Redstar Gold Intersects 27 Metres of 5.95 g/t Gold Including 1 Metre of 139.0 g/t Gold at its Newman Todd Project, Red Lake District, Ontario
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/12 -- Redstar Gold ("Redstar") (TSX VENTURE: RGC) is pleased to report continued high-grade drill results from the Newman Todd Property, a new high-grade Red Lake gold discovery. A total of 56 holes, totaling 24,707 metres, were drilled in 2011 at the Newman Todd property, intersecting numerous zones of high-grade gold mineralization over a strike length of 1.8 kilometres. Exploration work on the Newman Todd property is fully funded by the operator, Confederation Minerals Ltd. ("Confederation") (TSX VENTURE: CFM).
Highlights
Scott Weeks, CEO and President of Redstar, states: "These last eight holes outlining an 800 metre extension of the previously discovered Hinge Zone are some of the best gold intercepts yet from this exciting new Red Lake gold discovery. In addition we are continuing to see wide zones of lower grade mineralization (30 to 40 metres of 1-2 g/t gold) and in each case there are multiple high grade intercepts within them. The drillhole hit/miss ration is incredibly at 100% hits (i.e. the number of holes drilled compared to the number of holes which did not return any gold values). We are excited to begin the next phase of Newman Todd project development with our well funded partner."
Discussion of Results
Gold mineralization at Newman Todd is focused in the Newman Todd Structural Zone (NTS) which extends for several kilometres across the property hosting broad zones of quartz veining and silica/sulphide replacements within the widespread Iron-carbonate alteration. These zones are interpreted as near vertical to steeply plunging structurally controlled amoeba shaped bodies exposed at surface and have been trace to at least 500 metres in depth. The zone remains open along strike and at depth. A drill plan can be found on the Company's website, .
Geological characteristics of the gold mineralization are similar from hole-to-hole across the entire drilled area. High grade gold zones typically occur within wide zones of disseminated gold mineralization. The area east of the Hinge zone appears to be a favorable structural and geological trap for gold bearing hydrothermal fluids as they form significantly higher grades and wider zones of gold mineralization.
Table of Results From Eight Recently Completed Holes:
Exploration work at the Newman Todd project is funded by Confederation Minerals Ltd. (Confederation) (TSX VENTURE: 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.
On Behalf of the Board,
Redstar Gold Corp
Scott Weekes, President
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.
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.
Contacts:
Redstar Gold Corp.
Tim Mikula
Business Development
604.488.0051
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Datum: 23.01.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 106584
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Mining & Metals
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