Redstar Gold Corp.: Drilling at Newman Todd Intersects High-Grade Gold 89.07 g/t Gold Over 1.5m Within 7.0 Metres of 32.57 g/t Gold
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/13 -- Redstar Gold Corp. (TSX VENTURE: RGC) ("Redstar" or the "Company") is pleased to announce additional high-grade gold results from the ongoing 2013 diamond drill program at the Newman Todd property in Red Lake, Ontario.
Drilling during this phase has focused on an area within the Newman Todd Structure ("NTS") termed the Hinge Zone. The 2013 drill program has tested along a 275 metre corridor within this zone. The entire strike length of the drilled area of the NTS is approximately 1.8 km and this strike remains untested for an additional 400 metres to the south-west.
Highlights: (see Table 1 for significant results)
Discussion of Results:
Hole NT-148 was targeted on Section 1975 which is at the northeast margin of the Hinge Zone. Previous drilling in this area had identified a felsic volcanic unit ("Fv1") which crosscuts the NTS and has gold along its margins. To date, at least 5 holes have intersected the Fv1 unit and all of them have intersected gold along the contact. The Fv1 unit has been traced within the NTS for approximately 100 metres and remains open in all directions. Most of the gold intersected to date at Newman Todd has been within silica-sulphide - magnetite replacement zones of the earlier carbonate alteration / carbonate host rocks. Hole NT-148 has intersected both lithologically controlled and replacement style gold mineralization.
R. Bob Singh, P.Geo, President of Redstar states, "These latest results from Newman Todd confirm our early interpretations that wider zones of high-grade gold at Newman Todd may be controlled by lithology. This lithological control to the high-grade-zone at the Red Lake Mine is well documented and it is why Redstar first acquired the Newman Todd property. The identification of the Fv1 unit is a big step forward in targeting. Units similar to Fv1 exist along the entire strike of the NTS and in fact have been intersected in drilling since 2005 with gold along the contacts."
Exploration work at the Newman Todd project is funded by the operator, Confederation Minerals Ltd. ("Confederation"). Pursuant to an option agreement with Redstar, Confederation can earn a 50% interest in the project by spending $5.0 million on exploration, paying Redstar a total of $250,000, and issuing Redstar 500,000 shares by November 2013. To date Confederation has spent in excess of $5.0 million on exploration on the project, paid Redstar $175,000 and issued Redstar 350,000 shares. Confederation can earn an additional 20% interest by producing a Preliminary Economic Assessment (PEA) by November 2016.
Andrea Diakow, P.Geo, is the qualified person as defined by National Instrument 43-101 and has reviewed the technical content related to the disclosed drill results in this news release. 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. 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.
About Redstar
Redstar has 11 gold projects in Nevada, the Unga project in Alaska and the Newman Todd project in the Red Lake District, Ontario. In Nevada, several projects are undergoing active exploration by partners including Newmont Mining and others. The Unga project in Alaska includes the high-grade Shumagin gold deposit, the Centennial disseminated bulk-tonnage gold deposit and the Apollo-Sitka high-grade gold vein system, which produced approximately 150,000 oz. of gold in the early 20th century.
On Behalf of the Board,
Redstar Gold Corp.
R. Bob Singh, P.Geo, President & CEO
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
604.488.0051 (FAX)
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Datum: 01.05.2013 - 12:30 Uhr
Sprache: Deutsch
News-ID 254952
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