Tickers: PINX:RGCTF, XTSX:RGC
Tags: #Mining
HIGHLIGHTS:
- Geophysical and geochemical surveys completed across key development areas to confirm the District Scale of the Unga Project
- Field programs designed to define additional high prospectivity drill targets at the Unga Project
- Areas targeted include projected extensions of known high grade mineralization at Apollo, Sitka & Aquila on Unga Island, and Suzy-Rhodo & SoWhat Veins and the Propalof Trend on Popof Island
- Geophysical study highlights strong correlation between radiometrics and prospective mineral extensions of the Apollo-Sitka mine
- Drill targets will be planned to test new zones to add to the existing Shumagin Zone at Unga
Vancouver, Canada - TheNewswire - November 07, 2019 - Redstar Gold Corp. (TSXV:RGC) (OTC:RGCTF) (FRA:RGG) ("Redstar" or the "Company") is pleased to announce completion of the Q3-Q4, 2019 work program on its Unga Project in the Aleutian Islands, USA. This work will be foundational for the next drill program. As described in the August 2018 Technical Report completed by Mine Development Associates (see SEDAR filing), the project has 35+ distinct areas where either historical mining has occurred, mineralization has been identified (sampled outcrop or drilling), or has high prospectivity which are part of a mining district containing the geological signatures of both epithermal and porphyry mineralization. The work program included geochemistry and geophysics surveys across additonal areas including:
- On Unga Island, the north-east and south-west extensions of the Apollo-Sitka structure which hosted Alaska's first gold mine back in the late 1800s;
- The Aquila target where previous drilling has intersected high grade gold; and
- On adjacent Popof Island, the projected extension of the high grade gold bearing Suzy-Rhodo vein towards both the Centennial and Propalof Zones.
Redstar President John Gray said the following: "The Shumagin Zone remains at the core of the of Unga project, however we believe it is only one zone in a district scale gold project where we will be focusing on extending other areas of known high grade mineralization which have the potential to contain economically significant precious and base metals. We will be planning and executing drill programs based on these and previous results aimed at building a resource qualified under NI 43-101 reporting rules. I am pleased that we have been able to advance the project by mapping, sampling and conducting both geochemistry and geophysics across these areas which are key to the Company strategy of defining a high quality economic resource ready for mine development".
All data and samples are currently being analyzed and processed and results should be received before mid-December. An initial assessment indicates that the Apollo-Sitka structure can be mapped under cover using gamma-ray spectrometry. This is an inexpensive, high definition tool for tracing extensions of the primary mineralization of this high grade, base and precious metal bearing structure beyond the original mine workings which produced a historically indicated 150,000 ounces of gold at a grade of 10g/t Au when in production between 1886 and 1922. It is noteworthy that the original mine only extracted oxide ore for treatment and abandoned the primary, sulphidic material as untreatable in the stamp mill that existed at that time. Assay of this abandoned material, both undergound and at surface, has yielded multiple grams gold and silver, and multiple percent lead and zinc across viable underground mining widths.
Apollo-Sitka Trend Including Extensions Of The Mined Structure Covered By Q3 2019 Geophysics And Geochemistry Surveys1
(Fig.1)
Click Image To View Full Size
The Aquila area is being targeted to follow up on a late season drill program by Battle Mountain Gold Corporation (BMGC) in the 1980s which suffered from very poor core recovery. This was due to inappropriate drilling techiques. Several metric scale drill runs returned sludge assays bearing significantly anomalous gold, and hole AQAME02, which was shallow, terminated in a cockade textured quartz-carbonate vein that returned an assay of 0.45m grading 91g/t Au. The area has also yielded assays from surface rock sampling across quartz veins that returned highly anomalous gold and silver values. This 2019 field program was designed to better plot the locations of vein intersections in areas of structural extension where it is hoped to find similar grades to those at the Shumagin Zone high grade gold occurrence on the same structural trend.
Assays from sampling of the Suzy-Rhodo vein have returned high grade gold values in the past, but the northward extension of the vein runs undercover. This season's fieldwork attempts to "see through" that cover using geochemistry and geophysics in order to trace it and to link it to the near surface, drill-defined Centennial Zone to the northwest, and towards the Propalof Zone to the NNE where previous drilling has intersected several grams gold across a viable mining width.
The start of fieldwork was initiated upon conclusion of negotiation of the new, eight year Sub-Surface Exploration Agreement coupled with a twenty year extendable Mining Lease signed with The Aleut Corporation in August, 2019. Additionally a new surface access agreement was signed with the Shumagin Corporation in September, 2019 .
Shumagin Trend Including The Aquila Area Covered By Q3 2019 Geophysical And Geochemical Surveys1
(Fig 2)
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Suzy-Rhodo, Centennial & Propalof Areas Covered By Q3 2019 Geophysical And Geochemical Surveys1
(Fig. 3)
Click Image To View Full Size
* Redstar notes that a qualified person has not done sufficient work to classify the historical estimate on the Centennial project as current mineral resources or mineral reserves, and is not treating the historical estimate as current mineral resources or mineral reserves.
About Redstar Gold Corp
Redstar is a well-financed junior exploration company with a strongly supportive institutional shareholder base, no debt, and is focused on high-grade gold exploration and advancing its Unga Gold Project in Alaska. The 100% controlled Unga Gold Project is a high grade, intermediate sulfidation, epithermal gold project on a district scale. The property encompasses approximately 240km2, and contains multiple high-grade gold zones drilled or identified at surface. The former Apollo-Sitka gold mine, located on the southerly Apollo-Sitka Trend, was Alaska's first underground gold mine and the site of historic high-grade (~10 g/t Au) gold production. The Unga Gold Project enjoys a moderate climate at latitude 55 degrees North next to year-round tidewater with extensive infrastructure including a deep-water port and is served by daily flights from Anchorage landing on a mile long, paved airstrip on Popof Island. In addition to the Unga Project, Redstar owns approximately 5 million shares of NV Gold Corp. (TSXV: NVX) and 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.
For additional information please contact:
John A. Gray
President
Tel: +44 747 068 6474
Email: j.gray@redstargold.com
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.
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 guaranteeing 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.
1 1 ppm equivalent to 1 g/t
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