VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/24/11 -- Redstar Gold Corp. (TSX VENTURE: RGC) and Catalina Metals Corp. (TSX VENTURE: CTX.H) (Catalina) are pleased to report the discovery of significant new gold mineralization identified from surface sampling at the Cooks Creek project on the Cortez gold belt in Nevada. Exploration costs are being covered by Catalina, who is earning an interest (see March 2, 2011 news release) in the Cooks Creek project. The new "Dinner zone" contains rock-chip samples with values up to 2.45 g/t (0.071 ounces per ton) gold along a district-scale fault. The zone is about 750m south of previously-defined gold mineralization at the Main zone and has not been drill tested.
Catalina has completed a geological mapping and sampling program, a geophysical survey and attempted two reverse circulation drill holes. Both holes were terminated prematurely, well above their target depth, but did intersect strongly anomalous arsenic, mercury, antimony and gold. No drilling has been completed at the Dinner Zone, and initial drilling plans are being made to drill this prospective area.
Cooks Creek consists of approximately 3.7 square miles of unpatented mining claims 100%-owned by Redstar covering areas of outcropping sediment-hosted gold mineralization. The project is 8 miles west of the world-class Pipeline mine operated by Barrick Gold Corp.
The Main zone covers an area of at least 2,900 by 2,500 feet (890 x 760m) with surface rock-chip assays reaching 1.26 g/t gold. The zone contains strongly anomalous arsenic, mercury, and antimony (which locally occurs as stibnite), elements characteristic of Carlin-type gold deposits such as nearby Pipeline-Cortez. Historical drilling also intersected gold mineralization, including 21.3m (70 feet) grading 2.317 g/t gold (0.068 opt) from 18.3 to 39.6m. Gold mineralization at the Main zone remains open along strike and depth and is located along at least two northeast-striking faults separated by about 300m.
The newly-identified Dinner zone is an area of silicified and brecciated chert and quartzite, located along a northeast-trending fault that is parallel to structures controlling gold mineralization at the Main zone. The size of the Dinner zone at surface is uncertain due to extensive alluvial cover, which conceals the mineralization, but it appears to be at least 300m long by 40m wide. Of 31 rock-chip samples collected in the area, 17 exceed 0.1 g/t gold, 6 exceed 1 g/t gold, with a high of 2.45 g/t gold, and these sample results are higher than surface values at the Main zone. Trace elements indicate a favorable Carlin-type gold signature, with strong arsenic (up to 5750 ppm), mercury (up to 57 ppm), and antimony (up to 933 ppm) with low silver, lead and zinc.
Induced-polarization (IP) geophysics has been completed along a 2.2km line that crosses the structures controlling the Main and Dinner zones. The survey aided in the delineation of important faults at depth and identified a significant IP anomaly under the fault controlling the new Dinner gold zone. This anomaly, possibly the result of deep elevated sulfide content, provides additional support for drill-testing this new zone.
Based on the encouraging findings at the new Dinner zone, an amendment has been submitted to the Bureau of Land Management for additional drill sites along the Dinner and Main zones. Catalina plans to complete six to nine drill holes in late 2011 at the two zones.
Dr. Jake Margolis a qualified person as defined by National Instrument 43-101 and has reviewed this news release. Dr. Margolis is the US Exploration Manager for Redstar Gold Corp.
About Redstar Gold Corp.
Redstar recently acquired a high-grade epithermal gold district in Alaska that is a good complement to the high-grade gold discovery in Red Lake, Ontario. The Shumagin project in Alaska includes a high-grade gold deposit with a non 43-101 compliant resource, a bulk tonnage non 43-101 compliant resource, a historic high-grade gold mine, and numerous high priority exploration targets. At the Shumagin project in Alaska a drilling program is currently underway, and an aggressive drill program is ongoing on Redstar's high-grade gold discovery at the Newman-Todd project in Red Lake, Ontario. Along with the high-grade gold projects in Alaska and Red Lake, the company also has a total of 14 gold focused projects in Nevada.
On Behalf of the Board,
Redstar Gold Corp.
Scott Weekes, President
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.
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