Redstar Gold Corp. (TSX VENTURE:RGC) has announced the acquisition of a new gold project in Nevada. The Long Island project consists of unpatented mining claims, 100% owned by Redstar, about 20 kilometres southeast of the world-class Round Mountain gold deposit.
Scott Weekes, President of Redstar states: "Since we acquired the geological database from AngloGold Ashanti, our goal has been to put together a strong group of projects in Nevada. The database gives us important geological data for the prolific gold mining state of Nevada that are unavailable to other gold companies. This latest addition of the Long Island project adds to our portfolio of projects, and is a good example of the advantages our geological database gives us. Long Island is not only near Round Mountain (one of the largest gold deposits in the world), it also has a similar geological setting. Very little exploration has been completed at Long Island but the range front setting, alteration and mineralization indicate the potential for a buried gold system at Long Island."
The Long Island project lies along the east edge of the Toquima Range, and contains extensive silicification within caldera-related volcanic rocks, that are similar in age to the volcanic rocks that host the ~15 million ounce Round Mountain disseminated gold deposit (operated by Barrick Gold and Kinross Gold). A 50 metre thick section of silicified beds, dips gently eastward into the range front and likely extends eastward under alluvium. Unoxidized zones are locally present within the silicification and contain fine-grained disseminated pyrite. The silicification is locally anomalous in gold, arsenic, antimony and mercury.
Long Island lies at the margins of a large granitic intrusion at a range-front fault zone, near the contact with underlying basement siliciclastic rocks. This setting is similar to many of the productive volcanic-hosted gold deposits in Nevada. This is also the same setting as Round Mountain, which lies at the edge of the same pluton. The silicification at Long Island is considered to represent the distal portion of a hydrothermal system centered under pediment (valley-fill alluvium) cover to the east, where there has been minimal exploration. The target is a volcanic-hosted disseminated gold system (similar to Round Mountain), with potential for high-grade veins along the basement contact similar to the Midway gold deposit 30km to the south.
The next exploration work at the Long Island project will include ground geophysics and drilling. Discussions are underway with potential partners to advance this highly prospective project.
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.
Source: Redstar Gold Corp.