Redstar Gold Corp. (TSX VENTURE:RGC) is pleased to report results
from recent drilling on the Unga project in Alaska. The project is
located on Unga and Popof Islands, 10 km west of the town of Sand
Point in the Aleutians Islands, Alaska. The project covers numerous
epithermal gold-silver targets that have not been drilled since the
1980's. Highlights from the drilling returned wide zones of gold
mineralization, 21 metres of 4.02 g/t gold that also included
bonanza grade intervals of 1.0 metre of 43.90 g/t gold. These
results are from 7 of 10 holes, drilled in a phase one drilling
program, with 3 holes pending. The focus of the drilling was to
follow up on the historical work; it was a successful program, in
that it returned high-grades, good continuity and wider zones that
show bulk tonnage potential.
Scott Weekes, President of Redstar stated: "We are extremely
pleased with the initial results of our first drill program on the
Unga project. Past drilling, completed in the 1980's on the
Shumagin vein system, resulted in a non 43-101 compliant resource
of; 280,000 tons at a grade of 0.80 oz/t (27.4 g/t) gold 3.7 oz/t
(127 g/t) silver for a total of 225,000 ounces of gold and
1,000,000 ounces of silver (April, 2000 report by SRK Consulting).
Our results have confirmed the presence of an extremely rich
high-grade vein system, and we are also impressed with the
discovery of wide zones of near surface gold-silver mineralization.
Our work highlights the potential for high-grade gold, and bulk
mineable mineralization within the Shumagin system. We are also
encouraged to have demonstrated strong continuity of the gold
system with three holes drilled on the same section all
intersecting high grade gold within the vein. Of particular note,
the highest grades and best width occurred in drill hole SH007,
which was the deepest of the three, and demonstrates that the
mineralizing system is still wide open at depth."
Highlights from Phase One Drilling
SH001 0.61 metres of 16.75 g/t gold and 20.2 g/t silver
Within 3.66 metres of 4.14 g/t gold and 9.4 g/t silver
SH006 0.45 metres of 9.56 g/t gold and 9.2 g/t silver
Within 22.1 metres of 1.42 g/t gold and 9.3 g/t silver
SH007 1.0 metres of 43.8 g/t gold and 18.5 g/t silver
Within 21.0 metres of 4.02 g/t gold and 5.4 g/t silver
Assay results from the initial drilling on the Shumagin vein
confirm the presence of high-grade gold mineralization, and
indicate the potential for much greater widths than originally
recognized. Holes SH001, SH006 and SH007 were drilled on the same
section (see figure:
http://media3.marketwire.com/docs/redstar-1125-drill-section.jpg),
and all intersected high-grade gold within broader intervals of
lower grade. This section shows very strong continuity to the vein
with the best grades and widths intersected in the deepest drill
hole.
Table of Results
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Hole From (m) To (m) Width (m) Gold (g/t) Silver (g/t)
----------------------------------------------------------------------------
11SH001 21.34 25.00 3.66 4.14 9.40
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Including 22.39 23.00 0.61 16.75 20.20
----------------------------------------------------------------------------
11SH002 Drilled 500 m east of SH-001; intersected anomalous
gold/silver within 9.0 m brecciated quartz vein
----------------------------------------------------------------------------
11SH003 28.00 31.10 3.10 1.97 16.80
----------------------------------------------------------------------------
11SH004 Hole lost before target at 47 metres
----------------------------------------------------------------------------
11SH005 Anomalous gold / silver within 60 metres of veining
----------------------------------------------------------------------------
11SH006 171.50 193.60 22.10 1.42 9.30
----------------------------------------------------------------------------
including 173.74 175.05 1.31 5.38 9.80
----------------------------------------------------------------------------
and including 179.55 180.00 0.45 9.56 9.20
----------------------------------------------------------------------------
and including 189.10 193.00 3.90 2.39 19.10
----------------------------------------------------------------------------
11SH007 223.00 244.00 21.00 4.02 5.40
----------------------------------------------------------------------------
Including 223.00 228.00 5.00 10.75 7.30
----------------------------------------------------------------------------
and including 223.00 224.00 1.00 43.90 18.50
----------------------------------------------------------------------------
and including 231.65 232.00 0.35 6.17 5.90
----------------------------------------------------------------------------
and including 239.50 240.90 1.40 10.58 11.90
----------------------------------------------------------------------------
and including 239.50 239.90 0.40 15.35 20.00
----------------------------------------------------------------------------
and including 240.40 240.90 0.50 16.60 13.50
----------------------------------------------------------------------------
(i) 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.
Discussion of phase one drilling at Unga Project
During the 3rd quarter of 2011, Redstar completed 10 core holes,
totaling 2,062m, on the Shumagin gold-silver vein. Assay results
from 7 of these ten holes are presented in this news release;
results from the final three holes are pending. Holes were
completed along 770m of the northeast-striking vein, all holes
intersected quartz-carbonate veins, within broad stockwork-style
vein zones as wide as 70 m. Gold mineralization in the veins,
locally occurs as coarse visible gold. As is typical of high-grade
gold vein systems, visible gold commonly causes highly-variable
drill hole assay results across small areas, and this is apparently
true at Shumagin. Redstar is in the process of completing metallic
screen and check assays to further quantify the results.
