Exploration update at Redstar's High-Grade Unga Gold Project
Vancouver BC. / ACCESSWIRE / August 12 2014 / Redstar Gold Corp. (RGC.V) ("Redstar" or the "Company") is pleased to announce progress on the exploration program at the high-grade Unga Gold Project located in southwest Alaska. The surface program is expected to last two months and will consist of extensive select, continuous-chip and gridded rock sampling along with detailed geological mapping of two of the Project's mineralized structural trends, Shumigan and Apollo. The overall objective of the 2014 surface program will be to delineate diamond drilling targets with the potential to host high-grade underground mineable gold bearing structures.
An exploration crew of five has been on site since late July and has re-established the camp which is now fully functioning. The camp is supported from the town of Sand Point on nearby Popof Island where supplies are delivered using local boats.
The 2014 surface program will initially focus efforts along the Apollo Trend, which has yielded the only past producing mines within the project area (e.g. Apollo & Sitka). The program will initially focus on rock sampling of numerous existing mineralized trenches and open stopes followed by grid and select rock sampling along strike of defined mineralized structures. A second program will target concealed targets along the Shumigan Trend. The exploration crew will utilize grid and select sampling to target high-grade vein systems at the Aquila Prospect area, which has yielded numerous high-grade hand samples and drill intercepts that have never been followed up upon. Additional prospects along the Shumigan Trend with be assessed at the tail end of the summer program.
Redstar has good, existing ATV accessible roads and trails that access to all of the main target areas that will be explored over the next two months. A helicopter will be used later in the program to access some of the other outlying prospective areas.
LOCATION MAP OF TARGET AREAS AT UNGA
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Objectives of the initial two month exploration program are:
1.Survey existing access routes to all known target areas;
2.Produced detailed geological maps and synthesize structural data to determine controls of high-grade mineralization around existing open stopes and trenches;
3.Extensively rock sample all veins, alteration, structures and wall-rock to determine geochemical patterns within areas of existing bedrock exposure, including stopes, adits, and trenches;
4.Perform gridded rock/soil sampling at tight spacing along strike of areas of known mineralization to target areas with the potential to yield concealed veining & mineralization beneath dense vegetation and tundra mats;
5. Synthesize data to produce prospective sites for diamond drilling that could produce underground mineable-grade gold intercepts.
Unga Project Summary:
Redstar is the first company to consolidate land holdings at Unga, allowing for comprehensive district-scale exploration. The gold-silver vein systems at Unga are classified as volcanic-hosted, intermediate-sulfidation epithermal veins and show clear structural/geological similarities to other high-grade gold deposits around the world. Compilation of Unga data by Redstar indicates two distinct high grade gold-silver trends totaling approximately ~22km. These two trends are in addition to several other prospects within the Project Area.
The Shumagin Trend is approximately ~9 kilometers in strike and contains both the Shumagin and Aquila gold-silver vein prospects. The Shumagin Vein contains a non-43-101 compliant resource* of 254,000 tonnes grading 27.4 g/t gold and 127 g/t silver (SRK Consulting, 2000) based on shallow drilling, within 150 metres of surface, in the 1980's. In addition, one step-out hole drilled in the 1980's, 130 metres below the Shumagin vein intersected 5.5 metres grading 16.1 g/t gold, indicating a strong vertical extent to high-grade gold of at least 335 metres. The Shumagin Vein occurs along a northeast-trending fault zone within volcanic rocks that is at least 1.3km long. High-grade mineralization has been discovered along at least 800m of the fault zone and remains open along strike and at depth. The Shumagin Vein lies approximately 6km NE from the Aquila vein field. Aquila drilling in the early 1980's returned grades of up to 113 g/t gold over 0.4 metres beneath trenches with high-grade gold values. There has been no drilling performed at Aquila since the 1980's.
First-phase drilling on the Shumagin vein by Redstar in 2011 intersected high-grade mineralization, including 738.0 g/t gold and 408.0 g/t silver over 0.55 metres and 43.1 g/t gold over 0.9 metres. The drilling indicates mineralization occurs within a northeast-trending steeply-dipping stockwork vein zone typically 30 metres wide.
The second major trend on the Project is located about three kilometres to the south of the Shumagin trend. The parallel Apollo Trend contains known mineralization for at least 7km of an overall 11km long structural zone. The only historically reported mining occurred from 1891-1922 where approximately 150,000 ounces of gold at an average grade of 10.3 g/t gold was produced from the Apollo & Sitka vein systems. Gold mineralization is known to cover a vertical extent of at least 400 metres, yet there has been very limited modern exploration along this trend.
Samples collected by Redstar in 2011 from outcrops of veining at the Sitka shaft assayed 13.2 g/t gold and 398 g/t silver over 2 metres with a separate vein returning 94.7 g/t gold and 1,840 g/t silver. A recent sample in 2013 of a quartz-sulfide vein from the surface at the Apollo mine yielded 42.3 g/t gold and 1,150 g/t silver. Gold-bearing veins with up to 147 g/t gold occur at the California prospect 1.5km southwest of the Apollo mine. It was historically reported that the width of the veins at Apollo were up to 12 metres in the mined zones, and geological evidence at Sitka indicates a vein system that may be as wide as 50 metres.
About Redstar Gold Corp.
Redstar is a junior exploration company focused on high-grade gold exploration in North America. In Alaska, the Company is exploring the high-grade Unga Project which was initially acquired in 2011. The Unga Project contains several high grade gold/silver vein systems, two of which Apollo & Sitka were sites of historic high-grade gold production. At Unga, a comprehensive exploration program commenced in late July and results will be used to determine drill targets for a first phase diamond drill program.
Redstar also owns 50% of the Newman Todd Gold project, in Red Lake, Ontario, Canada. Newman Todd is a high-grade gold discovery along a 1.8 km corridor within the Newman Todd Structure (NTS). The gold mineralization in the NTS remains open along strike and at depth. Confederation Minerals, which owns the remaining 50%, can increase its interest to 70% by completing a Preliminary Economic Assessment (PEA) and by issuing to Redstar an additional 500,000 Confederation shares.
Additionally the Company has 10 properties in Nevada which have been optioned to True Grit Resources but over which Redstar has retained royalties and additional economic rights.
Jesse C. Grady, MSc, CPG-11592 is a qualified person as defined by National Instrument 43-101 and has reviewed this news release.
* A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves that is compliant with NI 43-101. The Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
On Behalf of the Board,
Redstar Gold Corp
"Ken Booth"
Ken Booth
President and CEO
TSX.V:RGCWWW.REDSTARGOLD.COM SUITE 615 800 WEST PENDER STREET VANCOUVER, BC TEL: 604.488.0051 | CORPORATE INQUIRIES Redstar Gold Corp. Paul Durham, Investor Relations Tel: 203.940.2538 |
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.
SOURCE: Redstar Gold Corp.
