Redstar Acquires New Nevada Projects
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 1, 2008) – Redstar Gold Corp. (TSX VENTURE:RGC) (“Redstar”) is pleased to announce that it has acquired two new gold projects in Nevada. Both projects consist of 100% Redstar-owned claims. The Oasis project covers an area of exposed gold mineralization and alteration in southwestern Nevada, 26 miles southwest of the Goldfield district (4 million ounces of gold produced). The Rosebush project covers an under explored area of strong alteration and trace element geochemistry within the Cortez (Battle Mountain – Eureka) mineral belt in central Nevada.
Scott Weekes, President of Redstar stated: “Redstar’s acquisition of AngloGold Ashanti’s geological database continues to pay dividends with the addition of two new Nevada projects. The Oasis and Rosebush projects were acquired by staking and give Redstar 100% ownership. Both projects are located within proven mineral belts with significant gold production. These additional acquisitions give Redstar nine projects in Nevada. Four are optioned to partners, including Richmond Summit and Dry Gulch on the Carlin trend, which are currently being drilled by Gold Fields. Redstar will continue moving forward on its commitment to project generation in Nevada and advancing these projects through joint ventures.”
Like the Goldfield district, Oasis is a high-sulphidation, volcanic-hosted gold system with extensive hydrothermal alteration exposed at surface. Redstar’s initial rock-chip samples returned gold values up to 0.958 ppm (0.028 ounce per ton), while exploration programs in the early 1980′s returned values up to 2.55 ppm. Available data from historical work, although incomplete, indicates that previous shallow drilling intersected gold mineralization, including one hole that bottomed in 0.013 opt over 100 feet from 305 to 405 feet (0.453 g/t over 30.5 metres). The mineralization exposed at surface is locally concealed by post-mineralization rocks, providing an opportunity to significantly expand the gold zone. In addition, features of the exposed high-sulphidation alteration indicate that it may be underlain by a porphyry gold system. These features include extensive low-grade gold mineralization in rocks containing magmatic-hydrothermal biotite, quartz-vein stockworks and elevated molybdenum contents, and the reported occurrence of zinc skarn in limestone underlying the volcanics.
In addition to Oasis, Redstar has initiated a project along the west side of the Cortez (Battle Mountain – Eureka) mineral belt in central Nevada. The project, called Rosebush, is 25 miles southwest of the multi-million ounce Cortez Hills gold deposit being developed by Barrick Gold Corp. Anomalously high levels of antimony, arsenic and mercury occur in strongly-altered and quartz-veined Tertiary volcanic rocks and in Paleozoic rocks beneath the volcanics. Both sediment-hosted (Carlin type) and volcanic-hosted gold systems in Nevada are coincident with anomalous arsenic, antimony and mercury, commonly peripheral to gold mineralization.
Rosebush lies along a regional north-northwest trending range- front fault zone which is parallel to mineralized structures along the Cortez trend, and the alteration system projects into the adjacent valley beneath shallow cover.
Redstar’s U.S. exploration manager, Dr. Jacob Margolis, notes: “Oasis is a great example of an underexplored gold system with potential for concealed mineralization, and this is where the opportunities are for new discoveries in Nevada. Similarly, what is exposed at Rosebush could be the tail of something bigger. Both projects show our continuing commitment to project-generation efforts and are a direct result of the extensive Nevada geological database acquired from AngloGold Ashanti Limited.”
Redstar has nine projects in Nevada and is currently evaluating two additional project opportunities which may be acquired during the 4th quarter of 2008.
About Redstar Gold Corp.
Redstar Gold Corp. is a Vancouver-based company focused on gold exploration in Nevada and Red Lake, Ontario. 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, CEO
The statements made in this Press Release may contain forward- looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
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