Redstar Signs Surface Access Agreement on the High Grade Gold Extension to the Unga Gold Project on Popof Island

2019-10-08 / @thenewswire

(TheNewswire)

HIGHLIGHTS:

- Renews its Surface Access Agreement on Popof Island for an additional twelve months.

- Agreement with the Shumagin Village Corporation includes option for drilling and bulk sampling.

- Popof property hosts 6 distinct prospects and historical (non 43-101 compliant) resource.

- Planned exploration will consist of geochemical and geophysical surface work.

- Program designed to delineate drill targets on the Eastern extension of the Shumagin Zone high-grade gold system on neighbouring Unga Island.

Vancouver, Canada, October 08, 2019 - Redstar Gold Corp. (TSXV:RGC) (OTC:RGCTF) (FRA:RGG) ("Redstar" or the "Company") has signed a surface access agreement with The Shumagin Corporation (TSC). The agreement provides access to Redstar’s mineral exploration license underlain by TSC’s property which forms part of Redstar’s “Unga Project” on Unga and Popof Islands situated near the centre of the Aleutian Arc. Coincident with signing, Redstar has mobilized a team on Popof to prepare grid for geochemical and geophysical sampling across broader, surface gold anomalies and on-strike projections of high-grade gold veins such as Suzy Rhodo where previous sampling returned assays up to 21ppm Au.

Redstar President John Gray commented: “Redstar is pleased to announce that it has signed this surface access agreement with TSC that will allow the Company to fully explore all of the areas of its Unga High Grade Gold Project on Popof Island where the flat-lying, near surface Centennial gold occurrence is located along with five other high grade gold prospects. Redstar and TSC are committed to advancing the project and the Company is grateful for TSC’s prompt attention in negotiating this agreement.”

Figure 2: Popof Island - Areas of Highly Prospective Gold Anomalies covered by Q4 2019 geophysics and geochemistry surveys

Click Image To View Full Size

* Redstar notifies that a qualified person has not done sufficient work to classify the historical estimate on the Centennial project as current mineral resources or mineral reserves, and is not treating the historical estimate as current mineral resources or mineral reserves.

The agreement runs for twelve months allowing Redstar to conduct sub-surface work including drilling, trenching and bulk sampling which will permit the Company to advance the numerous gold showings on Popof.

For the next phase of drilling on Popof Island, depending upon results of the current work program, the priorities are:

1.The Propalof structure, which has year-round access.
2.Centennial: flat-lying, near surface mineralization – infill and IP anomaly, targeting potential high-grade feeder.
3.Suzy Rhodo Vein close to Sand Point port.

About Redstar Gold Corp

Redstar is a well-financed junior exploration company with a strongly supportive institutional shareholder base, no debt, and is focused on high-grade gold exploration and advancing its Unga Gold Project in Alaska. The 100% controlled Unga Gold Project is a high grade, intermediate sulfidation, epithermal gold project on a district scale. The property encompasses approximately 240km2, and contains multiple high-grade gold zones drilled or identified at surface. The former Apollo-Sitka gold mine, located on the southerly 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 enjoys a moderate climate at latitude 55 degrees North next to year-round tidewater with extensive infrastructure including a deep-water port and is served by daily flights from Anchorage landing on a mile long, paved airstrip on Popof Island. In addition to the Unga Project, Redstar owns approximately 5 million shares of NV Gold Corp. (TSXV: NVX) and 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.

For additional information please contact:

John A. Gray

President
Tel: +44 747 068 6474
Email: j.gray@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 guaranteeing 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.