Redstar Gold Corp.
TSX VENTURE : RGC

Redstar Gold Corp.

February 26, 2008 12:05 ET

Redstar Gold Provides Updates on Nevada and Red Lake, Ontario Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2008) - Redstar Gold Corp (TSX VENTURE:RGC) is pleased to announce an update of the company's exploration programs in Red Lake, Ontario and Nevada. Drill programs are underway on the Newman Todd project in Red Lake and the North Bullfrog property in Nevada, and surface exploration is expected to start in March on the Richmond Summit and Dry Gulch properties on the Carlin Trend in Nevada.

Scott Weekes, President of Redstar states: "We are extremely pleased to have active drill programs in Red Lake and Nevada. Both programs are targeting high grade, near surface gold veins within camps that have produced multimillion ounce gold deposits. We are also excited about starting exploration with our partner Gold Fields on our two Carlin Trend properties and look forward to drill programs on these projects later in the year. Redstar has begun what will be its busiest exploration year ever with our Nevada projects being funded by our joint venture partners."

To date five holes have been completed on the Company's 100% owned Newman Todd property in Red Lake, Ontario. The active gold mines within the Red Lake camp are hosted within broad structural corridors defined by quartz veining and broad zones of strong carbonate alteration. Holes at Newman Todd are targeting gold mineralization within a structural corridor defined by brecciation, quartz veining, carbonate alteration and sulphide / magnetite replacement. Previous drilling intersected near surface values up to 69.02 g/t gold over 1.0 metre within a 3.0 metre zone grading 24.84 g/t gold within this breccia corridor. All of the current drill holes have intersected the breccia zone and assays are pending.

Nine holes totaling 2,080 metres have been completed on the North Bullfrog property. International Tower Hill Mines is funding the program and can earn up to a 70% interest in the project. The current drilling is targeting a high-grade gold vein system that was partially developed by the past-producing Mayflower Mine, which was active intermittently from 1905 until about 1941. Recent sampling of quartz veins in outcrop and from mine dumps has returned assays to 1.175 opt Au (40.300 g/t), with unveined silicified wallrock yielding 0.274 opt (9.41 g/t). High-grade samples contain fine-grained visible gold. Assay results from the drilling are pending, but prelimiary analysis indicates that multiple en-echelon veins are present, and this will be used to further refine drill targets. Drilling is also planned to test an area of disseminated gold mineralization in the Sierra Blanca target about 3.5 km north of Mayflower. Previous drilling intersected 0.039 opt Au over 40 feet (1.34 g/t over 12.2m) and 0.014 opt over 150 feet (0.480 g/t over 46m).

Plans are also underway for surface exploration programs on the Company's two Carlin Trend properties, Richmond Summit and Dry Gulch, with work funded by Gold Fields, who can earn up to a 70% interest in the projects. The surface work is planned to begin in March and will include geophysical surveys, alteration mapping, trenching and sampling. Once results are received from the initial surface work, drill programs are planned for both properties.

Dr. Jacob Margolis, a qualified person as defined by National Instrument 43-101, has reviewed this news release and assists with the design and implementation of the work programs at North Bullfrog, Dry Gulch and Richmond Summit. Dr. Margolis is the U.S. Exploration Manager for Redstar Gold Corp. Bob Singh P. Geo., a qualified person as defined by National Instrument 43-101, has reviewed this news release and is responsible for the design and implementation of the work program at Newman Todd. Bob Singh is the Canadian Exploration Manager for Redstar Gold Corp.

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.
    Corporate Inquiries
    (604) 488-0051
    (604) 488-0053 (FAX)
    Website: www.redstargold.com
    or
    Redstar Gold Corp.
    Tim Mikula
    Investor Relations
    Email: tmikula@amemining.com
    or
    B&D Capital Partners
    Investor Relations
    (604) 685-6465