PRECIOUS METALS

Redstar reacts to Alaska quake

Soon-to-be-renamed Redstar Gold said its exploration team on Unga Island “immediately sought higher ground” and felt the earthquake, which had occurred off Sand Point on Alaska’s southern coast and prompted a tsunami warning.

Staff reporter
 Redstar Gold’s flagship Unga project is near Sand Point in Alaska

Redstar Gold’s flagship Unga project is near Sand Point in Alaska

Hours ago, the Alaska Earthquake Centre changed the magnitude of the October 19 earthquake from 7.5 to 7.6 after more data was reviewed.

The tsunami warning was downgraded yesterday and Redstar said a sea swell of about 60cm was noted at Sand Point.

"The earthquake was felt at site, but no injuries or damage was noted, and exploration activities have resumed today," the company said.

It said it had three rigs operating at three sites at its flagship polymetallic Unga project, aiming to complete a C$6 million, 6,500-8,000m programme in November.

Today, the company's name is set to change to Heliostar Metals following a series of changes announced in July.

It had acquired Heliodor Metals in August in an all-scrip deal which included Heliodor CEO Charles Funk becoming CEO of Redstar, and raised $7 million in a placement priced at 8c per share.

A 15-for-1 share consolidation takes effect today and it said it would start trading under the ticker HSTR.V on the TSX Venture Exchange.

Redstar shares (TSXV: RGC) had ranged from 2-15c this year and closed at 10.5c yesterday, capitalising it at $49.8 million (US$38 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.