Tuesday, May 24, 2011
Redstar Acquires High Grade Gold Project; Historic Drilling Returns Values up to 33 g/t over 3.4 Metres
Redstar Gold Corp. (TSX.V:RGC) is pleased to announce the acquisition of a high grade gold project in Alaska. The Shumagin project includes a past producer and an advanced exploration target that has seen only very limited exploration since the 1980's. The project has been held by NGAS Production Co. (a Kentucky based gas production company) and its predecessors since the mid 1980's.The Shumagin property hosts two parallel epithermal vein systems (the Shumagin and Apollo trends) and has not been explored since the late 1980's. Previous drilling within the Shumagin trend outlined a high grade zone of gold mineralization. A total of 39 Diamond drill holes tested the zone from surface to a maximum depth of 230 metres. A historic, non 43-101 compliant resource of 225,000 ounces of gold at a grade of 0.80 oz/t (27.4 g/t) gold 3.7 oz/t (127 g/t) silver has been calculated for this zone. The exploration potential of the zone is highlighted by a hole drilled approximately 125 meters beneath this zone that intersected 17 ft averaging 0.47 oz/t gold (5.6 metres of 16 g/t gold). Limited drilling along strike intersected values up to 11.5 g/t gold over 1.3 metres and indicate the potential for additional ore shoots along the Shumagin vein system.Note that 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.
Redstar Gold is a gold exploration company based in Canada.
Redstar Gold holds various exploration projects in Canada and in USA.
Its main exploration properties are PAINTED HILLS, DRY GULCH (NEVADA), EAGLE BASIN and RICHMOND SUMMIT in USA and NEWMAN TODD in Canada.