The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
RGC: TSX.V
Executive Chairman: Jacques Vaillancourt
Interim President and CEO: Ken Booth
VP, Exploration: Jesse Grady
Redstar Gold Corp. got an early start on exploration at its Unga gold project in Southwest Alaska.
Located on an island just off the Alaska Peninsula, Redstar's Unga property blankets two parallel trends of high-grade epithermal gold veins that each extend for more than 4.5 miles across the southeast corner of Unga Island.
An initial phase of exploration that began in April included an eight-hole drill program that targeted the Shumagin gold zone, part of the larger Shumagin trend.
Past trenching and drilling in the Shumagin prospect area has traced high-grade gold-silver veins for more than 1,200 meters along strike and to a depth of 330 meters.
In 2000, SRK Consulting calculated a non-NI 43-101-compliant resource for a portion of this prospective area of 254,000 metric tons averaging 27.4 g/t gold and 127 g/t silver for the Shumagin vein.
The first four holes of Redstar's 2015 phase-1 program this year targeted various structural elevations of the Shumagin vein system within the resource area.
All four of the holes hit gold mineralization were expected, confirming the continuity of the structure.
Highlights from this drilling include: 1.03 oz/t gold and 6.1 oz/t silver over 2.0 meters, 0.49 oz/t gold and 5.3 oz/t silver over 3.0 meters, and 3.88 oz/t gold and 12.3 oz/t silver over 0.7 meters in hole 15SH012; 4.0 meters of 11.62 g/t gold and 95.6 g/t silver in hole 15SH013; and 3.0 meters with 9.86 g/t gold and 8.0 g/t silver in hole 15SH014.
The remaining four holes tested for the continuation of the vein structure and high-grade gold for about 100 meters along strike to the northeast.
Highlights from the step-out drilling included 5.0 meters grading 9.35 g/t gold and 27.6 g/t silver, including 1.0 meters of 41.2 g/t gold and 130.0 g/t silver in hole 15SH018.
This high-grade intercept was encountered about 100 meters northeast of 11SH010, a 2011 hole that cut 0.55 meters of 738 g/t gold and 408 g/t silver, and 100 meters above BMS-01, a historical hole that cut 5.49 meters of 24.02 g/t gold and 19.4 g/t silver.
While hole 18 was the only step-out hole to cut high-grade gold, all four encountered a "Ginguro-style" epithermal breccia vein system in the footwall below younger Shumagin-style quartz veining.
The new vein system exhibits contrasting epithermal geochemical signatures to Shumagin-style breccia veins with distinctly higher levels of arsenic, antimony and mercury.
Redstar says the discovery of this new style of mineralization implies that the Shumagin scarp is a structural corridor that has had a long-lived history of repeated epithermal veining and high-grade mineralization.
The phase-1 program, along with past drilling, has outlined an area of high-grade gold mineralization at the Shumagin prospect for roughly 500 meters along strike and about 330 meters of depth.
Redstar said trenching indicates the vein system extends for at least 1,200 meters.
Cash and term deposits: C$183,901 (June 30, 2015)
Working capital: C$133,766 (June 30, 2015; closed
C$750,000 financing on Sept. 9)
Market capitalization: C$7.2 million (Sept. 16, 2015)
615-800 West Pender Street, Vancouver, B.C. V6C 2V6
Tel: 604-488-0051 Fax: 604-484-7855
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