Tickers: PINX:RGCTF, XTSX:RGC
Tags: #Mining
HIGHLIGHTS:
- Satellite data imagery study completed to identify porphyry and epithermal systems
- Program initiated to follow up previous exploratory drilling success which identified porphyry copper and epithermal gold mineralization
- Data demonstrates a high correlation between historic Copper-Gold Porphyry findings and silica, clay alteration & iron oxide zones indicative of porphyry and epithermal systems
- Results from the study indentified kilometric scale alteration systems capable of hosting economic porphyry and epithermal mineralized systems
- Historic drilling (107m @ 0.28g/t Au + 0.11% Cu) and surface samples (up to 4.75g/t Au) indicate this is a highly prospective area
Vancouver, Canada - TheNewswire - December 02, 2019 - Redstar Gold Corp. (TSXV:RGC), (OTC:RGCTF), (FRA:RGG) ("Redstar" or the "Company") announces completion of an exploration program employing interpretation of satellite data which has revealed zones of clay alteration, silicification and iron distribution typical of mineralized porphyry and epithermal systems in the Pacific Rim of Fire tectonic belts. This up to date study clearly demonstrates that positive exploration results from a 1980s campaign are contained within a 10 kilometer long by 4 kilometer wide trend that hosts seven, kilometer-scale alteration zones and several smaller ones capable of hosting bulk tonnage copper and gold mineralization. This work is complementary and in addition to the exploration work done on the high grade Shumagin Zone located in the south of the Company's license and was designed to amplify the previously recognized anomalies including the Zachary Bay porphyry, Thormac, Irish and Hog prospects where samples of surface rock and drill core returned gram grade gold assays as well as significant intervals of copper grade.
Kilometric scale alteration zones on a background of goethite alteration and mineralization in the Zachary Bay area, Unga Island (Fig.1)
Click Image To View Full Size
Redstar President John Gray said the following: "Redstar's high grade gold targets on the Shumagin and Apollo-Sitka Trends in the south of Unga Island remain key to the Company's development, but this broader targeting exercise is designed to show the bulk tonnage copper & gold potential in the north of Unga Island where previous exploration efforts in the 1980s (historic price at the time of US$400 - 450/oz Au) led to discovery of intrusive and vein-hosted gold, copper and silver. Overlaying the satellite imagery in this area establishes a strong correlation between surface silica, clay alteration & iron oxide and historic drilling success in finding copper-gold porphyry mineralization. The seven new target areas are in addition to the underexplored areas of the Zachary Bay-Antoinette aureole, which has a diameter of 3 kilometers, and the adjacent 1.8 kilometer wide Zinc Breccia zone. These alteration-mineralization systems are an exciting add-on to our known high grade gold epithermal systems, and are big enough targets to host large scale economic deposits that are of a size that will interest major mining companies and merit further exploration investment."
The satellite mapping technique, executed for Redstar by Dr Marc Goossens at Geosense NL, shows strong correlation of siliceous, clay altered, goethite & jarosite bearing systems with porphyry gold + copper mineralization in the Zachary Bay project area (1975 DDH Z001: 107m @ 0.28g/t Au +0.11% Cu), and with epithermal gold + silver vein targets at several outlying prospects including Hog (1983 DDHs 01-83: 1.5m @ 0.55g/t Au + 41.8g/t Ag & 1.5m @ 1.2g/t Au + 9.6g/t Ag and 02-83: 1.8m @ 2.38g/t Au + 16.5g/t Ag & 0.61m @ 2.81g/t Au + 24.7g/t Ag). It also defines seven further, kilometre-scale systems that have not yet been systematically explored.
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.
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