Redstar Gold also controls 2 board seats and approximately 22.2% of NV Gold Corp. (TSXV: NVX).
Newman Todd Project
Red Lake, Ontario, Canada. (30% Redstar)
The Newman Todd gold project is located in the prolific Red Lake Greenstone belt of north western Ontario. It was discovered by Redstar in 2005. Under the terms of option agreement from Nov 2010, Confederation Minerals (CFM) now has earned an additional 20% of the project by completing a NI 43-101 compliant Preliminary Economic Assessment and delivered an additional 500,000 shares in CFM to Redstar Gold. The ownership structure is now 70%/30%, Confederation and Redstar Gold and a Joint Venture will now be formed to carry out further exploration and development of the project.
The project has been subject to 51,000 meters of drilling in 138 holes from 2005 to 2013 and exploration to date has identified 1.8 km strike length, with mineralization open at depth. There has been a very good success rate of high-grade gold vein intersections (over 87% of drill holes intersected at least 5 g/t Au).