Vancouver, B.C. / ACCESSWIRE / June 24 2014 / Redstar Gold Corp. (TSX.V: RGC): ("Redstar" or the "Company") is pleased to announce the initiation of the field program at its flagship Unga Project in Southwestern Alaska. The phase-1 field program is designed to complete detailed field mapping and sampling of high-grade gold-silver vein systems in preparation for diamond drilling. The field program will examine the highest-priority targets, such as the Shumagin Vein, where historic shallow drilling in the 1980's intersected significant high-grade mineralization which was confirmed by Redstar's 2011 drill program. The vein remains open at depth and along strike. Other high-priority targets include the Apollo-Sitka and Aquila vein systems. Veins will be mapped in detail and sampled with a focus on extending known mineralization along strike, determining the distribution of mineralization within vein systems and assessing the geologic structural controls to mineralization.
Jacques Vaillancourt, Chairman of Redstar Gold stated "The Unga Project gives Redstar control of an emerging, high-grade epithermal gold-silver district which has been overlooked for the past 30 years. The Unga Project represents tremendous exploration potential, as it's the first time the entire district has been consolidated under one operator for its integrated exploration and development."
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 on the Project. The Shumagin trend, approximately 9km covers the Shumagin and Apollo-Sitka gold-silver vein systems. 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 . The vein, at least 1.3km long, remains open along strike and at depth and lies approximately 6km from the Aquila vein field. Aquila drilling in the early 1980's returned grades of up to 113 g/t gold over 0.45 metres at the end of a 49 metre drill hole below a trench yielding 11.5 g/t gold over 3.6 metres. There has been no follow-up work done in the area of the drilling. 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 350 metres.
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 43.9 g/t gold over 1 metre . The drilling indicates mineralization occurs within a northeast-trending steeply-dipping vein stockwork zone typically 30 metres width and one drill hole intersected 21 metres grading 4.02 g/t gold.
The second major trend on the Project lies about three kilometres to the south of the Shumagin trend. The parallel Apollo-Sitka vein system contains mineralization along at least 7km of an overall 11km long structural zone. Historically reported shallow mining from 1891-1922 produced approximately 150,000 ounces of gold at an average grade of 10.3 g/t gold, and mineralization is known to cover a vertical extent of at least 400 metres. There has been very limited modern exploration along the 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 gold exploration in North America. The Company's main project is the Unga Project in southwestern Alaska which contains high-grade gold-silver vein systems. Redstar is the first company to consolidate two strategic contiguous land positions at Unga allowing for comprehensive district-scale exploration for the first time. The Unga Project contains the Shumagin vein with a historic (non 43-101 compliant) resource estimate of 254,000 tonnes grading 27.4 g/t gold and 127 g/t silver (SRK Consulting, 2000)* based in shallow drilling in the 1980's. The Unga Project also contains the Apollo-Sitka mine, Alaska's first major underground gold mine, which produced approximately 150,000 ounces of gold between 1890 and 1922 from shallow oxide ore in high-grade gold veins. Mineralization along both the Shumagin and Apollo-Sitka veins remains open at depth and along strike. Both veins lie along poorly-explored, district-scale mineralized vein trends, extending for up to 11km. The vein fields extend onto nearby Popof Island, which also has additional vein fields with high-grade gold-silver. In addition there are several other structures on the Project which have been sampled and indicate good potential for high grade gold mineralization in veins.
Redstar also holds 50% of the Newman Todd Project in Red Lake Ontario. Newman Todd is a high- grade gold discovery in the mineralization along a 1.8km corridor within the Newman Todd Structure ("NTS"). The gold mineralization in the NTS remains open along strike and at depth. Additionally, the Company has 10 properties in Nevada which have been optioned out and upon which Redstar has retained royalties and additional economic rights.
Jacob Margolis, MSc, PhD 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
President and CEO
Redstar Gold Corp.
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.
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SOURCE: Redstar Gold Corp.