Red Pine Drilling Expands Gold System at Wawa Gold Project
Red Pine Drilling Expands Gold System at Wawa Gold Project
TORONTO, Feb. 04, 2025 -- Red Pine Exploration Inc. ( TSXV: RPX, OTCQB: RDEXF ) (“Red Pine ” or the “Company”) is
pleased to announce that two drills are now operating at site, towards completion of the fully funded 25,000 metre (“ m”) drill
program at its Wawa Gold Project. The two drills are now testing the deep extension of the Jubilee shear beyond the 2024
Mineral Resource Estimate (“MRE”) with three drill holes now completed. The Company has also received assay results from the
relogging of 2024 drill holes designed to test the Jubilee Shear south of the Parkhill Fault.
Michael Michaud, President and CEO of Red Pine commented: “We are excited to commence drilling the Jubilee Shear at depth
which has already intersected alteration, veining and visible gold, confirming that the deposit is larger than defined in the MRE.
We anticipate receiving the assay results associated with this drilling later this month.
Key Points
• Three drill holes that tested the extensions of the Jubilee Shear at depth intersected quartz veins with visible gold
approximately 170 m and 100 m away from the closest intersections, including in the deepest intersection ever completed
in the Jubilee Shear.
• Intersected the Minto Vein with visible gold more than 100 m away from previous drilling.
• Relogged drill core found significant gold (“ Au”) mineralization grading 5.81 g/t Au over 2.16 m at depth in the Jubilee
Shear.
We are also pleased with the initial results from drilling completed in late 2024 that was designed to test the faulted extension of
the Jubilee Shear south of the Parkhill Fault 850 m away from the MRE. This drilling provided visibility on a sizeable gold system
in that area with the intersection of local zones of higher-grade gold mineralization, quartz veins containing visible gold and several
lower grade intercepts. We are excited about these initial drilling results as they confirm the extension of the Jubilee Shear and
the potential to host higher-grade shoots that are interpreted to occur in an area deeper than the recently completed drilling.
The new drilling also confirms the orientation of the Parkhill Fault and outlines potential down-plunge extensions ranging from 300
m to more than 500 m from the current zones of mineralization forming the MRE.”
The MRE is described in the National Instrument 43-101 Technical Report dated September 30, 2024 (with a resource effective
date of August 28, 2024) entitled “National Instrument 43-101 Technical Report for the Wawa Gold Project” (the “2024 Technical
Report”).
Drilling Highlights and Discussion of Results (Table 1 and Figure 1 and 2):
Jubilee Shear
• Visible gold observed in quartz veins in the Jubilee Shear in both SD-25-531, 170 m down-plunge, and in SD-25-532, 100 m
up-plunge of the MRE (see Figures 1 and 2);
• SD-25-531 is currently the deepest intersection in the Jubilee Shear in the history of the Wawa Gold Project;
• Intersection of 5.81 g/t Au over 2.16 m in the Jubilee Shear beyond the boundaries of the MRE;
• Extension of the Minto Vein more than 100 m away from the closest drill hole at the southern end of the Minto Deposit;
• Defined the orientation of Parkhill Fault which now supports a probable plunge extension ranging from 300 m to > 500 m for
the southernmost mineralization zones that are included in the MRE in the Jubilee Shear.
Jubilee Shear south of the Parkhill Fault
• Limited drilling started and completed in late 2024 tested the extension of the Jubilee Shear approximately 850 m south of
the MRE.
• Initial results from this previously undrilled area have now been received. The Company will prioritize returning to the area
later in the 25,000 m drilling program with a view to identify the higher-grade shoots interpreted to exist at deeper levels
within the shear zone.
• Drilling extended gold mineralization laterally along strike over 380 m and down-dip up to 250 m in the tested area with
multiple mineralized intercepts in many drill holes
• 16 intersections grading over 1.00 g/t Au were identified, including 3.61 g/t Au over 1.57 m, 4.51 g/t Au over 0.70 m and
4.73 g/t Au over 1.45 m.
• Many of the intersections over 1.00 g/t Au are surrounded by broader haloes of mineralization grading between 0.20 g/t and
1.00 g/t Au.
• Drilling in this area in 2022 intersected a vein network in the hanging wall of the Jubilee Shear assaying 5.32 g/t Au over
1.29 m and intersected 5.53 g/t Au over 1.20 m and 7.03 g/t Au over 2.11 m in the Jubilee Shear (See October 31, 2024
news release).
