Redstar Gold Corp. (TSX.V: RGC) is pleased to report additional high-grade drill results from the on-going drilling program at the Newman Todd property in the Red Lake Gold District, Ontario. These results are from five holes, completed in wide spaced drilling along the Newman Todd Structure ("NTS"), another 11 holes have been completed and assays are pending. The highlight hole from the latest results returned 7.06 oz/ton (242.0 g/t) gold over 0.50 metre.
Scott Weekes, President of Redstar states: "These recent results are confirming the high-grade gold potential of the Newman Todd property which has geological similarities to Goldcorp's world-class Red Lake Mine 20 kilometres to the southeast. 2011 has been our most aggressive year of drilling at Newman Todd, and has returned our most consistent and highest gold grades. We continue to be impressed by strength of the gold system and its potential to expand along strike and at depth. The project is being drilled with two drills to aggressively expand this exciting Red Lake discovery which could have a dramatic effect on the company's future growth."
All holes completed to date in 2011 have intersected the Newman Todd Structure, and several have returned multiple high-grade gold intersections. Drilling in 2011 has intersected gold mineralization over 1.2 km of the strike of the NTS. A plan map and long section can be found on the company's (www.redstargold.com) web site.
Highlights from the recently completed five holes:
- NT-070 intersected 69.70 g/t gold over 0.50m and
- 10.40 g/t gold over 0.50m. in two zones
- NT-071 intersected 10.70 g/t gold over 1.0m and
- 24.50 g/t gold over 0.5m
- NT-072 intersected 24.10 g/t gold over 1.0m and
- 11.00 g/t gold over 0.5m and
- 31.10 g/t gold over 1.0m and
- 13.70 g/t gold over 1.0m in four zones.
- NT-073 intersected 242.0 g/t gold over 0.5m and
- 10.20 g/t gold over 1.0m in two zones
Table of Significant Results
|Hole||From (m)||To (m)||Gold (g/t)||Width m)||Section|
* 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
The Newman Todd Structure is a large scale hydrothermal alteration and structural zone which is host to widespread gold mineralization. The gold is believed to occur in discreet shoots or lenses of silica/sulphide and magnetite replacement within the structure. Widespread gold mineralization has been encountered across the system as illustrated by drill hole NT-072, which averaged 159.0 metres of 1.01 g/t gold (using no cutoff grade). The latest results returned the deepest high-grade gold intercept yet in the deposit with 69.7 g/t gold over 0.5 metres in hole NT-070 at a vertical depth of approximately 400 metres. No drilling has been done to depths exceeding 400 metres along the structure. Upcoming drilling will continue to focus on expanding gold mineralization along strike, and on following the system at depth.
Exploration work at the Newman Todd project is being funded by Confederation Minerals Ltd. (Confederation). 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.
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 recently acquired 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 in Alaska a drilling program is currently being planned, and an aggressive drill program is underway on 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, Investor Relations
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.