Redstar Gold (RGC.V) has released the results of four step-out holes drilled at its Unga gold project in Alaska. An intercept of 5 meters at 9.35 g/t gold and almost 0.9 ounces of silver per tonne of rock sounds interesting, but what makes it even more appealing is that this mineralization was encountered 100 meters to the northeast of a previously drilled high-grade gold.
That’s an important conclusion as it confirms there’s additional exploration potential at Unga and the resources could be expanded through continuous drilling along strike. The next step for Redstar will very likely to try to expand the strike length, but with a working capital of less than C$1M, the company might have to raise more cash before the end of this year.
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Disclosure: The author holds no position in Redstar Gold. Please see our disclaimer for current positions.
