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Redstar Gold Corp

Publié le 23 février 2010

Provides Update On The Richmond Summit Project Carlin Trend, Nevada

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    Tuesday, February 23, 2010

Redstar Provides Update On The Richmond Summit Project Carlin Trend, Nevada

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.


 

 

Redstar Gold Corp

EXPLORATEUR
CODE : RGC.V
ISIN : CA75773Q2080
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Redstar Gold est une société d’exploration minière d'or basée au Canada.

Redstar Gold détient divers projets d'exploration en USA et au Canada.

Ses principaux projets en exploration sont PAINTED HILLS, DRY GULCH (NEVADA), EAGLE BASIN et RICHMOND SUMMIT en USA et NEWMAN TODD au Canada.

Redstar Gold est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 31,2 millions CA$ (23,5 millions US$, 19,8 millions €).

La valeur de son action a atteint son plus bas niveau récent le 14 décembre 2001 à 0,01 CA$, et son plus haut niveau récent le 23 septembre 2011 à 0,68 CA$.

Redstar Gold possède 296 950 016 actions en circulation.

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