Redstar Gold Corp. (TSX.V:RGC) has acquired a new project in Nevada called Seven Devils located 55 miles south of Winnemucca, Nevada. This new project includes 52 staked claims and 16 leased claims. The project is along a regional, north-trending structural zone which contains several important volcanic-hosted gold deposits to the north of the project.
Scott Weekes, President Redstar stated "We are very pleased to be able to continue to find high-quality gold exploration projects in Nevada that are highly prospective and under explored. The Seven Devils project again attests to the quality of the geological database we acquired from AngloGold Ashanti and brings the total number of projects acquired to 11. Work by Redstar and proprietary data from our data base have outlined an out cropping gold system within a productive gold trend. Sampling has returned values up to 1.9 g/t gold within altered volcanic rocks and the system remains very under explored. We look forward to further exploration work on this project. With the guidance of our U.S. exploration manager, Dr. Jacob Margolis, we continue to search for additional projects using our extensive geological database."
Seven Devils contains widespread volcanic-hosted, epithermal gold mineralization as well as mineralization in underlying sedimentary rocks. Recent preliminary sampling from outcropping volcanic rock returned gold grades from anomalous to as high as 1.88 g/t (0.055 opt). Importantly, the gold system lies along a regional, north-trending structural zone which contains several important volcanic-hosted gold deposits north of the project, including the bonanza-grade Sleeper deposit (1.7 Moz mined; X-Cal Resources Ltd), the Sandman deposits (Newmont Mining Corp and Fronteer Development Group), and the Goldbanks deposit (Desert Gold Ventures and Kinross Gold Corp).
This structural zone, which Redstar terms the Western Nevada Rift, is parallel to and similar to the Northern Nevada Rift, which localizes a series of similar productive volcanic-hosted gold systems about 55 miles to the east, including the Mule Canyon, Fire Creek and Buckhorn gold deposits. These gold systems represent a class of productive gold deposits in the Great Basin region containing both high-grade veins and low-grade disseminated mineralization in volcanic rocks. The best example being the Midas district (Ken Snyder mine) operated by Newmont Mining Corp (2.2 Moz production plus reserves).
Volcanic rocks at Seven Devils have been dated as Middle Miocene, and it is likely that the gold system is a member of this important class. Previous exploration at Seven Devils focused on sediment-hosted (carbonate-hosted) mineralization. However, Redstar's work has shown that the overlying volcanics are extensively altered and mineralized, and that the volcanic-hosted mineralization offers a strong exploration target not well tested by previous exploration.
Historic exploration drilling was completed during the late 1980's and was shallow (average depth of 350 feet). Even though a number of mineralized intervals were encountered with gold values to 2.52 gpt (0.073 opt), gold assays were by atomic absorption (AA) without fire assay. The AA analysis may have underestimated gold grades where gold is associated with disseminated sulphides. Outcropping gold mineralization is locally accompanied by disseminated pyrite, and Redstar's outcrop samples adjacent to the historic drill-hole collars have returned higher grades than those intersected in the holes.
Gold mineralization is coincident with silicification, quartz veinlets, hydrothermal brecciation and widespread anomalies in arsenic, antimony and mercury. Fluorite occurs locally with gold mineralization; fluorite is a common late-stage mineral in the high-grade veins at Midas. The mineralized volcanics are concealed by alluvium and post-mineralization volcanic rocks over large areas of the project. Gold mineralization is known over a strike length of at least 6,000 feet, with strongly-anomalous trace elements covering 11,000 feet of strike.
On Behalf of the Board,
Redstar Gold Corp
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."