Vancouver, British Columbia (FSCwire) - Redstar Gold Corporation (TSX.V: RGC, US: RGCTF, FRA: RGG) ("Redstar" or the "Company") provides the following update for its fiscal year ended March 31^st, 2018.  Redstar ended the year with approximately C$3.0 million in cash, working capital of approximatively C$7.5 million and no long term debt.  Management’s objective is to create value for its shareholders by progressing its district scale Alaskan asset, the Unga high grade gold project, while remaining attentive to costs and dilution for its shareholders.

 

Unga High Grade Gold Project: 2017 was a very busy year at the Unga project. The Company completed a geophysical program, two diamond drill programs, and initiated a NI 43-101 technical report. The Shumagin Gold Zone, previously with a known strike length of 350m as at the end of 2015, and 950m as at the end of 2016, now has shown continuity for approximately 1750m, an expansion of 84% over 2016. The project covers approximately 240 km² and has benefefited from various exploration programs over the years. Mine Development Associates (MDA) are currently working to complete a National Instrument 43-101 Technical Report within the next few months. The details of our  Unga 2018 Summer Exploration program will be based in large part on the conclusions contained in this report, and in conjunction with work currently being completed internally.

 

In addition to the Shumagin Trend and the Apollo Sitka Trend, we are reviewing data from historical drill programs completed by Battle Mountain Gold Corporation on the Neighboring Popof Island. This prospect, 100% owned by Redstar Gold, is called Centennial. The historical work on the Centennial prospect indicates that there is a disseminated mineral inventory which starts at surface and extends to 60m. We are evaluating the relative priority of this prospect within the numerous prospects identified within the Unga Project. The Centennial prospect is approximatively 3 km from the town of Sand Point’s commercial airport and could be advanced, without seasonal disruptions.

 

NV Gold Corporation¹: Redstar currently owns approximately 5.1 million shares of NV Gold Corporation, or slightly below 15% of NV Gold’s outstanding shares. NV Gold shares closed at C$0.95 on March 31 (Redstar’s year end), near its 52 week high of C$1.22. NV Gold Corporation is a Canadian Junior exploration company trading under the symbol NVX (TSX.V – NVX). Towards the end of our fiscal year the Company sold shares to recoup costs and Redstar has no further plans to sell shares. The company has a proven management team and extensive connections to projects and financing. NV Gold is focused on maximizing shareholder value through acquiring and developing advanced gold projects.

 

NV Gold has been generating a significant amount of interest due to its 100% owned Across the Valley (“ATV”) gold project in Nevada. The project encompasses approximately 13,000 acres and is situated approximately 10km from the Twin Creeks and Turquoise Ridge mines on the Getchell Trend. Mines along the Getchell Trend have produced over 20 million ounces of gold from Carlin type deposits hosted by Palaeozoic sedimentary rocks, especially carbonate bearing units of the lower plate of the Roberts Mountain thrust. NV Gold targeted the underexplored ATV area based on the structural modelling that suggests faulted extensions of lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in this area.

 

NV Gold announced on March 2, 2018 that hole ARC-6C, within its ATV gold project had intercepted carbonate-bearing rocks thought to belong to the Comus Formation. After cutting approximately 120m of this important rock unit, hole ARC-6C was terminated at 477.3m. NV Gold has since re-entered hole ARC-6C and anticipates extending it an additional 600 meters. At a depth of 597m it intercepted what is interpreted to be decalcified muddy, silty and sandy rocks. Zones of silicification are also evident, as are local accumulations of very fine-grained sulphide minerals. NV Gold interprets such alterations as evidence of hydrothermal activity.

 

Newman Todd Project: Redstar owns 30% of the Newman Todd Project. This project is located in the Red Lake Area in Ontario which is home to several world scale and highly profitable mines, such as the legendary Red Lake Mine. Since 1925 there have been 28 operating mines and 28 million ounces of gold produced from the area. Newman Todd is co-owned with Confederation Minerals (70%). Redstar is in communication with Confederation Minerals and will continue to seek ways and means to advance this project.

 

Redstar Gold Corp:

 

Redstar is a 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 55^th degree latitude and next to tidewater. In addition, Redstar owns approximately 15% of NV Gold Corp. (TSXV: NVX and 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.

 

For additional information please contact:

 

Jacques Vaillancourt

Chairman & Interim CEO

Tel: +44.7.802.268.247

Email: jvaillancourt@redstargold.com

 

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.

 

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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Source: Redstar Gold Corporation (TSX Venture:RGC, OTCQB:RGCTF, FWB:RGG)

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