Redstar Gold Corp.
TSX VENTURE : RGC

Redstar Gold Corp.

November 15, 2007 08:02 ET

First-Phase Drilling Program Identifies Large Gold-Bearing System at Redstar Gold's Painted Hills Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Redstar Gold Corp. (TSX VENTURE:RGC) is pleased to announce positive results from the first-phase drilling program at the Painted Hills project in Nevada. Four core holes totaling 1,852 meters were recently completed by joint-venture partner International Tower Hill Mines Ltd. (ITH) (TSX VENTURE:ITH)(AMEX:THM), which is earning up to a 70% interest in the project under terms announced in March, 2007.

Dr. Jacob Margolis, Redstar's U.S. exploration Manager, notes: "The first drill holes at Painted Hills have clearly identified a new, large gold-bearing system, and we are just at the very early stages of exploring it. The nature of the mineralization indicates we have yet to intersect the boiling environment, which is where high grades would occur, and we've tested only a portion of the system. We have currently identified an epithermal gold system that is at least 1.5 km long and 200m wide. In addition we have yet to test additional quality targets such as the range-front fault zone which is parallel to the structure tested by the recent drilling."

The four holes tested 430m of strike along the high-level epithermal vein system, which has been traced on surface and by geophysics for at least 1.5 km. All holes intersected multiple steeply-dipping zones of strong pyritic silicification and argillic alteration containing a stockwork of sulphidic chalcedonic quartz veins. The drilling has identified an alteration zone that is at least 200m wide.

All holes intersected anomalous gold, including a number of 3-9 meter intervals in the 0.10-0.20 g/t range (including 9.5 meters @ 0.20 g/t gold). While no high-grade veins were intersected, the results are considered very encouraging, as they confirm the exploration model of increasing gold with depth as the inferred boiling zone is approached (gold values are absent at surface). Strongly elevated molybdenum, arsenic, antimony and mercury, correlate with the anomalous gold and sulphidic zones. This is the case to the nearby Sleeper deposit, a bonanza-grade epithermal vein system which shares important similarities to Painted Hills. The presence of chalcedony veins and the absence of certain mineral textures indicate that the boiling zone is below or lateral to the area tested. The alteration and mineralization system remains open along and across strike and at depth and is locally concealed beneath unaltered caprocks.

Complete trace-element assays are pending, and RGC and ITH are continuing their analysis of the results. A geophysical survey is currently underway in an effort to trace the mineralized system along strike.

The work program at Painted Hills was designed and supervised by Dr. Jacob Margolis, U.S. Exploration Manager, Redstar Gold Corp., and by Dr. Russell Myers, Vice President of Exploration, Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the companies exploration programs), who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph all sample shipments which are then sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.

About Redstar Gold Corp.

Redstar Gold Corp. is a Vancouver-based company focused on gold exploration in Nevada and Red Lake, Ontario. For more detailed information on Redstar's Nevada projects, as well as its gold projects in the Red Lake area, please visit the company's web site at www.redstargold.com.

On Behalf of the Board, Redstar Gold Corp.

Doug Fulcher, Director

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release

Contact Information

  • Redstar Gold Corp.
    Doug Fulcher
    Director
    (604) 488-0051
    (604) 488-0053 (FAX)
    Website: www.redstargold.com