Red Pine Announces Completion of Verification of Gold Assay Results Database to Support Updated Mineral Resource Estimate
Red Pine Announces Completion of Verification of Gold
Assay Results Database to Support Updated Mineral
Resource Estimate
Toronto, Ontario (June 24, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF)
(“Red Pine ” or the “ Company”) reports that it has completed the verification of all gold
assay certificates received by the Company from 2014 to the present for the Wawa Gold Project.
Paul Martin, Interim CEO and Chair of the Board of Red Pine commented: “We are pleased to
have completed the reconciliation between our drill hole database and the one built independently
by WSP Global Inc. (“WSP”). This marks a critical step towards completing an updated mineral
resource estimate.”
As reported in its press release of May 6, 2024 , the Company engaged WSP to lead
an independent data verification of all gold assay certificates from 2014 to the present. Copies of
the gold assay certificates were sent directly to WSP by the two assay labs used by the Company
during this period and downloaded to a secure site . This verification process has now been
concluded.
As announced in the Company’s press release of May 15, 2024, the Company immediately
proceeded with the preparation of an updated mineral resource estimate and National Instrument
43-101 Technical Report for the Wawa Gold Project and engaged WSP to undertake the
evaluation.
The completion of the verification of all gold assay results provides the Company and WSP with
a reliable baseline to update the Wawa Gold Project mineral resource estimate. The updated
mineral resource estimate will include an additional 60,000 metres of drill core from 177 drill holes
representing 47,600 assay samples. These samples were taken subsequent to the current Wawa
Gold Project mineral resource estimate as set out in the Company’s National Instrument 43-101
Technical Report dated June 21, 2023 (with a resource effective date of May 31, 2019) entitled
“National Instrument 43 -101 Technical Report for the Wawa Gold Project” 1/2 (the “ Technical
Report”).
Qualified Person
Jean-Francois Montreuil, P.Geo. and Vice President, Exploration of Red Pine and the Qualified
Person, as defined by National Instrument 43 -101, has reviewed and approved the technical
information contained in this news release.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario,
Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX"
and on the OTCQB Markets under the symbol “RDEXF”.
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen
major investment by several producers in the last five years. Its land package hosts numerous
historic gold mines and is over 7000 hectares in size. Red Pine is building a strong position as a
major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Or contact:
Paul Martin, Board Chair and Interim CEO, at (416) 364-7024 or [email protected]
Or
Carrie Howes, Director Corporate Communications, at (416) 644 -7375 or
1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo.
Golder Associates Ltd, report effective August 18, 2021.
2 Please see the Company’s press release dated May 10, 2024 , which quantifies the impact of
the manipulated gold assays on the mineral resource estimate set out in the Technical Report.
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.
Cautionary Note Regarding Forward-Looking Information
This news release contains statements which constitute “forward -looking information” within the
meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs
and current expectations of the Company with respect to future business activities and operating
performance.
Forward-looking information is often identified by the words “may”, “would”, “could”, “should”,
“will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-
looking information contained in this news release includes, but may not be limited to, statements
regarding an updated mineral resource estimate and its inclusion of an additional 60,000 metres
of drill core . Investors are cautioned that forward -looking information is not based on historical
facts but instead reflects management’s expectations, estimates or projections concerning future
results or events based on the opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Such opinions, assumptions and estimates are
inherently subject to a variety of risks and uncertainties that could cause actual events or results
to differ materially from those projected and undue reliance should not be placed on such
information, as unknown or unpredictable factors could have mater ial adverse effects on future
results, performance or achievements. Among the key factors that could cause actual results to
differ materially from those projected in the forward -looking information are : the Company's
expectations in connection with the pr ojects and exploration programs being met, the impact of
general business and economic conditions, global liquidity and credit availability on the timing of
cash flows and the values of assets and liabilities based on projected future conditions, fluctuating
gold prices, currency exchange rates (such as the Canadian dollar versus the United States
Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the
Company's mineral reserves and resources, changes in project parameters as plans continue to
be refined, changes in project development, construction, production and commissioning time
frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices
for fuel, power, labour and other consumables contributing to higher costs and general risks of
the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected
changes in mine life, seasonality and weather, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and
limitations on insurance.
This information contained in this news release is qualified in its entirety by cautionary statements
and risk factor disclosure contained in filings made by the Company, including the Company’s
financial statements and related MD&A for the year ended July 31, 2023, and the interim financial
reports and related MD&A for the period ended October 31, 2023 and January 31, 2024, filed with
the securities’ regulatory authorities in certain provinces of Canada and available
at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying
the forward -looking information prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed, es timated or expected. Although
the Company has attempted to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that cause results not to be as
anticipated, estimated or intended. Th e Company does not intend, and does not assume any
obligation, to update this forward-looking information except as otherwise required by applicable
law.