Drill hole SH-005 was drilled 85 metres southwest of holes
SH001, SH006 and SH007, and intersected anomalous gold and silver
values within a 60 metre interval of quartz and carbonate veining
and breccia.
Drill hole SH-003 was drilled 160m southwest of hole SH-005, and
intersected only low-grade gold; however, the hole passed below an
area of the outcropping vein, that contains multiple high-grade
surface samples across the vein, including 2.4m grading 51.4 g/t
Au. As noted above, such results may be due to coarse gold.
Drill hole SH002 was drilled approximately 500 metres to the
northeast of holes SH001, SH006 and SH007, and intersected
anomalous gold and silver values, within a nine metre zone of
quartz-carbonate breccia.
These holes demonstrate the vein system is still very robust
along strike from the "Main Zone", and indicate a very high
exploration potential, along strike and at depth.
Shumagin Vein
Previous drilling at the Shumagin vein, led to a non 43-101
resource estimate of 254,000 tonnes (280,000 tons), grading 27.4
g/t (0.80 ounces per ton) gold and 127 g/t (3.7 opt) silver (SRK
Consulting, 2000). The resource was based on shallow drilling in
the late 1980's that was within about 150m (500 feet) of surface.
Examples from this previous drilling include 8.2m grading 15 g/t Au
(0.46 opt) in hole 42, 3.2m of 33.26 g/t Au (0.97 opt) in hole 57
and 1.2m of 367 g/t Au (10.7 opt) in hole 46. The vein is at least
1.3km long but remains open for exploration along strike and at
depth. Limited drilling along strike from the resource block
intersected locally high grades, including 37.7 g/t (1.1 opt) gold
over 0.76m (2.5 feet).
Mineralization occurs as a network of multiple, closely-spaced,
steeply-dipping veins, within a northeast-trending fault zone in
strongly-altered volcanic rocks. The Shumagin vein is within a
larger gold mineralized trend, which is about 9km long and 1.5km
wide. Other mineralized vein zones, occur along the Shumagin trend,
but have only seen limited exploration work. One of these, the
Aquila zone, about 6km southwest of the Shumagin vein, consists of
a 2km-long vein system that includes a drill hole intersection of
113 g/t over 0.4m. There has been no work at Aquila since 1981.
Unga Project
The phase-one drill program on the Shumagin vein represents the
initial work by Redstar, on a large land package within an under
explored epithermal district. The Unga Project covers approximately
240 square kilometres, and includes the high-grade Shumagin and
Aquila gold vein systems, the past producing Apollo-Sitka
gold-silver vein system, bulk tonnage gold mineralization (the
Centennial deposit has a non 43-101 compliant shallow resource of
4.9 million tonnes grading 1.4 g/t gold), porphyry Cu-Au
mineralization (Zachary Bay) and numerous other gold/silver
showings.
The Unga Project consists of two properties acquired by Redstar
in 2011: the Shumagin Property and the Unga-Popof Property. Redstar
is purchasing a 100% interest in the Shumagin Property from Magnum
Hunter Resources. The mineral rights to the Unga-Popov property are
held by Full Metal Minerals Inc., under a lease agreement with The
Aleut Corporation, an Alaska Native Regional Corporation
headquartered in Anchorage, Alaska. Redstar has signed an agreement
with Full Metal, giving Redstar the right to earn a 60% in the
property by: completing $5 million in exploration expenditures by
August 1, 2015, making cash payments of $300,000 by August 1, 2014,
and issuing 1,000,000 shares by August 1, 2014. Redstar has the
option of earning an additional 15% interest, by producing a
bankable feasibility study and issuing an additional 1 million
shares to Full Metal. Redstar will issue an additional 1 million
shares in the event of commencement of commercial production.
Quality Assurance / Quality Control
Core samples were cut in half using a diamond saw, with one half
placed in sealed bags, and delivered to ALS-Chemex, an accredited
mineral analysis laboratory, in Fairbanks, Alaska. All samples were
analysed for gold utilizing standard fire assay methods. A sample
quality control/quality assurance program utilizing standards and
blanks, has been implemented and reviewed by qualified persons
prior to release of analytical data.
Dr. Jake Margolis and Bob Singh P.Geo are the qualified persons
as defined by National Instrument 43-101and have reviewed this news
release. Dr. Margolis is the US Exploration Manager for Redstar
Gold Corp. Mr. Singh is the Canadian Exploration Manager for
Redstar Gold Corp.
About Redstar Gold Corp.
Redstar has two key gold projects, including 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 drilling returned outstanding results, 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.
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 604.488.0053
(FAX)tmikula@redstargold.comwww.redstargold.com
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