- Results from the first two holes of the 2015 drilling program at the Shumagin Prospect, located within the 100% owned Unga Gold Project, Alaska
- The first hole intersected 12.9 metres of mineralization from 60m, beginning with 1.9 metres containing 202 g/t gold and 82 g/t silver
- The second hole intersected two mineralized zones:
- The first zone, 7.3 metres averaging 11.8 g/t gold and 72.7 g/t silver, and;
- The second zone, 6.35 metres averaging 9.45 g/t gold and 103 g/t silver.
- The second hole includes 2m grading 35.3 g/t gold and 209 g/t silver from 64m; and 3.0m grading 16.95 g/t gold and 183g/t silver from 82m
Vancouver, Canada – Redstar Gold Corp. (TSX.V:RGC) (“Redstar” or the “Company”) announces assay results for the first two core holes from its recently completed eight-hole drilling program on the Shumagin Prospect, located on Redstar’s 100% owned Unga Gold Project, Alaska. Some very high-grade intervals have been encountered with reported values of up to:202 g/t gold & 82 g/t silver over 1.9 metres and 133 g/t gold & 422 g/t silver over 0.7 metres.
“These are the drill results from a new management team and these results confirm our optimism for for the Unga Gold Project, and the Shumagin area specifically. We intersected mineralization where we expected, with high-grade gold and silver grades. The parallel Shumagin and Apollo-Sitka trends, each over ~8.0 km long, on Unga Island have the hallmarks of being a succession of epithermal systems of high grade vein mineralization”, said Jacques Vaillancourt, Chairman.
High Grade Intervals from Drill holes 15SH011 and 15SH012
|Drill Hole ID||From-To
|15SH011||60.1 – 62.0||1.9||202||5.89||82||2.4|
|Incl.||64.0 – 66.0||2.0||35.3||1.03||209||6.1|
|Incl.||82 – 85||3.0||16.95||0.49||183||5.3|
|and||89 – 89.7||0.7||133||3.88||422||12.3|
*True widths of the mineralized intervals are close to 70-80% of Core length.
High-grade intervals have previously been encountered at Shumagin and commonly occur within broader zones of gold-silver mineralization. The objective of the current programme was designed to target various structural elevations of the Shumagin vein system while systematically: 1) testing for continuity of mineralization and obtaining geological constraint within areas of existing known high-grade mineralization through infill drill holes (15SH011-through-15SH014); and 2) exploratory step-out drilling of the vein system at depth and along strike to the northeast by approximately 100 metres through four step-out drill holes (15SH015-through-15SH018).
Results have recently been received by the Company for the first two drill holes (see Appendix A for assays), yet all of the holes successfully encountered the Shumagin vein system (e.g. cockade-colloform textured quartz-adularia-carbonate veins with trace disseminated sulphides) at expected target depths. Assays are currently pending for the additional six drill holes.
The precious metal-bearing Shumagin vein system has a strike extent of over 1.2 kilometres and a depth extent of approximately 330 metres as outlined by drilling and surface trenching. The Shumagin Prospect is one of several noteworthy gold-silver structures found on Redstar’s Unga Project and is a high-priority exploration target that remains open at depth and along strike.
Geology of the Shumagin Vein System
The Shumagin vein system consists of a sub-vertical zone of multi-episodic, cockade-colloform-crustiform banded quartz-adularia-rhodocrosite-green clay veins, stockwork and vein-breccias that are exposed on the surface for ~1,000 metres. The true-width of the vein system is variable from hole to hole but 7-10 metres of true width is a conservative average estimation. Pervasive silicification and anomalous quartz-sericite-pyrite veins and stockwork occur as a consistent halo to the vein system and commonly extend for more than 10 metres into the hanging wall.
The vein system has been localized along the Shumagin scarp, a northeast oriented steeply southeast dipping contact between a body of coherent Eocene-Oligocene basaltic-andesite (footwall) and a hangingwall sequence of massive-to-reworked dacitic pyroclastic flows and overlying epiclastic sediments. A complex arrangement of steeply-standing phreatomagmatic breccias and dikes were also emplaced along this contact and are interpreted to be pre- to syn-mineral.
Gold-silver mineralization within the Shumagin vein system is correlated to banded crustiform-colloform textured veins and vein breccias that contain very fine grained laminations of green clay + carbonate (rhodochrosite) and minor disseminated pyrite-galena-sphalerite and lesser chalcopyrite.
