Redstar Gold Corp. (TSX.V: RGC) is pleased to report high-grade drill results from the on-going drilling program, at the Newman Todd property, in the Red Lake Gold District, Ontario. The work is being funded by Confederation Minerals Ltd. (Confederation) (TSX.V:CFM), the operator during the earn-in period. To date, 52 drill holes totaling 20,000 metres have been completed in 2011. Drilling has focused on the Newman Todd Structure (NTS) where gold mineralization has been discovered over a strike length of 1.6 kilometres, and is where the new Hinge Zone high-grade discovery is located. The Hinge Zone has many similarities to the High Grade Zone in the main Red Lake mine (owned by GoldCorp) 20 kilometers to the east.
Scott Weekes, President of Redstar, stated: "We are extremely pleased with results from the 2011 drill program; the results to date have shown good continuity of the gold mineralizing system along the entire drilled area. In addition to the exceptional high-grade gold system in the Hinge Zone, we are also starting to see surrounding wider zones of gold mineralization with bulk tonnage potential. The grades and widths of our drilling intersections are comparable to those being intersected at Goldcorp's High Grade Zone, where narrow drill hole intercepts of high-grade account for a significant portion of the gold reserve and resource (Gold Corp NI 43-101 report, dated January 15, 2011). It is important to point out that with the nature of this style of high-grade gold mineralization; significant potential can exist at depth as seen at the key gold deposits in Red Lake including GoldCorp's Main Red Lake Mine. The next phase of drilling will focus on developing a better understanding of the gold zones in three dimensions - ahead of initial resource modeling. The gold zones remain open in all directions."
Highlights from seven recently completed drill holes:
- Hole NT-087 intersects 10.60 g/t gold over 0.50 metre and 15.90 g/t gold over 1.00 metre and 11.25 g/t gold over 5.75 metres including 97.80 g/t gold over 0.50 metre and 12.80 g/t gold over 1.00 metre.
- Hole NT-087 also intersects 58.00 metres of 1.11 g/t gold.
- Hole NT-089 intersects 10.40 g/t gold over 1.0 metre
- Hole NT-090 intersects 28.80 g/t gold over 1.0 metre
- Hole NT-091 intersects 11.60 g/t gold over 1.0 metre
Drill hole NT-087, drilled into the Hinge Zone, intersected five separate high-grade gold intervals, and an additional wide interval of 1.11 g/t gold over 58.0metres.
Table of results from seven recently completed holes:
|Hole||From (m)||To (m)||Au (g/t)||Width (m)||Section|
|NT-092||weakly anomalous (drilled outside of the NTS)|
* Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.25 g/t lower cut-off. Internal dilution within reported intervals does not exceed core lengths of two metres unless otherwise indicated.
** Cross sections are spaced 25 metres apart across the entire NTS, Section 1375 marks the centre of the Heath Bull Zone.
Discussion of Results:
This latest batch of results, are from drill holes within the Hinge Zone (NT-087 and NT-086), which continue to show wide spread high-grade gold mineralization, within the central part of the NTS. Holes 88 and 91 were drilled in the northeastern part of the NTS, approximately 400 metres northeast of the Hinge Zone; holes 89 and 91 were drilled in the southwestern part of the NTS, approximately 400 metres southwest of the Hinge Zone.
Gold mineralization continues to be associated with veining and silica/sulphide replacement zones, within the widespread Iron-carbonate alteration system, of the NTS. These zones have been intersected along the entire drilled strike length of the NTS - now approximately 1.6 km of the total projected 2.2 km strike length. The Hinge zone represents a major bend within the NTS, where it is proposed that hydrothermal fluids are more focused, and thus gold mineralization is more continuous. This same model is proposed for the NTS at depth were it is expected to be a more focused structure, and thus have an increase in gold bearing hydrothermal fluid movement.
Exploration work at the Newman Todd project is funded by Confederation Minerals Ltd. (Confederation) (TSX.V:CFM). Confederation can earn a 50% interest in the project by spending $5.0 million in exploration by November 2013, and an additional 20% by producing a Preliminary Economic Assessment (PEA) by November 2016. During the earn-in period, Confederation is the operator of the project.
Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Red Lake Ontario, an accredited mineral analysis laboratory, for analysis. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Confederation's quality control/quality assurance program.
Bob Singh P.Geo is the qualified person as defined by National Instrument 43-101 and has reviewed this news release. Mr. Singh has been engaged through a third party service provider by Confederation Minerals Ltd. to manage the project, and is also the Canadian Exploration Manager for Redstar Gold Corp.
About Redstar Gold Corp.
Redstar has two key gold projects, including a high-grade epithermal gold district in Alaska that is a good complement to the high-grade gold discovery in Red Lake, Ontario. The Shumagin project in Alaska includes a high-grade gold deposit with a non 43-101 compliant resource, a bulk tonnage non 43-101 compliant resource, a historic high-grade gold mine, and numerous high priority exploration targets. At the Shumagin project, results from a recently completed drill program are expected shortly, and an aggressive drill program is ongoing at Redstar's high-grade gold discovery at the Newman Todd project in Red Lake, Ontario. Along with the high-grade gold projects in Alaska and Red Lake, the company also has a total of 14 gold focused projects in Nevada.
On Behalf of the Board,
Redstar Gold Corp
800 WEST PENDER STREET
Redstar Gold Corp.
Tim Mikula, Business Development
Forward-Looking Information 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.