Redstar Gold Corp.

Redstar Gold Corp.

March 14, 2011 08:01 ET

Redstar Intersects Multiple High-Grade Gold Zones in Red Lake

3.0 Metres of 42.84 g/t Gold Including 1.0 Metre of 122.0 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2011) - Redstar Gold Corp. (TSX VENTURE:RGC) is pleased to report initial drill results from the on-going drill program at the Newman Todd property in the Red Lake Gold District, Ontario. Recent drilling included a highlight drill hole that intersected 3.0 metres of 42.84 g/t gold, including 1.0 metre of 122.0 g/t gold.

The current program is focusing on the Newman Todd structure, which spans the entire property (approximately 2.8 kilometres) and has been sparsely drilled along strike. Results have been received from the first two holes (of a planned six hole program), highlights from drill hole NT-056 that intersected three high-grade intercepts within the Heath Bull Zone including:

  • 7.0 metres of 18.83 g/t gold including 3.0 metres of 42.84 g/t gold and including 1.0 metres of 122.0 g/t gold.  
  • 3.0 metres of 22.49 g/t gold, including 1.0 metres of 63.60 g/t gold.
  • 5.45 metres of 7.40 g/t gold, including 1.1 metres of 32.60 g/t gold and including 0.50 metres of 62.90 g/t gold.

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, President of Redstar states: "We are extremely pleased with the results from the first two holes of drilling at Newman Todd in our current program. Confederation Minerals has been an extremely aggressive partner and their recent financing has put them in a position to advance the Newman Todd project at an advanced pace. Drilling confirms the presence of a large hydrothermal alteration zone, and also confirms our interpretation of multiple areas of high-grade gold mineralization within the Newman Todd Structure (NTS). Drill holes NT-056 and NT-057, were drilled from the same set up with NT-056 drilled below NT-057. The shallower drill-hole intersected moderate alteration and mineralization, while the deeper hole intersected multiple high-grade gold intercepts within much stronger alteration. Many of the important deposits in Red Lake have the highest grades at depth; our past drilling indicates that Newman Todd also has these characteristics. We look forward to further drilling to test along strike of the NTS and the wide-open potential at depth." 

Table of Results

Hole   From (m) To (m) Width** (m) Gold (g/t) Width (ft) Gold (opt)
NT-056   116.00 117.00 1.00 7.470 3.28 0.22
NT-056 and 129.00 130.00 1.00 5.080 3.28 0.15
NT-056 and 175.00 177.00 2.00 1.446 6.56 0.04
NT-056 and 197.00 213.00 16.00 8.633 52.49 0.25
NT-056 including 199.50 211.00 11.50 11.775 37.73 0.34
NT-056 and including 204.00 211.00 7.00 18.873 22.97 0.55
NT-056 and including 208.00 211.00 3.00 42.842 9.84 1.25
NT-056 and including 208.00 209.00 1.00 122.000 3.28 3.56
NT-056 and 249.00 260.00 11.00 1.537 36.09 0.04
NT-056 including 249.00 254.00 5.00 2.275 16.40 0.07
NT-056 and including 252.00 253.50 1.50 2.917 4.92 0.09
NT-056 and including 253.00 253.50 0.50 4.410 1.64 0.13
NT-056 and 275.00 278.00 3.00 22.492 9.84 0.66
NT-056 including 275.00 276.00 1.00 63.600 3.28 1.86
NT-056 and 366.55 387.50 20.95 2.453 68.73 0.07
NT-056 including 366.55 379.50 12.95 3.686 42.49 0.11
NT-056 and including 366.55 377.50 10.95 4.163 35.93 0.12
NT-056 and including 370.90 379.50 8.60 5.030 28.22 0.15
NT-056 and including 370.90 372.00 1.10 32.595 3.61 0.95
NT-056 and including 370.90 371.40 0.50 62.900 1.64 1.83
NT-057   115.00 116.00 1.00 9.27 3.28 0.20
NT-057 and 147.00 148.00 1.00 4.030 3.28 0.12
NT-057 and 194.00 195.00 1.00 3.770 3.28 0.11
** width represents core length and does not reflect true width. Assays are uncut and do not exceed more than 3.0 metres of less than 0.50 g/t in averaged intervals.

Discussion of Results

Drill holes NT-056 and NT-057 were drilled southeast, to test for near vertical or north dipping mineralized zones, within the NTS. Gold zones contained both visible gold bearing quartz and silica alteration zones, as well as sulphide and magnetite replacement zones. Wide spread iron-carbonate alteration was intersected in both holes, as well as large haloes of anomalous gold mineralization. 

Drilling continues at Newman Todd testing both within known zones of mineralization as well as testing along strike of the NTS. 

Bob Singh, P.Geo, is the qualified person as defined by National Instrument 43-101and has reviewed this news release. Mr. Singh is the Canadian Exploration Manager for Redstar Gold Corp. Core samples from the program were cut in half using a diamond cutting saw and were sent to ALS Laboratory Group in, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing fire assay methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream as part of Redstar's quality control/quality assurance program.

On Behalf of the Board,

Redstar Gold Corp.

Scott Weekes, President

Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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