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VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 17, 2012) – Redstar Gold Corp. (TSX VENTURE:RGC) (“Redstar” or the “Company”) is pleased to announce additional results from the 2012 diamond drill program holes at the Newman-Todd property in Red Lake, Ontario.
Summary of Results: (See table 1)
Two drill holes, NT-112 and NT-113, were targeted on cross section 1725 which is a 25 metre step out from Holes NT-110 and NT-111 (reported in Redstar’s news release dated June 22, 2012).
Discussion of Results:
The high grade intercept in Hole NT-112 is approximately 50 metres below and south west of the high grade intercept in hole NT-111 (13.0 metres of 5.71 g/t gold including two higher grade sections averaging 17.10 g/t gold over 1.0 metre and 49.60 g/t gold over 1.0 metre). At present, there is no drilling between these two intercepts while the mineralized corridor surrounding these holes extends for at least 150 metres vertically and remains open to surface and at depth. This corridor is just one of several interpreted across the property drilled along a strike length of approximately 1.8 km (See figures 1 & 2 attached to this news release and posted on the Company’s website www.redstargold.com). Going forward, the objective of the current drilling program is to test this corridor, and several others which may be parallel to it, to depths below 500 metres.
| Table 1: Significant results | |||||
| Hole | From (m) |
To (m) |
Width (m) |
Au (g/t) |
|
| NT-112 | 36.50 | 37.00 | 0.50 | 10.80 | |
| NT-112 | and | 209.00 | 220.00 | 11.00 | 1.72 |
| NT-112 | including | 212.00 | 218.00 | 6.00 | 2.49 |
| NT-112 | and including | 217.00 | 218.00 | 1.00 | 6.48 |
| NT-112 | and | 266.00 | 288.00 | 22.00 | 4.31 |
| NT-112 | including | 269.00 | 270.00 | 1.00 | 5.39 |
| NT-112 | and including | 269.00 | 269.50 | 0.50 | 7.90 |
| NT-112 | and including | 287.00 | 288.00 | 1.00 | 78.00 |
| NT-113 | 126.00 | 130.00 | 4.00 | 1.79 | |
| NT-113 | including | 129.00 | 130.00 | 1.00 | 4.37 |
| NT-113 | and | 181.00 | 185.00 | 4.00 | 2.30 |
| NT-113 | and | 221.00 | 222.00 | 1.00 | 6.42 |
| NT-113 | and | 281.00 | 282.00 | 1.00 | 5.55 |
| NT-113 | and | 310.00 | 312.00 | 2.00 | 5.51 |
| NT-113 | including | 311.00 | 312.00 | 1.00 | 8.24 |
| * Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.20 g/t lower cut‐off. Internal dilution within reported intervals does not exceed core lengths of three metres unless otherwise indicated. |
Exploration work at the Newman Todd project is funded by the operator, Confederation Minerals Ltd. Pursuant to an option agreement with Redstar Gold Corp. (“Redstar”) (TSX VENTURE:RCG), Confederation can earn a 50% interest in the project by spending $5.0 million on exploration, paying Redstar a total of $250,000, and issuing Redstar 500,000 shares by November 2013. To date Confederation has spent in excess of $5.0 million dollars on exploration of the project, paid Redstar $100,000 and issued 200,000 shares. Confederation can earn an additional 20% by producing a Preliminary Economic Assessment (PEA) by November 2016.
Bob Singh P.Geo is the qualified person as defined by National Instrument 43-101 and has reviewed this news release. Mr. Singh has been engaged through a third party service provider by Confederation Minerals Ltd. to manage the project, and is also the Canadian Exploration Manager for Redstar Gold Corp.
About Redstar Gold
Redstar has fourteen gold projects in Nevada, the Unga project in Alaska and the Newman Todd project in the Red Lake district, Ontario. In Nevada, several projects are undergoing active exploration by partners including Newmont Mining and others. The Unga Project in Alaska includes the high-grade Shumagin gold deposit, the Centennial disseminated bulk-tonnage gold deposit and the Apollo-Sitka high-grade gold vein system, which produced approximately 150,000 oz. of gold in the early 20th century. The Newman Todd project contains a 2 km-long corridor of high-grade gold mineralization that is similar to that at the nearby world-class Red Lake Mine and has been the focus of an aggressive drilling campaign in 2011.
To view Figures 1 and 2 associated with this release, please visit the following link: http://media3.marketwire.com/docs/rgc717i.pdf.
On Behalf of the Board,
Redstar Gold Corp.
Scott Weekes, President
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.
