Redstar Gold Corp (TSX.V:RGC) is pleased to announce that it has added two new projects, in the Round Mountain region of central Nevada. Both projects consist of 100% Redstar-owned unpatented mining claims, with no underlying obligations. With these two new gold projects (called Opal Hill and Queens), Redstar now has a total of 12 projects in Nevada.
Scott Weekes, President of Redstar stated: "The acquisition of these two new projects are an exciting addition to our Nevada property portfolio. Both of these properties were acquired based on data from the geological database we purchased from AngloGold Ashanti, a few years ago. Queens hosts a disseminated gold system, hosted in similar rocks to the nearby Round Mountain Deposit (> 13 million ounces gold in production and reserves), and has returned significant gold values in previous surface sampling and drilling. The target at Opal Hill is a range front epithermal system with strong arsenic, mercury and antimony geochemistry. The system outcrops and extends under shallow cover and appears to have had no exploration since the 1970's. Redstar is continuing to look for quality gold projects in Nevada, and is actively talking to potential joint venture partners to advance our portfolio of projects. The joint venture model continues to give Redstar shareholders exposure to potential gold discoveries in Red Lake and Nevada at very little cost."
The Queens project is located 12 kilometres southeast of the world-class Round Mountain gold mine (>13 Moz production and reserves), and 8 kilometres northeast of the Manhattan gold district. Like Round Mountain, Queens contains a disseminated gold system hosted in caldera-related volcanic rocks (ash-flow tuff). Sampling by Redstar, returned outcrop gold values to 0.587 ppm Au, historic surface sampling during the early 1990's returned values to 0.743 ppb Au in outcrop and 6.98 ppm Au in soil sampling. Reverse-circulation drilling in the early 1990's returned significant gold intersections, based on data reported by a previous property owner, on file with the U.S. Securities and Exchange Commission. Drill hole 91-2 yielded, 0.021 opt Au over 50 feet from 70-120 feet, and 0.025 opt Au over 60 feet from 220-280 feet. Hole 91-5 returned 3 intersections of 0.016 opt over 35 feet (0-35 ft), 0.026 over 65 feet (105-170ft) and 0.017 over 35 feet (225-260ft). Queens lies within a volcanic sequence which is part of the 25 million year-old (Ma) Manhattan caldera, part of a complex of calderas which erupted between about 24-26 Ma, and includes the caldera hosting the Round Mountain deposit.
The Opal Hill project contains a large area of silicification at a range front about 29 miles northwest of Round Mountain. The silicification consists of massive opal replacement of volcanic rocks, along a west-northwest striking zone at least 1,100 feet long by about 400 feet wide. The silicification is covered by valley-fill alluvium along strike to the west, and there is evidence that the alluvial cover is thin. The opalite is enriched in mercury (up to >100 ppm) and As (up to 900 ppm), with moderately-elevated antimony (up to 30 ppm). These elements are concentrated in the western portion of the exposed opalite, where it projects under valley cover. There is no record of previous modern drilling, nor is there any record of activity by major mining or exploration companies. Opaline alteration forms at very low temperatures at high or distal portions of a hydrothermal system and is known to cap some productive gold deposits in Nevada. Examples of gold systems hidden below gold-barren opalite in Nevada include Goldbanks, Hollister (Ivanhoe) and Redstar's Painted Hills project. The opaline alteration is enriched in mercury, arsenic and antimony in these systems. Further, range-front settings are favourable environments for mineral systems and Nevada's largest gold deposits, including Round Mountain, that occur along range fronts.
Dr. Jacob Margolis, Redstar's U.S. Exploration Manager, states: "We are excited about Opal Hill, as it represents an undrilled, pristine exploration opportunity in a mineral system along a range front near a world-class gold camp. We interpret the mineralized silicification as high-level and distal to gold mineralization concealed along the range front under the valley alluvium to the west. For Queens, we are attempting to obtain details from the historical drilling, so that the potential of the project can be fully evaluated. As with many of our other projects, both acquisitions resulted from information in our extensive Nevada database obtained from AngloGold-Ashanti."
Drill programs have recently been completed on two of Redstar's projects; the Newman Todd project in Red Lake, Ontario and the Richmond Summit project on the Carlin Trend in Nevada. Assay results from these recently completed drill programs are pending (expected to be received and reported in early 2010) and will be used to plan future exploration efforts. In addition to these two projects Redstar has 11 other gold projects in Nevada.
Dr. Jacob Margolis, US Exploration Manager for Redstar, is a Qualified Person as defined by National Instrument 43-101 and has reviewed this news release.
On Behalf of the Board,
Redstar Gold Corp