(TheNewswire)
Vancouver, BC / TheNewswire / April 27, 2017 - Redstar Gold Corp. (TSX.V: RGC, OTCQB: RGCTF, FRA: RGG) ("Redstar" or the "Company") is pleased to announce that the Company has completed its initial surface geophysical program at the Shumagin Gold Zone within the Unga Gold Project. The ground based geophysical program was designed to refine drill-hole targeting and structures southwest of the Shumagin. Results from the geophysical program are expected to be available within in the next two weeks.
Redstar's President & CEO, Peter A. Ball, stated, "We have completed our initial ground geophysical program, which was comprised of both Ground Magnetic and Resistivity-IP surveys. Since commencing the 2017 Spring Exploration program in early April, we have completed a total of 15.73 line-kms of MAG and 8.75 line-kms of IP across the Shumagin Gold Zone, and have also completed 54.44 line-kms of MAG at the Orange Mountain Zone. Our technical team is now finalizing a drill targeting exercise, which we anticipate to complete in the next week, allowing drilling to commence in May 2017."
The Company will continue to utilize geophysical surveys to further test areas of known mineralization and/or areas along strike of exposed veining. The data gathered will be analysed and correlated to the areas of known mineralization, which will allow for more effective targeting of new or untested structures and associated mineralization.
2017 Spring Exploration Program
The first phase of the 2017 Spring Exploration Program was a ground-based geophysical program (MAG and IP), which consisted of an initial detailed "orientation survey", that will test the geophysical responses associated with well-known geological features and the high-grade gold mineralization located across the Shumagin Gold Zone.
The orientation survey will be used to define a geophysical fingerprint that will be modelled to target the known Shumagin Fault and potentially other structures not discovered to-date, including other structurally controlled gold-bearing breccia bodies localized along structures to the southwest towards Orange Mountain. Approximately two (2) kms of untested potential exist for additional new discoveries between the Orange Mountain and Shumagin Gold Zones.
The thickest breccia bodies and highest gold-silver grades within the Shumagin Gold Zone are localized along syn-mineral NE-EW dilation zones, that are part of a major regional structural corridor (i.e. the Shumagin Trend). This Trend crosses Unga Island from coast-to-coast for approximately 9.5 kms and is interpreted to have localized epithermal alteration and mineralization along the trend.
Geological Highlights of the Shumagin Gold Zone and Trend:
-The Shumagin Gold Zone is currently defined over a strike length of approximately 1.2 kms by surface mapping and sampling.
-Geological mapping and sampling towards the southwest from Shumagin indicates a very strong expansion potential along strike for an additional three (3) kms southwest towards Orange Mountain, the interpreted hydrothermal center along the Shumagin Trend.
-The Shumagin Trend is approximately 9.5 kms long, and is a major regional structure responsible for the localization of epithermal mineralization and associated alteration exposed about its strike length.
-Results from the 2016 fall drill program at the Shumagin Gold Zone, indicate that high-grade gold-silver mineralization occurs at depth for approximately 950 meters of tested strike length, is vertically extensive (to approximately 330 meter at depth), and remains open at depth across the entire strike length.
The 100% controlled Unga Gold Project is an intermediate-sulfidation epithermal district located along the Alaskan Peninsula on adjacent Unga and Popof Islands, approximately 950 km southwest of Anchorage, Alaska. The 240-km2 property contains numerous volcanic-hosted, structurally-controlled and disseminated gold-silver mineral occurrences localized along at least two (2) regional structures (Shumagin Trend and Apollo-Sitka trends), each measuring approximately 9.5 km long. High-grade gold zones drilled or identified at surface occur within dilation zones along the regional and/or subsidiary structures and are the main exploration target-type for the project. The Shumagin Gold Zone is only one of several noteworthy gold-silver structures found on Redstar's Unga Gold Project and is a high-priority exploration target.
Jesse C. Grady, MSc, CPG-11592, is a Qualified Person as defined by NI 43-101. Mr. Grady has prepared and approved the technical information contained within this release.
Redstar is well-financed junior exploration company, with a very strong, supportive institutional shareholder base, no debt, and is focused on high-grade gold exploration and advancing its high-grade Unga Gold Project in Alaska. The 100% controlled Unga Gold Project is an intermediate sulfidation epithermal high-grade gold project on a district scale, with the property encompassing approximately 240 km2, and containing multiple high grade gold zones drilled or identified at surface. The former Apollo-Sitka gold mine, located on the southern Apollo-Sitka Trend, was Alaska's first underground gold mine and the site of historic high-grade (~10 g/t Au) gold production. The Unga Gold Project has extensive infrastructure with daily flights from Anchorage landing on a one mile long paved airstrip and a deep-water port on neighboring Popof Island, and a moderate climate noting it resides at the 55th degree latitude and next to tidewater. In addition, Redstar owns approximately 22.2% of NV Gold Corp. (TSXV: NVX). Redstar also owns 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.
On Behalf of the Board of Directors,
Peter A. Ball, President and CEO
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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.
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