten claim block, northeast of Keno City in the Yukon Territory of northern Canada.
Radius also staked 320 claims covering the prospective stratigraphy along the northern edge of ATAC’s claim block. This is midway between the Osiris and Ariana targets.
ATAC has discovered a potentially major belt of Carlin-type gold mineralization at their RAU property. According to ATAC, mineralization in the Osiris Target area shares many of the characteristics of Carlin-type gold deposits. This includes similar alteration assemblages and association with the low temperature arsenic sulphides, realgar, and orpiment.
Host rocks are two, 150 to 250 m thick limestone debris flow and turbidite units. These are referred to as the Osiris and Isis Horizons, which occur within basinal silty mudstones. Radius Gold Inc. plans to begin exploration of their ATAC-belt claims when weather conditions allow in the spring.
Radius recently announced a non-brokered private placement to a maximum of 5.8 million flow-through common shares at 65 cents per share. This is for gross proceeds of up to $3.77-million. Closing of the financing is anticipated to occur on or before Dec. 6, 2010. It is subject to receipt of TSX Venture Exchange acceptance. The net proceeds of the financing will be used for exploration of Radius Gold Inc.’s Sixty Mile property in Yukon Territory and their other Yukon properties.
Headquartered in Vancouver, British Columbia, Radius Gold Inc. has been exploring for gold in Latin America for nearly a decade. The Company has assembled interests in a portfolio of promising gold projects throughout the region. This includes carried stakes in two small-scale developing gold projects in Guatemala and Nicaragua. In addition to their ATAC-belt claims, Radius also has two other 100 percent owned exploration plays. These are the HB property in Guatemala and the Sixty Mile property in the Yukon Territory.
For more information visit: www.radiusgold.com
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