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TORONTO, ONTARIO–(Marketwired – June 29, 2017) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received updated results from hole HS-15-31, which was drilled in the Hornblende Shear Zone, at its Wawa Gold Project, during the Fall of 2015. The Hornblende Shear Zone is a parallel shear zone to the Surluga Deposit (inferred resource of 1,088,000 ounces @ 1.71 g/t gold1) of similar strike and alteration. These results support the Company’s belief that the Hornblende Shear Zone will host high-grade gold zones not unlike the Surluga Deposit.
Updated results in the Hornblende Shear Zone include (see Table 1 and Figure 1 below):
- Intersection of 5.67g/t gold over 8.5m, including 15.16 g/t gold over 2.9m; and
- Increase of the intersection grade by 5.59%
Table 1 – Before and after result for hole HS-15-31
|Hole No||Before/After||From (m)||To (m)||Intersection length (m)||Calculated true width (m)||Gold Grade (g/t)||% Change in Grade|
Summary of Red Pine’s Recent Discoveries and Update on the 20,000m Drilling Program
Red Pine’s exploration programs, over the past 30 months, have resulted in 4 key discoveries along the extension of the Surluga Deposit (>1Moz inferred gold resource1):
- Surluga North
- Minto Mine South Zone
The four discoveries are part of the Wawa Gold Corridor, a favourable structural zone that hosts many gold zones of different sizes, orientation, and types. (see Figure 1).
Red Pine’s on-going 20,000-metre drill program is focussed on three of Red Pine’s four key discoveries with two drills operating non-stop on the property. The first drill is currently targeting the Surluga North discovery, where Red Pine’s hole SD-16-45 intersected 14.66 g/t gold over 15.23 metres (the Surluga North high-grade zone). Red Pine has completed 7 holes in the Surluga North discovery and plans for additional drilling in this area will be based on results of the forthcoming Golder Associates’ Report on Exploration Potential. The Company anticipates it will receive initial results for the 7 completed holes in the coming weeks.
The second drill is targeting the Minto Mine South Zone discovery where hole SD-17-73 intersected 19.92 g/t gold over 3 metres. Red Pine has completed 20 holes in the area, with assay results pending for 14, of which 8 contained visible gold. The Company anticipates it will receive these assay results shortly.
Wawa Gold Project
The Wawa Gold property package consists of over 5,500 hectares and hosts several former mines with a combined historic production of 120,000 oz gold2. To date, the largest gold deposit on the property is the Surluga Deposit, which hosts a NI 43-101 Inferred Resource of 1,088,000 oz gold at an average grade of 1.71 g/t using a 0.5 g/t cut-off contained within 19.82 million tonnes1.
Exploration work by Red Pine during the past 30 months has involved the ongoing sampling of 42,000 metres of historic core that was never sampled by previous operators of the project (initiated in February 2016) and aggressive drilling campaigns.
In March 2017, the Company completed a 6,000 metres of drilling and immediately initiated a new 10,000 metres drilling program. This was quickly expanded to 20,000 metres as a second drill was added to the campaign. The aggregate 20,000 metres drill program is designed to potentially expand the size of the existing inferred gold resource and connect other zones of gold mineralization (the Wawa Gold Corridor) recently discovered through drilling and other exploration techniques on the large Wawa Gold Project property.
The Company is well positioned to fund its share of the Wawa Gold exploration program. As such, the sampling and drill programs are expected to continue throughout 2017.
|• 100% owned land position between JVA|
|• 2 km southeast of the Municipality of Wawa, Ontario, close to roads, power and other infrastructure|
|• 8 past producing mines on property with historical production of 120,000 oz gold at 9.04 g/t average grade2|
|> 1M oz Inferred Gold Resource at 1.71 g/t (0.5 g/t cut-off)1|
|• Near surface mineralization|
|• Open in all directions|
|• Exploration continuing to expand the existing resource|
|Considerable Growth Potential|
|• Newly discovered high-grade gold zones in many areas on property|
|• Gold mineralization extends 5 km in length|
|Preliminary Metallurgical Study Underway|
|• Optimization of gold and silver recoveries|
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/RP_figure1.pdf
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol “RPX”.
Red Pine has a 60% interest in the Wawa Gold Project with Citabar LLP. holding the remaining 40% interest. Red Pine is the Operating Manager of the Project and is focused on expanding the existing gold resource on the property.
For more information about the Company visit www.redpineexp.com
|1||NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 grams per tonne (g/t) using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent (Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)).|
|2||Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc. (effective May 26, 2015)). The report is available on http://www.sedar.com/ under Red Pine’s profile.|
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
President & CEO
Thu, 29 Jun 2017 10:00:00 GMT