Historic Drill Results Include 1.6 g/t Over 21.9 metres
Redstar Gold Corp. (TSX.V:RGC) is pleased to announce the acquisition of an additional twelve patented mining claims at its North Bullfrog project in southwestern Nevada. These additional claims cover one of the Company's highest priority drill targets within the district. Historic drilling and underground sampling identified an area of mineralization with numerous 5 to 20 metre intervals of plus 1g/t gold. The new property brings the North Bullfrog land package to approximately 18.6 square kilometres (seven square miles) of 100%-owned mining claims and leases.
The new holdings include the historic Connection underground mine. Sampling of the underground workings during a previous exploration effort in 1980 yielded 1.61 g/t gold over 21.9m (0.047 opt gold over 72 feet), 2.54 g/t gold over 9.7m (0.074 opt gold over 32 feet) and 2.30 g/t gold over 12.2m (0.067 opt gold over 40 feet), with individual samples reaching 4.39 g/t gold over 3.6m (0.128 opt gold over 12 feet). The area of gold mineralization at Connection has also been tested with historic shallow drilling that returned 2.69 g/t gold over 9.1m (0.079 opt gold over 30 feet) containing 11.21 g/t gold over 1.5m (0.327 opt gold over 5 feet).
These newly acquired claims fall under a previously announced option agreement between Redstar Gold Corp. and International Tower Hill Mines (TSX.V:ITH). ITH can earn a 60% interest in the project by making expenditures of $4.0 million and can earn an additional 10% (for a total of 70%) by producing a feasibility report. As reported previously, ITH has completed drilling programs at North Bullfrog in 2007 and 2008 and has encountered significant mineralization at three target areas: Mayflower, Sierra Blanca and Pioneer. The new lease also includes claims in the Mayflower target area, where recent drilling by ITH encountered significant high-grade mineralization with visible gold.
Jake Margolis, Redstar's U.S. exploration manager states: "We have now assembled the strongest consolidated land position of any of the previous exploration efforts at North Bullfrog. The plus-1-gram-per-tonne gold grades at Connection, together with the shallow level of previous testing are very encouraging. The key exploration frontiers at Connection are twofold: expanding the known mineralization at depth and along strike and testing for faults which could host high-grade mineralization. We look forward to continuing to work with ITH in advancing the targets."
The previous holes at Connection were shallow (largely less than 90m (300 feet) deep) rotary holes drilled during the 1970's and early 1980's, and not all intervals were assayed (Table 1). Mineralization occurs within and along the margins of shattered blocks of Paleozoic limestone, shale and quartzite within a volcanic debris-flow matrix, which is also mineralized. Gold is coincident with strong hematite staining, fracturing, opaline and chalcedonic silicification, quartz-calcite veinlets and elevated arsenic. Initial evaluation of the historic results indicates that higher grades may occur along moderately-dipping north-trending faults which have not been explored below the shallowly-drilled levels. The occurrence of opaline silicification along faults in the area also indicates the potential for deeper mineralization. Redstar has confirmed mineralization at Connection, with surface outcrop samples reaching 680 ppb gold in shale, 588 ppb in limestone and 355 ppb from the matrix of the volcanic debris-flow sequence.
Table 1: Selected Drillhole Assays Results*
|Hole||Opt Gold||Interval (Feet)||From (Feet)||To (Feet)||Highest Value Over 5 Feet||g/t Gold||Interval (Meters)||From (Meters)||To (Meters)||Highest Value Over 5 Feet|
* Assays in some cases by atomic absorption only; analysis from 1974 to 1982 by Rocky Mountain Geochemical Corp, Monitor Geochemical Laboratory Inc and Hawthorne Analytical Laboratories. The mineralized zone has been defined by 19 historic vertical holes totaling 1396m (4580 feet), only 2 of which exceed 90m (300 feet) in length (the deepest is 160m or 525 feet). All 19 holes have at least 1.5m grading 0.45 g/t (5 feet grading 0.013 opt)
The twelve patented claims were acquired through a lease with a private company. The 10 year, renewable mining lease calls for payments of $10,800 on signing and annual payments for the first three anniversaries of $10,800 and $16,200 for every year thereafter. Redstar has an option to purchase the property for $1,000,000 at any time during the life of the lease. Production is subject to a 4% net-smelter-returns royalty, which may be purchased for $5,000,000.
Dr. Jacob Margolis, a qualified person as defined by National Instrument 43-101, has reviewed this news release and will act for Redstar in the design and implementation of the work program at North Bullfrog. Dr. Margolis is the Exploration Manager for Redstar Gold Corp.
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
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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.