Redstar Gold Corp (TSX.V:RGC) ("Redstar") is pleased to report that Gold Fields Netherlands Services BV, a subsidiary of Gold Fields Ltd. (NYSE, JSE, DIFX: GFI) ("Gold Fields") has completed drilling programs at Redstar's 100% owned Richmond Summit and Dry Gulch projects within the Carlin Trend in Nevada, USA. Significant anomalous gold and arsenic mineralization along dyke-filled faults within upper-plate rocks has been intersected in drill holes at Richmond Summit, where mineralization at surface reaches 7.75 g/t gold. Drilling also intersected carbonate rocks similar to lower-plate carbonates that outcrop within 300 metres of the property boundary. The intersection of the mineralized faults and carbonates is untested and remains a high priority drill target. At Dry Gulch, one of two widely-spaced drill holes intersected significant faulting but no significant gold mineralization. Redstar considers the results at Richmond Summit very encouraging, and it is clear more work is needed at both projects. Gold Fields has notified Redstar that it will discontinue its exploration on the two projects.
Scott Weekes, President of Redstar stated: "Redstar is encouraged with the results of the Phase 1 drill programs completed by Gold Fields on our Carlin trend projects. From the exploration work at Richmond Summit we have been able to define north-trending dyke-filled structures with anomalous gold and arsenic in upper plate rocks. Most importantly, the drilling confirms the presence of carbonate rocks at depth on the property. The intersection of these structures with carbonate rocks is the key ingredient in productive gold deposits along the Carlin trend. Using what we've learned from exploration work completed we can make plans to focus future drilling on this target environment. I'm confident that we will be able to find a partner to continue to advance our Carlin Trend projects in 2009."
The two square-mile Richmond Summit property is four miles northwest of Newmont Mining Corporation's Mike deposit (8.5 million oz gold) in the Gold Quarry district (~29 million ounces of production plus reserves as of 1999) and six miles south of the Carlin - West Leeville gold mines (>10 million oz gold production plus reserves).
Program and Results
- The 2008 exploration program included trenching, a gravity survey, a ground magnetic survey and eight widely-spaced drill holes consisting of five reverse-circulation drill holes for 4,680 feet and 3 core holes for 3,868 feet.
- Geophysical surveys and drilling defined a dyke-filled, north-trending structural corridor extending the full length of the property (one mile); the structural zone is the southern extension of the Post fault system, which localizes world-class gold deposits of the northern Carlin trend about 7 miles to the north.
- Drilling in upper-plate rocks within the structural corridor intersected altered dykes with anomalous gold to 700 ppb and arsenic to 2600 ppm.
- At the main zone, where surface gold reaches 7.75 g/t, a strongly-argillized and pyritic dyke with anomalous gold-arsenic occupies a north-trending fault and is considered strong evidence of underlying Carlin-type gold mineralization; only one drill hole in the 2008 program tested the main zone and it was incompletely assayed.
- An historic drill hole approximately 500 metres west of the main zone intersected a thick sequence of carbonate rocks similar to lower-plate carbonates exposed within 300 metres of the property boundary.
- The intersection of the gold and arsenic bearing structures with the thick carbonate sequence has not been tested and provides a high priority target for future drilling.
The Dry Gulch property is 6 miles northeast of the Gold Quarry gold mine and 7 miles southeast of the Carlin - West Leeville gold mines. Geological and geophysical analysis indicates that structures controlling these productive gold deposits can be traced into the project area.
Program and Results
- The 2008 exploration program included a gravity survey, one 1,500-foot vertical RC drill hole and one 1,565-foot combined RC-core hole; the two widely spaced drill holes are 3.3 kilometres apart.
- Neither hole intersected anomalous gold mineralization.
- Only one hole tested a prospective northwest-trending fault zone, the principal target on the project, and this hole was incompletely assayed.
Dr. Jake Margolis, Redstar's U.S. Exploration Manager, stated: "The 2008 program at Richmond Summit has shown that geologic elements of the main zone are quite similar to productive Carlin-trend gold deposits, particularly the world-class Meikle deposit (approx. 7 million ounces). Meikle is located along the same dike-filled fault zone about 12 miles to the north. Further, the results indicate a much more significant dyke-filled, north-trending fault zone than we knew existed before. The project is ripe for a second phase of surgical drilling to test the intersection of the altered and mineralized dykes with the underlying carbonate sequence."
Dr. Jacob Margolis, Exploration Manager Redstar Gold Corporation is a qualified person as defined by National Instrument 43-101, and has reviewed this news release. On-site personnel at the project photograph the core from each diamond drill hole prior to preparing the split core. Representative chips from the RC drilling are retained for geological logging. All sample shipments are sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards.
About Redstar Gold Corp.
Redstar Gold Corp. is a Vancouver-based company focused on gold exploration in Nevada and Red Lake, Ontario.
For more detailed information on Redstar's Nevada projects, as well as its gold projects in the Red Lake area, please visit the company's web site at www.redstargold.com.
On Behalf of the Board,
Redstar Gold Corp
Redstar Gold Corp..
B&D Capital Partners
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.