Redstar Gold Corp. (TSX.V:RGC) has received notice from Central Resources Corp. (Central) that Central will not proceed with the option on the Newman Todd project in Red Lake. As a result, Redstar has regained a 100% interest in the property and is currently making plans to continue to advance the project.
Work at the Newman Todd project, has defined a gold bearing structure that can be traced for at least 2 kilometres. To date three gold zones have been identified on the property with gold values up to 61.2 g/t gold over 1.0 metre (within 5.0 metres of 14.23 g/t gold). Recent drilling by Hy Lake Resources - near the boundary of the Newman Todd property - confirms the continuation of the gold bearing structure 800 metres north of Redstar's most northerly drilling.
Posted on the company's web site (www.redstargold.com) is a copy of this release with a map showing a model of the Newman Todd structure with the locations of Hy Lake's drilling near the claim boundary.
Scott Weekes, President of Redstar states: "The Newman Todd project has advanced with every phase of drilling completed on the property. Past work has defined a 2.0 kilometre structure, and recent drilling by Hy Lake, is further evidence the Newman Todd project hosts a regional scale gold bearing structure. We have identified three gold bearing zones (Heath Bull, Hinge and North Breccia zones) which remain open in all directions. Our work has only tested approximately 40% of the 2.0 kilometre structure, and drilling by Hy Lake suggests the structure is much larger. Redstar regaining a 100% interest in the project gives us flexibility to advance the Newman Todd gold project in the near term."
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 found 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.
Table of Significant Results
|Hole||Zone||From (m)||To (m)||Width (m)||Gold (g/t)|
|NT-031||Heath Bull Zone||124.50||136.00||11.50||1.94|
|NT-035||NE Breccia Zone||6.00||7.00||1.00||9.28|
Bob Singh P. Geo., a qualified person as defined by National Instrument 43-101, has reviewed this news release. 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.
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Redstar Gold Corp.
Tim Mikula, Investor Relations
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