Redstar Gold Corp. (TSX VENTURE:RGC) has announced the start of a $2.0 million, 9,000 metre drilling program on its 100% owned Newman Todd project in Red Lake, Ontario.
The work is being funded by Confederation Minerals Ltd. (Confederation) (TSX VENTURE:CFM). Confederation can earn a 50% interest in the project by spending $5.0 million in exploration within three years, and an additional 20% by producing a Preliminary Economic Assessment (PEA) within six years.
Scott Weekes, Redstar President stated: "The 2011 program at Newman Todd, will be the most aggressive drilling program ever completed on the project. Our previous drilling found three gold zones and this planned 9,000 metre drill program will double our total drilling. Work completed to date, defined a gold bearing structure traced for at least 2.0 kilometers, with intercepts up to 61.02 g/t gold over 1.0 metre. Initial drilling in 2011, will focus on defining continuity of high-grade intercepts, expand the known zones of gold mineralization and test new areas of the 2.0 kilometer long structure. Recent history of significant high-grade gold discoveries in the Red Lake gold camp has made the area a focus for the gold investment community, and the scale of the 2011 program will make Redstar a significant player in this camp."
Previous work by Redstar on the Newman Todd property has outlined gold mineralization, within a silicified breccia zone, that has been traced for at least two kilometres. Shallow drilling has tested only approximately 35% of the structure and three zones of gold mineralization have been identified. The structure is defined by wide zones (up to 250 metres) of brecciation, with intense carbonate alteration and silica flooding. High-grade gold values are often associated with sulphide replacement zones, contained within wider zones of lower grade mineralization. Drilling done by Redstar intersected values up to 61.02 g/t gold over 1.0 metre, within a wider zone of 60.0 metres of 1.72 g/t gold in previous drill programs.
The property has a similar geologic setting to many of the major mines in the Red Lake camp, such as Goldcorp's Campbell and Red Lake mines. Similarities include; proximity to a major structure, secondary northwest-southeast trending structures, proximity to a folded ultramafic body and association with a large Fe-carbonate alteration zone.
Bob Singh (P.Geo.), Exploration Manager – Canada for Redstar Gold Corp., and a Qualified Person as defined by National Instrument 43-101 has reviewed this news release.
Source: Redstar Gold Corp.