- Renews and extends its Sub-Surface Exploration Agreement for an additional eight years.
- Agreement includes a 20-year extendable Mining Lease.
- Details of Q3 and Q4 Exploration program to be detailed shortly as exploration team is mobilized.
Vancouver, Canada, August 22, 2019 - Redstar Gold Corp. (TSX.V: RGC, US: RGCTF, FRA: RGG) ("Redstar" or the "Company") has signed a sub-surface agreement renewal with The Aleut Corporation (TAC). The agreement provides for an exploration license with a follow-on 20-year extendable mining lease on TAC’s properties which form part of Redstar’s “Unga Project” on Unga and Popof Islands located at the centre of the Aleutian Arc.
Redstar President John Gray commented: “Redstar is pleased to announce that it has signed a milestone agreement with TAC that will allow the Company to fully explore all of the areas of its Unga High Grade Gold Project on Popof and Unga Islands in addition to the Company’s Patented and State claims. This is the longest agreement so far negotiated between TAC and Redstar and is the result of many years of a cooperative and productive relationship in which both Redstar and TAC are committed to advancing the Unga project. As such, we are grateful for TAC’s professionalism and support.”
The agreement runs for a period of eight (8) years allowing Redstar to conduct sub-surface work including drilling, trenching and sampling which will permit the Company to advance the numerous areas of mineral showings on the islands which number in excess of 38 distinct prospects including the Shumagin Zone.
In a follow-on press release, Redstar will outline its Exploration objectives for Q3 and Q4 period of calendar 2019.
About Redstar Gold Corp
Redstar is a well-financed junior exploration company with a strongly supportive institutional shareholder base, no debt, and is focused on high-grade gold exploration and advancing its Unga Gold Project in Alaska. The 100% controlled Unga Gold Project is a hgh grade, intermediate sulfidation, epithermal gold project on a district scale. The property encompasses approximately 240km2, and contains multiple high-grade gold zones drilled or identified at surface. The former Apollo-Sitka gold mine, located on the southerly Apollo-Sitka Trend, was Alaska’s first underground gold mine and the site of historic high-grade (~10 g/t Au) gold production. The Unga Gold Project enjoys a moderate climate at latitude 55 degrees North next to year-round tidewater with extensive infrastructure including a deep-water port and is served by daily flights from Anchorage landing on a mile long, paved airstrip on Popof Island. In addition to the Unga Project, Redstar owns approximately 5 million shares of NV Gold Corp. (TSXV: NVX) and 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.
For additional information please contact:
John A. Gray
Tel: +44 747 068 6474
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 guaranteeing 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.