Table 1 Drilling results from targeted relogging and the 2024 drilling program
Hole
(#)
From
(m)
To
(m)
Length
(m)*
Gold
(g/t)
Zone
(name)
SD-23-4531 571.11 573.27 2.16 5.81 Jubilee Shear – Jubilee South
area
JS-22-3911 138.48 139.85 1.37 2.84 Jubilee Shear – Jubilee
Extension Area
JS-22-3921 5.52 12.00 6.48 1.19
Vein Network, Jubilee
Extension Area
Previously released on October
31, 2024Including 8.04 9.33 1.29 5.32
152.56 153.76 1.20 5.53
Jubilee Shear – Jubilee
Extension Area
Previously released on October
31, 2024
172.63 184.46 11.83 0.97
Including 173.74 175.00 1.26 4.02
and 177.00 178.00 1.00 3.46
196.86 202.64 5.78 2.75
Including 198.20 200.31 2.11 7.03
JS-24-522 58.00 59.34 1.34 4.42 Parkhill # 4 Shear
387.44 388.42 0.98 2.00 Jubilee Shear - Jubilee
Extension Area
JS-24-523 157.33 158.73 1.40 1.32 Jubilee Shear - Jubilee
Extension Area
JS-24-524 191.20 193.03 1.83 1.35 Jubilee Shear - Jubilee
Extension Area
JS-24-525 21.00 31.00 10.00 0.40 Jubilee South Vein Network
333.88 351.00 17.12 0.45 Jubilee Shear - Jubilee
Extension Area
including 333.88 335.45 1.57 3.61
JS-24-526 179.78 182.87 3.09 0.69 Jubilee Shear - Jubilee
Extension Area
384.86 403.17 18.31 0.48
Including 385.86 386.56 0.70 4.51
JS-24-527 370.25 371.70 1.45 4.73 Jubilee Shear - Jubilee
Extension Area
*Intercepts are calculated using a 0.40 g/t Au cut-off and a maximum of 6 m of internal dilution with no capping applied and are
reported over core lengths. True widths are estimated to vary between 50 to 95% of the reported core length. The reported assays
results represent 2,381,03 m of assayed core from the 2024-2025 drilling program.
1Results from relogged drill holes representing 810.10 m of assayed core length.
Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples are transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples are
labelled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and shipped. NQ
and HQ core assays were obtained by 50-gram fire-assaying-AA finish or by 1-kilogram screen fire assay. The 1-kilogram screen
assay method is selected for samples anticipated to contain coarse gold and when the fire-assay-AA finish return results greater
or equal to 2.25 g/t Au. The residual coarse reject portions of the samples remain in storage for a minimum 90-day period if further
work or verification is needed.
As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples, and
routinely insert blanks immediately after samples with visible gold. Quarter core duplicates are routinely inserted to evaluate the
natural variability of gold mineralization. Assay certificates are sent to at least three members of the senior management team,
and they are directly accessible from the WebLIMS portal of Actlabs. Approximately 5% of the pulps and coarse rejects analyzed
at Actlabs are sent to Bureau Veritas in Vancouver for umpire testing.
Table 2 – Drill hole location
Hole (#) UTM E
(m)
UTM N
(m)
Elevation
(masl)
Azimuth
(°)
Inclination
(°)
Length
(m)
Assays
Status
SD-23-453 668648 5315700 376.6 319.9 68.2 657.0
Complete
JS-22-391 668011 5314527 370.1 353.0 57.0 180.0
JS-22-392 668179 5314673 349.8 301.4 66.0 213.0
JS-24-522 668348 5314874 345.7 233.0 47.5 418.8
JS-24-523 668225 5314706 345.6 291.3 65.5 332.3
JS-24-524 668225 5314706 345.6 305.1 45.0 333.0
JS-24-525 668179 5314674 349.8 230.2 45.0 351.0
JS-24-526 668258 5314637 343.6 302.0 68.0 409.5
JS-24-527 668258 5314637 343.6 230.2 45.0 456.0
JS-24-528 668559 5314640 343.9 259.8 70.0 139.0
SD-25-529A 668832 5315758 356.4 236.7 71.0 912.0
PendingJS-24-530A 668381 5314842 352.0 226.6 54.0 459.0
SD-25-531 668625 5314868 344.4 309.0 59.5 1080.0
SD-25-532 668708 5315808 372.0 325.0 68.5 801.0
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.
The Board of Directors (the “Board”) granted an aggregate of 2,845,000 stock options on January 29, 2025 to directors, officers,
employees and consultants of the Company pursuant to its Stock Option Plan. Each stock option is exercisable into one
common share of the Company at a price of $0.11 CAD per common share, being the closing price of the Company’s common
shares as at the close of market on January 28, 2025. The stock options vest at a rate of 25% on January 29, 2025, as well as
25% on the next three grant-date anniversaries up to January 29, 2028, and expire on January 29, 2030.
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. The Company’s land package hosts numerous historic gold mines and is over 7,000 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:
Michael Michaud, President and Chief Executive Officer, at (416) 364-7024 or [email protected]
Or
Manish Grigo, Director of Corporate Development, at (416) 569-3292 or [email protected]
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 the receipt of assay results associated with the drilling of the deep extension of the
Jubilee Shear later in February 2025; a probable plunge extension ranging from 300 m to more than 500 m for the southernmost
mineralization zones that are included in the MRE in the Jubilee Shear; and the Company returning to the Jubilee Shear south of
the Parkhill Fault later in the 25,000 m drilling program with a view to identifying the higher-grade shoots interpreted to exist at
deeper levels within the shear zone. 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 material 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 projects 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, 2024, and the interim financial reports and related MD&A for the period ended January 31, 2024, April 30, 2024 and
October 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,
estimated 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.
The Company does not intend, and does not assume any obligation, to update this forward-looking information except as
otherwise required by applicable law.
Figure 1 - Location of Diamond Drilling Results
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/995a09e2-
ec84-48f2-8f8d-6bf38a18e73a
Figure 2 – Visible gold in a 15-cm wide quartz vein in the Jubilee Shear in SD-25-532 approximately 100 m up-plunge of the MRE
with assays pending
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9027b439-
90b3-4305-aa4f-e9cc64369e0b