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Friday, 20th March 2009 (746 views)

Radius Gold has revealed that it has been granted an option to acquire a 100 per cent interest in the Nueva California gold property in Peru.

The Vancouver-based company reported that the project in north-central Peru is an early-stage, bulk tonnage gold target that is only partially exposed and is believed to have gold mineralisation open along strike and down dip.

Under the terms of the option, Radius must spend $3 million (£2.1 million) in exploration activities and made a series of payments totalling $3 million over a period of four years to the Peruvian owner of the site.

A small underground mine is in operation at Nueva California and Radius believes that there is potential for the development of a low-grade bulk tonnage gold-silver resource on the property.

Radius has agreed to assign the option to Focus Ventures, which will have 180 days to conduct due diligence work on the prospect.

Focused on the discovery and development of gold deposits, Radius Gold has a portfolio of advanced exploration properties in Nicaragua, Guatemala and Peru.

 

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