Redstar Gold Corp. is pleased to announce that the Company’s technical team has been mobilized to the high-grade Unga Gold Project to commence its Spring Exploration Program in early April.
- The program will follow-up on the successful results of the 2016 Fall Exploration Program, which expanded the drilled strike length of the Shumagin Gold Zone by 600 meters to approximately 950 meters, and highlighted the strong continuity of high-grade mineralization along strike and at depth. The Shumagin Gold Zone remains open in all directions.
“Our technical team recently completed a data compilation and geological modelling study utilizing all technical data from the successful 2016 exploration season to ensure we lever off the progress we made in last year’s successful programs to maximize our efforts heading into our 2017 Spring Exploration Program. We are now prepared to execute on one of our busiest exploration programs in our Company’s history at the project, and the team is in Alaska and mobilizing to the Unga Gold Project this week” Redstar’s President & CEO, Peter A. Ball, stated.“Results from 2016 Fall Program significantly increased the drilled strike length of the Shumagin Gold Zone, and highlighted the continuity of mineralization along strike and at depth. We are excited to be in a position with a strong treasury to further test the potential of the Shumagin Gold Zone to the southwest, first with a detailed and focused geophysical program, and secondly with a targeted drill program. The Shumagin Gold Zone is our priority heading into the 2017 Spring Exploration Program, but with numerous other gold zones within the Unga Gold Project, the opportunity for multiple gold discoveries remains high.”
Review of the 2017 Spring Exploration Program:
- Commencing in early April, complete a ground-based geophysical program that will test the geophysical responses associated with well-known geological features and high-grade gold mineralization located across the Shumagin Gold Zone. The orientation survey is completed to provide a potential geophysical fingerprint that will be used to target additional structures to the southwest, and potentially across other known gold zones across the island.
- Complete preliminary metallurgical work to test gold-silver bearing mineralization drilled across the Shumagin Gold Zone during 2016.
- Execute a focused drill program, initially up to 5,000 meters, on step out drill holes to the southwest of the Shumagin Gold Zone. Additional drilling and other gold zones will be potentially tested based on current geological models.
- Begin work towards building a preliminary resource on the Shumagin Gold Zone.
Geological Highlights of the Shumagin Gold Zone and Trend:
- The Shumagin Gold Zone is currently defined over a strike length of approximately 1.2 kms by surface mapping and sampling.
- Geological mapping and sampling towards the southwest from Shumagin indicates a very strong expansion potential along strike for an additional three (3) kms towards Orange Mountain, the interpreted hydrothermal center along the Shumagin Trend.
- The Shumagin Trend is approximately 9.5 kms long, and is a major regional structure responsible for the localization of epithermal mineralization and associated alteration exposed about its strike length.
- Results from the 2016 fall drill program at the Shumagin Gold Zone, indicate that high-grade gold-silver mineralization occurs at depth for approximately 950 meters of tested strike length, is vertically extensive (to approximately 330 meter at depth), and remains open at depth across the entire strike length.
- Redstar continues to advance the 100% high-grade controlled Unga Gold Project.
- 2016 drill program intersected gold and the Shumagin structure in each hole
- 2015 drill program intersected grades of:
- 202 grams per tonne (202 g/t) gold and 82 g/t silver over 1.9m
- 35.3 g/t gold and 209 g/t silver over 2m,
- Historical Apollo-Sitka mine averaged 10 g/t Gold equivalent.
- Redstar is well-financed with $6.5 million for next phase (as at January 1, 2017)
- 7 top gold funds, including Eric Sprott, own ~60%.
Redstar Key QuickFacts and Notes:
Institutional Ownership, Financials, Infrastructure:
- Approximately $6.2M in the treasury with ZERO debt (as at March 15, 2017)
- ~60% controlled by the some of the top gold funds and investors in the world including Mount Everest Finance, Eric Sprott, US Global, Gold2000, Geologic Resource Partners, Odey Asset Mgmt, Gabelli Gold.
- Extensive infrastructure including mile long paved airstrip, deep-water port, year round access, temperate climate noting 55th degree latitude
Industry Experts and Commentary:
- Dr. Jeff Hedenquist, world renowned leading expert on Epithermal Gold systems, provides positive report on Unga Gold Project in Summer 2016
- Followed by newsletter writers Bob Moriarty (www.321gold.com), John Kaiser (www.kaiserbottomfish.com), Thibaut Lepouttre (www.caesarreport.com), and Gwen Preston (www.resourcemaven.ca)
- Mining Analyst Mike Niehuser from Scarsdale Equities (NY, USA) completed Report and Buy Recommendation
Other Controlled Assets:
- Controls ~22.2% of NV Gold Corp. (TSXV: NVX) and two board seats
- Controls 30% of the high grade Newman Todd Gold Project in Red Lake, Ontario
Other Key Highlights and Facts on the Unga Gold Project:
- Prioritized Asset: Unga Gold Project Alaska:
- 100% control of district-scale epithermal high-grade gold project
- Remains open on trend and at depth with multiple drill ready targets across ~ 240 km2 property.
- Shumagin, Apollo, Centennial, Orange Mountain, Zachary Bay, Amethyst, Aquila.
- Two underexplored gold trends that are each ~10 kms long; numerous mineralized showings across each trend.
- Focused on building high-grade gold resource and geological model.
- Significant upside with numerous gold zones across property.
- Geopolitically safe jurisdiction and extensive infrastructure.
- Accessible daily by flights from Anchorage, Alaska.
- Temperate climate with year round access and operation - 55th degree latitude.
- Strong relationships with local Native Corporations.
- Patented and State claims cover significant portion of current drill targets.
- Past Producer:
- Host of Alaska's first underground mine with historically reported average mined grade of ~10 g/t gold and ~150,000 oz Au.
- Drill Results at Shumagin Zone:
- 1.9m of 202g/t Au & 82 g/t Ag, 7.3m of 11.8g/t Au & 72.7g/t Ag (incl. 2.0m of 35.3 g/t Au and 209 g/t Ag), 29.6m of 14.97 g/t Au; 3.2m of 33.26 g/t Au and 5.5m of 24.02 g/t Au.