Redstar Gold Corp. (TSX.V: RGC) is pleased to report bonanza grade gold 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 the operator, Confederation Minerals Ltd. (Confederation) (TSX.V:CFM). To date, 49 drill holes totaling 19,000 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 1.6 kilometres. Results include a 14.3 metre interval with two high grade intercepts of 343g/t gold over 0.60metres and 33.8 g/t gold over 0.5 metres.
- Hole NT-083 intersects a 14.30 metre wide zone with two high grade intercepts: 343 g/t gold over 0.60 metre and 33.80 g/t gold over 0.50 metre
- Hole NT-084 intersects 6.76 g/t gold over 3.0 metres including 13.90 g/t gold over 1.0 metre.
- Hole NT-080 intersects 1.18 g/t gold over 32.0 metres including 10.91 g/t gold over 1.0 metre.
Hinge Zone Discovery
Latest results continue to highlight the high-grade potential of the "Hinge Zone" area of the NTS where 12 of 13 holes have returned high-grade intervals, over a strike length of approximately 450 metres. This new high-grade discovery has many of the earmarks of the "High Grade Zone" (HGZ) in Goldcorp's Red Lake mine located 27 kilometres to the southeast (Fig 1). These include a similar structural setting, open space quartz filling with native gold, gold associated with silica-sulphide replacement zones and broad zones of iron-carbonate alteration. Sections and initial 3D modeling can be found on the company's web site (www.redstargold.com).
Scott Weekes, President of Redstar stated: "We are extremely excited with the continued high-grade results from the Newman Todd gold project. The new Hinge Zone discovery has very strong geological similarities to the High Grade Zone of the world-class Red Lake Mine, and offers Redstar shareholders tremendous potential for a new Red Lake District gold discovery. The 343 g/t gold intersection in hole NT-083 is the highest grade intercept from the project and one of the highest grade intersections in the Red Lake District outside of the main mine areas. The two high grade intercepts in hole NT-083 are separated by 10 metres of waste but the entire 14.3 metre interval averages 16.06 g/t gold. Management is highly encouraged and focused on further development of the Hinge Zone with the ongoing program to unlock the potential of this emerging gold discovery."
Table of results from nine recently completed holes
|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
Geological mapping and geophysics has defined a broad warp or fold of the NTS that has been termed the Hinge Zone. Initial 3D modeling within the Hinge Zone indicates multiple, northwest dipping gold zones that show continuity across a 450 metre section of the Hinge Zone and remain open at depth. In addition to modeling the high-grade gold intervals within the NTS, the company is also beginning to model the wide zones of lower grade gold mineralization often associated with the high grade. In addition to the high-grade results, the latest results include 32 metres of 1.18 g/t and 25 metres of 1.35 g/t gold.
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 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, 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. Forwardlooking 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.