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Redstar Gold Corp (TSX.V:RGC) is pleased to announce results of the
2009 exploration program on its Richmond Summit project on the Carlin Trend
in Nevada. The work was completed by Fronteer Development Group (Fronteer).
Under terms of an agreement announced in July 2009, Fronteer can earn a 70%
interest in the project by completing $3.25 million in work expenditures
and paying $250,000 to Redstar over four years. In late 2009, Fronteer
completed surface rock and soil sampling, mapping, trenching and four widely-spaced
drill holes totaling 3,350 metres.
Jake Margolis, US Exploration Manager for Redstar states: "The program
completed by Fronteer at Richmond Summit, confirmed the exploration model
and defined new gold mineralization at surface. All four holes intersected
lower-plate carbonate rocks and altered locally sulphidic dykes. Trenching
identified a new broad zone (Ridge Zone), of surface gold mineralization,
with grab samples up to 3.7 g/t gold."
Gold mineralization, accompanied by strongly-anomalous trace elements, was
intersected in trenching. Trench 1, over the Ridge zone, included a 72
metre interval of anomalous gold, with individual values reaching 2.0 g/t
gold. Additional rock-chip sampling from the area, returned values to 3.7
g/t gold, these values are higher than any previously collected from the
Ridge zone. Fronteer did not complete any drilling at the Ridge zone.
One of the four holes tested the Main zone (about 300 metres east of the
Ridge zone), where historical surface samples reached 7.75 g/t gold, and a
north-trending altered weakly-mineralized dike, was intersected in previous
drilling. The other holes tested areas 450 metres east, 650 metres north
and 1300 metres north of the Main zone. All four holes intersected
favourable lower-plate carbonates, cut by variably-altered locally
sulphidic dikes. The intrusive dikes (possibly sills) are abundant in the
holes, reaching drilled thicknesses of 176 metres and locally cutting out
significant portions of the lower-plate section. The bottom 337 metres of
the Main-zone hole consisted of 307 metres of intrusive rocks, with a 30
metre section of lower-plate carbonates preserved. The lower-plate
carbonates are considered to be the upper and lower Devonian Popovich
formation, an important host rock along the Carlin trend. Although no
economic gold grades were intersected, anomalous gold and elevated
favourable trace elements particularly arsenic, are locally present in the
drill holes along the margins of the dikes and within the lower-plate carbonates.
Fronteer continues to assess results of the 2009 program and plan its
program for 2010. Drilling is currently under way on Redstar's Newman Todd
gold project in Red Lake, Ontario. Assay results from the Newman Todd
project have recently been announced, including high-grade gold with
follow-up drilling ongoing. On Redstar's Oasis project in Nevada, a non
binding letter agreement was recently announced with Centerra (U.S.) Inc. (Centerra),
a subsidiary of Centerra Gold Inc., wherein Centerra can earn a 75%
interest in the project. Centerra will act as operator, minimum work
expenditures in the first year are $500,000.
Redstar is a junior
exploration company focused on gold exploration, with 12 projects in Nevada
and one in Red Lake, Ontario. For more information on these projects please
visit the company's web site at www.redstargold.com.
Dr. Jake Margolis a qualified person as defined by National Instrument
43-101and has reviewed this news release. Dr. Margolis is the US
Exploration Manager for Redstar Gold Corp.
On Behalf of the Board,
Redstar Gold Corp
"Scott Weekes"
Scott Weekes
President
CORPORATE INQUIRIES
Redstar Gold Corp.
Tim Mikula, Investor Relations
Tel: 604.488.0051
tmikula@redstargold.com
www.redstargold.com
Contact Financial
Kirk Gamley
Tel: 604.689.7422
kirk@contactfinancial.com
Renmark Financial Communications Inc.
Barbara Komorowski or Dan Symons
Tel: 514.939.3989 or 416.644.2020
dsymons@renmarkfinancial.com
bkomorowski@renmarkfinancial.com
www.renmarkfinancial.com
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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