Mr. Bruce Smith reports

RADIUS GOLD PROVIDES UPDATE ON DRILLING AT TROPICO PROJECT

Radius Gold Inc. has provided an update on drilling at its Tropico project located in the Fresnillo mining district in Zacatecas, Mexico. The company completed an initial 1,300-metre program of diamond drilling in eight drill holes, with assays received for the first seven holes. Drilling is planned to resume upon receipt of remaining assay results.

Drilling in five holes has defined a large gold mineralized hydrothermal breccia body that starts at surface and, to date, defined 250 m down dip. Gold grades are starting to increase with depth, with results for the last and deepest hole pending.

Initially, the geological team targeted a simple model of a vertical breccia pipe below the outcropping Tropico sinter and breccia, with high-grade mineralization predicted to occur approximately 300 m below surface, as observed in general within the Fresnillo mining district. Drilling at Tropico has been more complex than expected, with initial drill holes (reported Oct. 4, 2023) intersecting significant fault zones and trapped drill rods, restricting progress. The expected hydrothermal breccia pipe was not found vertically below the sinter, as predicted by the geophysics, instead is rather unexpectedly dipping at 45 degrees east and has now been defined under soil cover 200 m to the east of the outcropping target. It required several short drill holes to understand the geometry of the breccia body, and to significantly improve drilling rates, recovery and associated costs. The company has paused the drilling in order to get full assays before determining additional drill hole targets along strike and down dip.

The hydrothermal, polymictic breccia body intersected is widening with depth, and grades are increasing within the breccia body and the contact zones. This mineralization being intersected occurs in areas with deep soil cover and no surficial expression, and the geological team believes that opens up the strike potential of the system for the full length of the property.

About the Tropico target

The Tropico target is defined by surface mapping and geochemical sampling, outlining a sinter and silicified breccia with a strong gold and mercury geochemical signature, roughly oval-shaped, 450 m long by 250 m wide, orientated north-northeast (see news release dated March 21, 2023).

Location

The Tropico target is located 30 kilometres northwest of Fresnillo city, Zacatecas, Mexico. The Fresnillo mining district is one of the world's most productive epithermal systems and hosts the world's oldest continuously operating mines producing silver, gold, copper, lead and zinc for approximately five centuries, since 1554.

The district hosts over 150 veins, mantos and chimney deposits, including over 30 large-scale ore producers, and it continues to deliver more, with recent discoveries that include the multimillion-ounce silver and gold producer, Juanicipio project, a joint venture between MAG Silver and Fresnillo PLC.

Radius entered into an option agreement in March, 2023, with local claim owners to acquire 100 per cent of the property (see news release dated March 21, 2023).

Quality assurance and quality control

Drilling is carried out using PQ and NQ size tooling. Drill core is cut in half using a rock saw with one-half of the core then taken as a sample for analysis. Sample intervals are generally 1.5 m, producing samples of between two kilograms and nine kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Mexico. The samples are fire assayed for gold, and are analyzed for silver and multielements using method code ME-ICP61, following a four-acid digestion. Overlimits are analyzed using an appropriate method. Multielement geochemical standards and blanks are routinely entered into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.

Technical information

Bruce Smith, MSc (geology), a member of the Australian Institute of Geoscientists, is the company's qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Smith has 30 years of mineral exploration experience, and has prepared and approved the technical information contained in this news release.

Radius Gold Inc.

Radius has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing partnerships where appropriate to retain the company's treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe. Radius is a member of the Gold group of companies, led by Simon Ridgway.

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