Redstar Gold Corp. (TSX.V:RGC) ("Redstar") is pleased to announce that Gold Fields Netherlands Services BV, a subsidiary of Gold Fields Ltd. (NYSE, JSE, DIFX: GFI) ("Gold Fields") has completed initial geophysical and geological work on Redstar's 100% owned Richmond Summit and Dry Gulch projects within the Carlin Trend in Nevada, USA. Results from the work are encouraging, and Gold Fields plans to start a drilling program on both properties this year. Under terms announced previously, Gold Fields can earn a 60% interest in the two projects and plans to spend approximately $1.4M during the first year of the agreement.
Scott Weekes, President of Redstar states: "Redstar has been extremely pleased with the aggressive approach to exploration Gold Fields has taken with our Carlin Trend properties. The work completed this spring and summer has helped prioritize drill targets for drill programs on the Richmond Summit and Dry Gulch properties. A number of altered and mineralized dykes have been recognized on the Richmond Summit property. In other areas of the Carlin Trend similar dykes are intimately associated with gold deposits and a key target in exploration. The work by Gold Fields has reinforced our structural interpretation of the area and we are eagerly awaiting the start of drilling on these projects."
The two square-mile Richmond Summit property is 4 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 6 miles south of the Carlin - West Leeville gold mines (>10 million oz gold production plus reserves). The project lies at the edge of exposed lower plate carbonate rocks, which are the dominant host to gold mineralization along the Carlin trend, and it lies along the inferred southern continuation of the Post fault zone, a key control to gold mineralization in the northern Carlin Trend.
Gold Fields recently completed detailed ground magnetic and gravity surveys, rock-chip sampling, mapping and a series of widely-spaced trenches. The results have delineated a number of poorly-exposed northerly-trending dykes of varying composition which are locally are altered and weakly mineralized. The dykes cut upper plate sedimentary rocks and are inferred to mark the southern extension of a regional structural feature which includes the Post fault zone. Along the Post fault in the northern Carlin Trend, similar dykes occur within the gold deposits and are believed to be temporally and genetically linked to gold mineralization. The Richmond Summit dykes are a key element in developing drill targets at the project. Gold Fields plans to complete a 2,800m drilling program in 2008 using a combination of core and reverse-circulation 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. Geophysics and geology indicate that structures controlling these gold deposits can be traced through the project area, and there is evidence that favourable lowerplate host rocks may underlie the area at relatively shallow depths. Gold Fields has completed a ground gravity survey and geologic mapping. Integration of the results has yielded several target areas that will be tested by deep drilling in 2008.
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