Sub-vertical dikes which have been cross-cut, moderately brecciated and entrained within the Shumagin vein system have been encountered within the hangingwall portion of the vein system. The dike is bound and cut by high-grade gold veins that occur in drill holes 15SH011 and 15SH012 and in more recent 2011 drill holes approximately ~190 metres down plunge of the vein system towards the northeast (11SH010: 0.55m of 738g/t gold & 408 g/t silver). This observed relationship has been noted in a variety of drill holes and suggests a connection may exist between the phreatomagmatic breccias, dikes and localization of high-grade gold-silver mineralization.
In conjunction with the drill data resulting from this drill program, a Phase-2 drill program planned for later 2015 will maintain a focus on the Shumagin Prospect concurrent with exploration of other known high-grade gold targets located within the Unga Gold Project.
A major goal of future drill campaigns will be to continue with additional step-out drilling towards the northeast for an additional 350 metres where exposures of the Shumagin vein system returned high-grade intercepts at shallow depths from drilling during the 1980’s (DDH26: 37.7g/t gold & 20.6g/t silver over 0.76m and 11.48g/t gold & 15.1g/t silver over 1.21m).
Quality Assurance/Quality Control
The 2015 exploration program at the Unga Project included a rigorous Quality Control/Quality Assurance program, overseen by Jesse C. Grady, Redstar’s Vice President of Exploration.
Drill core selected for geochemical analysis was sawn in half, with one-half of the core shipped in a sealed bag to ALS Minerals in Fairbanks for sample preparation. Laboratory pulps were analysed at ALS Minerals in Vancouver where gold was assayed using a 50g fire assay and AAS finish. Gold values in excess of 10 ppm were then re-assayed by 50g fire assay with a gravimetric finish. Samples that contained silver values in excess of 100 ppm were analysed using a HF-HNO3 -HClO4 digestion with an HCL leach and either an ICP-AES or AAS finish.
Redstar’s QA/QC protocol consisted of semi-random insertion of calibration standards for gold and blanks at a rate of 3 per 30 samples. Additional blank samples were inserted after any visible gold or after high-grade standards. Two calibration standards and a single lab duplicate was selected on a random basis for each sample shipment and employed in consecutive order within the sample stream.
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.
The Unga Gold Project
The Unga Gold Project covers portions of adjacent Unga and Popof Islands, approximately 900 kilometres (550 miles) southwest of Anchorage, Alaska. The project is located near the town of Sand Point which has a commercial airport and port facilities. Access to Unga Island is by boat or helicopter, some 13 kilometres from Sand Point. The topography on the island is mostly undulating hills and the climate quite temperate relative to many areas of Alaska.
For the first time, the Unga Project is now a fully consolidated land package of some 250 sq km (100 sq miles) of mineral rights through an agreement with the Aleut Corp, an Alaskan Native Corporation and a surface land use agreement on Unga Island with the Unga Corporation. Mining claims owned by the Company consists of 16 patented mining claims (“Apollo-Sitka Mine”) and six State of Alaska mining claims (“Shumagin Prospect”).
The Shumagin Prospect is part of the Unga Gold Project, a district-scale gold-silver system, where localized high-grade mineralization is thought to be part of a larger, intrusive-related magmatic system(s) with the potential to yield additional exploration targets at depth and elsewhere within the Project Area.
The Apollo-Sitka Mine was the site of Alaska’s first underground gold mine which from 1886-1922 produced a historically reported total of approximately 150,000 gold ounces at a reported grade of approximately 10 g/t gold.
With the consolidation of the lands on the Unga Project, Redstar Gold will be the first exploration company to comprehensively explore on a district-scale the numerous gold and silver occurrences that are known to exist on the islands.
About Redstar Gold Corp
Redstar is a junior exploration company focused on high-grade gold exploration in North America. In Alaska, the Company is exploring the 100% owned high-grade Unga Gold Project which was initially acquired in 2011. The Unga Gold Project contains several high grade gold/silver vein systems, two of which, Apollo & Sitka were sites of historic high-grade gold production.
Redstar also owns 30% of the Newman Todd Gold project, in Red Lake, Ontario, Canada and 100% of 10 properties in Nevada. Newman Todd is a high-grade gold discovery along a 1.8 km corridor within the Newman Todd Structure (NTS). The gold mineralization in the NTS remains open along strike and at depth.
Redstar Gold Corporation (RGC: TSX.V)
Ken Booth, President and CEO
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Redstar Gold Corp.
Paul Durham, Investor Relations
Toll Free: 1-877-310-3330
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.
You can view the Previous News Releases item: Thu May 21, 2015, Redstar Gold successfully completes 1,500 metre Phase-1 Drilling Program at its High-Grade Unga Gold Project, Alaska
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