Redstar Adds New Gold Project on Cortez Trend in Nevada
23 Agosto 2011 - 9:00AM
Marketwired
Redstar Gold Corp (TSX VENTURE: RGC) is pleased to announce the
acquisition of a new gold project along the Cortez gold belt in
Nevada. The new Gold Cloud project consists of a group of mining
claims 100% owned by Redstar, and is Redstar's third project along
the Cortez trend. Gold Cloud contains sediment-hosted (Carlin-type)
gold mineralization along a range-front fault and is approximately
17 miles south of Barrick's Ruby Hill gold mining operations in the
Eureka Mining District.
Scott Weekes, President of Redstar states: "Gold Cloud is
another exciting property to add to our portfolio of Nevada
projects. Gold Cloud hosts an underexplored Carlin type gold system
within the world class Cortez Trend. Sampling by Redstar has
returned strong trace-element chemistry as well as gold values up
to 2.8 ppm. Redstar now has 13 active projects, many acquired as a
direct result of the acquisition of AngloGold Ashanti's geological
database for Nevada."
Discussion of geology
Gold Cloud contains an extensive zone of carbonate veins and
silicification (jasperoids) within Devonian limestone. The zone is
exposed for a strike length of 6,800 feet (2km) following a
northeast-trending range-front fault. Anomalous gold (greater than
0.1 ppm) and favorable trace elements occur along at least 2,300
feet of this strike length within the carbonate veins and
jasperoids, with values obtained by Redstar reaching 2.80 ppm gold
(0.082 opt), 2.6 ppm Hg, 527 ppm Sb and 351 ppm As. The valley-fill
sediments (pediment) beyond the range-front fault appear to be
thin, based on relatively detailed gravity data as well as the
occurrence of north-northwest-trending outcrops of limestone
outboard of the range front.
The project is along the northeast side of a distinctive feature
in the regional geophysical gravity data that coincides with the
Cortez gold belt and extends north-northwest for at least 70 miles
from the Gold Cloud area through the Gold Bar and Tonkin Springs
gold districts and the world-class Pipeline-Cortez Hills gold
district.
Dr. Jake Margolis, Redstar's U.S. Exploration Manager commented,
"The exposed carbonate vein system, the silicification and
favorable geochemistry could be the uppermost or distal portion of
a large Carlin-type gold system. During gold mineralization in
these types of deposits, the limestones are dissolved
(decalcified), and the calcium carbonate is then remobilized to
overlying and peripheral areas. Rare native sulfur also indicates a
peripheral setting. The extensive development of the mineralized
carbonate veins and jasperoids exposed at Gold Cloud is potentially
the fingerprint of a large Carlin-type gold system that has yet to
be identified, either beneath the exposed veins or outboard of the
range front under pediment cover."
Redstar plans to continue surface geologic and sampling work at
the Gold Cloud project and then seek a partner to advance this
highly prospective gold project on the Cortez trend.
Dr. Jake Margolis a qualified person as defined by National
Instrument 43-101and has reviewed this news release. Dr. Margolis
is the US Exploration Manager for Redstar Gold Corp.
About Redstar Gold Corp.
Redstar has recently acquired a high-grade epithermal gold
district in Alaska. The Shumagin project in Alaska includes a
high-grade gold deposit with a non 43-101 compliant resource, a
bulk tonnage non 43-101 compliant resource, a historic high-grade
gold mine, and numerous high priority exploration targets. In
addition to the Alaska project, Redstar currently has an aggressive
drill program underway on a high-grade gold discovery in Red Lake,
Ontario. Along with the high-grade gold projects in Alaska and Red
Lake, the company also has a total of 13 gold-focused projects in
Nevada. 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.
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.
Contacts: Redstar Gold Corp. Tim Mikula Investor Relations
604.488.0051 604.488.0053 (FAX) tmikula@redstargold.com
www.redstargold.com
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