Redstar Gold and Confederation Minerals have acquired 50% interest in 18 mineral claims, called Todd property that is instantly beside the Newman Todd exploration project close to Red Lake in Ontario.
The companies have cut high-grade gold over an extensive region in the latest drilling at the Newman Todd project. Redstar provides an option for Confederation to buy up to a 70% interest in the project. This new acquisition is being planned for future exploration.
Confederation has purchased an undivided 35% interest for an amount of $50,000 and 125,000 shares and Redstar has bought an undivided 15% interest for $70,000 in the Todd property, out of the acquired 50% interest. Rubicon Minerals holds the remaining 50% interest in the property. The acquisition of Gangloff depends on authoritarian sanction.
Recently, the companies have finished the Phase I drilling program at Newman Todd project and totals 33 holes in both historical and recent drilling.
All the holes have cut gold mineralization and high-grade results besides a sheared and greatly changed trend have been intercepted for more than 2 kilometers of strike length. A very aggressive drilling will be employed for the remaining 2011 exploration based on these results. Both the companies expect to have two drills working at the property in two weeks time.
Source: http://www.redstargold.com/