Redstar Gold Corp (TSX.V:RGC) is pleased to announce results from the initial four holes of an ongoing drill program on the Newman Todd property in Red Lake, Ontario. The program is being funded by Central Resources Corp. (TSX.V:CBC) who can earn up to a 60% interest in the property by spending $6.5 million in exploration and issuing 1,250,000 shares of Central to Redstar.
The latest drill results continue to expand the high-grade gold zones on the property. The main structural corridor (Newman Todd Structural Zone) that hosts the high-grade deposits has now been traced for over two kilometres and to a depth of over 300 metres. Three of the four holes intersected +20 g/t gold intervals, varying from 1.5 metres to 0.65 meters in thickness, within much thicker multi-gram intervals. Highlight intersections include 45.30 g/t gold over 0.35 metre in hole (NT-047), and 26.80 g/t gold over 1.5 metres in hole (NT-048).
Scott Weekes, President of Redstar stated: "We are extremely encouraged by the success of the first four holes of our ongoing 5000 metre drill program. Drilling to date has identified three high-grade zones of gold mineralization within the 2.0 kilometre long Newman Todd Structural Zone. These three zones remain open in all directions. We continue to be impressed by the scale of alteration of the Newman Todd system, which is on the scale of the main Red Lake Mine area. The current drill programs will continue to focus on expanding the known high-grade bodies as well as the continued broader exploration of this very productive high-grade structural zone."
To date three zones (Heath Bull, Hinge and North Breccia) within the Newman Todd Structural Zone have been tested, and all have returned significant results. Gold mineralization within the Heath Bull zone was originally identified in the 1940's and was the first area targeted by Redstar. The Hinge zone is 400 metres north of the Heath Bull zone, and has only been tested by two drill holes to date. The North Breccia zone is 400 metres north of Hinge zone. Although no drilling was completed in the North Breccia zone during the latest drilling, previous results include NT-036 which intersected 16.35 g/t gold over 1.0 metre within a broader zone of 25.43 metres of 1.5 g/t gold.
To date, 20 drill holes have been completed by Redstar within the Newman Todd Structural Zone. A plan map, sections and composite long section can be found on Redstar's web site (www.redstargold.com).
The following summarizes the results from the current drilling. Table 1 has a summary of significant intercepts from the current drilling and previous drilling completed by Redstar.
Two holes have been completed in the Hinge zone, with hole NT-046 the first to completely test across the Newman Todd Structural Zone. This hole intersected two zones of gold mineralization. The upper zone consists of a high-grade core (1.0 metre of 23.50 g/t gold or 5.0 metres of 7.78 g/t gold) within a broad zone (30.5 metres of 1.85 g/t gold) of silicification and sulphide mineralization.
Hole NT-042 intersected 25.70 g/t gold over 1.0 metre within 45.0 metres of 1.5 g/t gold before being lost in a fault.
The Hinge Zone, remains open in all directions. Further drilling will be completed during the winter drill program.
Heath Bull Zone
Hole NT-047 is the deepest hole to date within the Heath Bull zone and intersected 45.3 g/t gold over 0.35 metres within 1.3 metres of 12.84 g/t gold. This intercept is approximately 75 metres below a high grade intercept in hole NT-040 (61.2 g/t gold over 1.0 metre within 5.0 metres of 14.23 g/t gold).
The Heath Bull zone remains open in all directions. Further drilling is planned during the winter drill program. Figure 1
|Hole #||Zone||From (m)||To (m)||Core Length|
Previously Released Drilling
|Hole #||Zone||From (m)||To (m)||Core Length|
High-grade gold mineralization within the Newman Todd Structural Zone is associated with quartz veining, silicification, sulphide and magnetite replacement of intensely iron carbonate altered breccias zones. High-grade mineralization is commonly associated within wide zones of lower grade mineralization (e.g. NT-048: 26.8 g/t over 1.5 metres within 23.5 metres of 2.01g/t gold) and occurs as multiple, steeply dipping, parallel lenses.
Drilling on the Newman Todd property is expected to resume in January. The three known zones of high-grade gold mineralization will continue to be explored, along with untested portions of the Newman Todd Structural Zone. The Newman Todd property has been tested to only shallow levels and it is expected that the 2010 winter program will include a number of deeper drill holes.
ALS Chemex of Vancouver BC, an ISO accredited laboratory, is conducting the sample preparation and analyses of samples. Redstar is submitting standards, blanks and duplicates into the sample stream to maintain quality control. Bob Singh P. Geo., a qualified person as defined by National Instrument 43-101, has reviewed this news release and is responsible for the design and implementation of the work program at Newman Todd. Bob Singh is the Canadian Exploration Manager for Redstar Gold Corp.
On Behalf of the Board,
Redstar Gold Corp
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.