|
|
|
October 27, 2014
Redstar Completes Surface Field Program at its Unga Gold Project in Alaska
|
|
|
Vancouver BC, October 27, 2014, Redstar Gold Corp. (TSX.V: RGC) ("Redstar" or the "Company") is pleased to announce that it has successfully completed its summer exploration program at the Unga Gold Project located on Unga Island in the Aleutian arc of Alaska, with the aim of delineating drill targets for a winter core drilling program.
As announced on August 12, 2014, the Company has been undertaking a summer surface field program at the Unga Project. The program has now been completed, with in excess of 1,775 rock chip, soil and talus samples collected. The program - which consisted of detailed survey work, geochemical sampling and geological trench mapping, the re-evaluation of the historic drill hole database and the re-logging of over 600 m of historic core - will allow Redstar to construct an accurate three-dimensional model of the target areas prior to planning Diamond drill targets for a winter 2014/15 core drilling program. First geochemical assay results are expected to be evaluated, including appropriate QA/QC, and released within the month.
Toby Mayo, President and CEO of Redstar, commented: "Our field surface program at the Unga Project has been completed. The program at Unga was designed ultimately to allow the Company to maximize our potential for drilling high-grade gold mineralization while minimizing expenditure; to clearly delineate the potential for expanding areas of known mineralization; and to generate new targets for future exploration. We believe that the program was executed successfully and we look forward to receiving results over the coming weeks. Meanwhile, we will be using this time to compile new and historic data with the view of planning the next phase of exploration at Unga proposed for later in Q4 2014 and into 2015."
The field surface program covered three target areas, details of which are set out below: 1) the Apollo-Sitka Trend; 2) the Aquila Prospect; and 3) the Shumigan Prospect.
The Apollo-Sitka Trend
The Apollo-Sitka Trend is a northeast to southwest trending structure located to the south and east of Unga Island. The trend was a target priority at the beginning of the field surface program due to: 1) a newly acquired surface-use agreement with the Unga Tribe (surface estate holder) granting overland access use; 2) a general lack of understanding to as how mineralization mined previously within the Apollo-Sitka trend compares with the Shumigan Prospect (see below); and 3) the desire to identify additional geochemical or structural anomalies and potentially mineralized quartz-vein systems within the trend.
To test the potential for mineralized anomalies within the Apollo-Sitka Trend, Redstar's surface sampling program targeted approximately 3,280 m of strike length between the historic Sitka trenches and the California Prospect (Figure 2). Approximately 405 rock samples and 670 soil/talus fine samples were collected. At Sitka, approximately 235 m of historic trenches have been remapped, continuous chip and select sampled to better understand the characteristics of historic mining activities.
The Aquila Prospect
The Aquila prospect occurs at the southwest end of the Shumigan Trend on Unga Island. Historic rock sampling, geological mapping and drill data indicates a strong potential for a high-grade quartz-vein system to occur within the prospect area. A small surface program was established to try to delineate the potential source areas to existing high-grade stream sediment and rock float samples. Approximately 150 soil/talus fines samples and over 50 rock samples were taken from the target area during the summer program.
The Shumigan Prospect
The Shumigan Prospect has received the most attention in recent exploration programs as it contains a very strong potential for expansion of existing high-grade gold mineralization, as defined by historic drilling and surface trenching. The field surface program was designed to accurately organize, compile and then expand upon previously generated exploration data in order to produce an accurate 3D model that will be utilized for Diamond drill targeting (Figure 3).
A detailed differential global positioning system ("GPS") survey was performed to accurately locate all existing surface features including drill roads, trenches and historic drill collars. Redstar plans to complete a satellite survey during the winter months to produce an accurate (+/- 1 m) Digital Elevation Model ("DEM") to finalize a base survey for the project area.
The 2014 exploration crew salvaged and re-logged approximately 610 m (2,000 feet) of drill core from the historic 1980s drilling programs that initially discovered and tested the Shumigan Prospect (including, those completed by Battle Mountain Gold Corporation and Alaska-Apollo Gold Mines, Ltd.). The salvaged drill core is fully intact with all footage blocks and drill hole identification clearly legible within the inside of the core box lids. The re-logged 1980s core is in the process of being compared to existing historic databases as well as to the 2011 Redstar drill core, which is also under review. Compilation work continues with a goal of consistent designation of various lithologies, vein textures, and alteration as well as mineral assemblages for all existing down-hole data prior to construction of a 3D geological model. Intervals of mineralization and breccia-vein systems that have never been sampled occur within sections of the 1980s drill core. Redstar will sample these intervals during the winter of 2014, and the results included into the database and model.
A surface soil sample grid of approximately 750 m x 250 m, consisting of approximately 380 samples, were laid out and sampled with hopes to extend areas of known mineralization approximately 500 m along strike to the southwest of the Shumigan Prospect area. The Shumigan Prospect area occurs within the 9 km long, southwest oriented Shumigan Trend, which contains a near continuous trend of anomalous target areas and extensive zones of argillic alteration and broad zones of silicification (namely, Pook and Aquila). Field observations indicate that Shumigan, as well as Sitka and other prospect areas, may contain vein systems at oblique angles to the main trends. The soil sampling grid work should help to determine if any obliquely oriented vein extensions of the Shumigan Prospect exist. In which case sampling may be expanded following favorable results from compilation of geological and geochemical data.
About Redstar:
Redstar Gold Corp. (TSX.V:RGC) is a Vancouver based junior exploration company focused on high-grade gold exploration in North America. Each of Redstar and Confederation Minerals Ltd. owns 50% of the Newman Todd Project, located in Red Lake, Ontario, Canada. Exploration work at the Newman Todd project has been funded by Confederation Minerals Ltd. (TSX.V:CFM) which is the acting operator of the project. Confederation has an option to earn an additional 20% undivided interest into the Newman Todd Project by completing a preliminary economic assessment ("PEA") and issuing 500,000 common shares to Redstar by November 19, 2016. In Alaska, the Company is exploring the high-grade Unga Project which was initially acquired in 2011. The Company also has ten properties in Nevada, which are currently under option.
Jesse C. Grady, MSc, CPG-11592 is a qualified person as defined by National Instrument 43-101 and has reviewed this news release.
On Behalf of the Board,
Redstar Gold Corp.
"Toby Mayo"
Toby Mayo
President and CEO
TSX.V:RGC
WWW.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
[email protected]
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.
|
|
|
|
|
You can view the Previous News Releases item: Fri Oct 10, 2014, Redstar Clarifies Technical Disclosure
|
|
|