Radius Gold Inc. reported preliminary results from initial metallurgical testing conducted on samples from Radius's Plata Verde Project, located in Chihuahua, Mexico. In July 2022 Radius announced an Exclusivity Agreement (the "Agreement") with Minera San Julian, S.A. de C.V. ("Minera San Julian"), a wholly owned subsidiary of Fresnillo plc, for Plata Verde Project in Chihuahua, Mexico. See Radius' news release of July 12, 2022. The Agreement granted Minera San Julian an exclusive right for nine months to carry out evaluation and exploration activities in order to negotiate an option agreement to earn a 70% interest in the project. As part of these activities, Minera San Julian sent mineral samples to Fresnillo plc's Technical Services Group, Mineral Processing Department, in Torreon, Mexico ("TSG"), to conduct metallurgical tests. Bulk samples (approximately 100kg) were collected from the Mina Mojonera and Mina Real underground workings and sent to TSG for initial investigation into metallurgical characterisation and recoveries of metals (silver lead and copper) by cyanide leaching and flotation. Mineralogical characterization: Galena is the main sulfide, which registered around 0.11% by weight, chalcocite 0.12%, and sphalerite, pyrite, chalcopyrite and arsenopyrite, which totaled around 0.06%, were detected to a lesser extent. As silver species, stromeyerite, argentite and a low proportion of AgHg were detected. Non-sulfur gangue represented 99.6% by weight mainly as baryte, calcite, albite, and quartz. Grinding parameters: The work index (Wi) averaged 8.67 kWh/t, classifying the Mina Real and Mina Mojonera samples as "soft" material for ball milling. Direct cyanidation tests: Bottle roll cyanidation tests evaluated the effect of cyanide concentration and particle size on the
recovery of elements of metals. The results indicate that the most significant process variable on silver recovery was particle size. Table 2 summarizes the results of the K80 bottle tests carried out around 75m and a concentration of 2.0 g/L of NaCN, conditions considered as adequate for processing Plata Verde material. Silver recovery averaged 93% and the tailings assayed approximately 23 g/t silver. The dissolution of copper, zinc and iron averaged 74%, 3% and 0.25% respectively. Lime consumption was approximately 0.77 kg/t and NaCN 4.2 kg/t. Flotation tests: Standard flotation tests were conducted for Mina Real and Mina Mojonera samples. Mina Real: Pb/Cu concentrate reported grades for gold of 0.59 g/t, silver 53.7 kg/t, lead 14.5%, copper 14.3%, iron 3.9% and insoluble 17.9% and recovery of 84%, 66% and 71% for silver, lead and copper respectively. Tail grades were Ag = 65 g/t, Pb = 0.05% and Cu= 0.04%. Mina Mojonera: Pb/Cu concentrate reported grades for silver 54.2 kg/t, lead 14.3%, copper 14.2%, iron 3.5% and insoluble 30.0% and recovery of 86%, 38% and 56% for silver, lead and copper respectively. Tail grades were Ag = 51 g/t, Pb = 0.13% and Cu= 0.06%. Pb-Cu flotation & cyanidation of flotation tails. Samples from Mina Real and Mojonera averaged a global silver recovery of 97% through the combined flotation + tail cyanidation process. Further investigations related to the high content of barite in the mineral matrix of the samples, that could affect the flotation process, was also recommended.