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 begun first-phase exploration drilling at Redstar's 100% owned Richmond Summit and Dry Gulch projects within the Carlin Trend in Nevada, USA. Under terms announced previously in Stockwatch, Gold Fields can earn a 60-per-cent interest in the two projects and plans to spend approximately $1.4-million during the first year of the agreement.
Scott Weekes. President of Redstar stated: "Redstar is very pleased with the aggressive approach taken by Gold Fields on our Carlin Trend projects. The ground work completed by Gold Fields, including mapping, geophysics, and trenching, has helped define drill targets on the Richmond Summit and Dry Gulch properties. These two projects are located in close proximity to very large gold deposits within one of the most productive gold trends in the world, and they share similar geological characteristics to the mines in the area. In the short time since we optioned these projects to Gold Fields, they have quickly moved them to the drill stage."
The drilling program at Richmond Summit includes seven drill holes totaling 2,800 metres and will consist of a combination of reverse-circulation and core drilling. 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). Widely-spaced drilling at Richmond Summit is targeting major faults and favourable lower-plate carbonate rocks in areas of altered and mineralized dykes and mineralized upper-plate rocks (surface gold values to 7.75 g/t). 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 along a north-trending corridor of dykes which marks the southern extension of 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 drilling program at Dry Gulch includes two deep holes totaling 1,000 metres and will consist of a combination of reverse-circulation and core 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 indicate that structures controlling these gold deposits can be traced into the project area, and there is evidence that favourable lower-plate host rocks may underlie the exposed upper-plate rocks at shallow depths. The drill holes are targeting major structural elements and geophysical features.
Dr. Jacob Margolis, a qualified person as defined by National Instrument 43-101, has reviewed this news release and acted for Redstar in the design and implementation of the work programs at Richmond Summit and Dry Gulch. Dr. Margolis is the U.S. Exploration Manager for Redstar Gold Corp. Rock samples collected by on-site personnel are shipped to ALS Chemex for assay. ALS Chemex's quality control 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.
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
Doug Fulcher Director
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.