Red Pine Intercepts Significant Mineralization at the Wawa Gold Project, including 5.34 g/t over 13.39 metres including 16.50 g/t gold over 0.97 metre and 13.62 g/t gold over 2.13 metres
Red Pine Intercepts Significant Mineralization at the Wawa
Gold Project, including 5.34 g/t over 13.39 metres including
16.50 g/t gold over 0.97 metre and 13.62 g/t gold over 2.13
metres
Toronto, Ontario (April 24, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF)
(“Red Pine” or the “Company”) is pleased to announce assay results from 7 drill holes
representing 2,538 metres (“m”) of diamond drilling from the 2023-2024 resource expansion
program at the Wawa Gold Project. Since the resource expansion drilling program began in 2021,
Red Pine has now drilled approximately 66,100 m of the targeted program of up to 70,000 meters.
Of these holes, approximately 57,000 m have now been reported.
Drilling Highlights:
Contained within the Jubilee Shear System (Table 1)
• 5.34 grams per tonne (“g/t”) gold over 13.39 m, including 16.50 g/t gold over 0.97 m and
13.62 g/t gold over 2.13 m in SD-24-490 (partial results were released on April 3, 2024
here)
• 2.16 g/t over 31.89 m, including 6.54 g/t gold over 3.39 m in SD-24-493
• 1.70 g/t gold over 39.30 m including 5.13 g/t gold over 2.42 m and 3.39 g/t gold over
4.96 m in SD-24-502
• 3.29 g/t gold over 8.80 m including 9.55 g/t gold over 1.00 m in SD-24-500
• 17.90 g/t gold over 1.00 m in SD-24-492
• 2.44 g/t gold over 18.07 m, including 9.75 g/t gold over 1.18 m and 7.62 g/t gold over
1.19 m in SD-23-487
Jean-Francois Montreuil, Vice President, Exploration of Red Pine commented:
"Within and surrounding the Jubilee Shear, the host of the current underground Surluga mineral
resource1, our drilling campaign continues to yield positive results. We continue to extend the
footprint of significant mineralization in the Jubilee Shear and in the zones below the Jubilee
Shear, and to encounter gold mineralization in the hanging wall of the Jubilee Shear. The positive
drilling results in the Jubilee Shear are expected to have a positive impact on a future resource
by growing and improving the confidence of the structure grading above 2.0 g/t gold . The
continued and progressive extension of the footprints of gold mineralization west of the Jubilee
Shear outline new exploration targets that represent additional opportunities to increase the gold
inventory of the property.
Table 1– In and below the Jubilee Shear System (Figures 1 and 2)
Hole From To Length Gold Zone
(#) (m) (m) (m)* (g/t) (name)
SD-23-487
209.37 211.61 2.24 1.53
Jubilee Shear
224.09 242.16 18.07 2.44
Including
224.09 225.34 1.25 5.36
233.06 234.24 1.18 9.75
240.97 242.16 1.19 7.62
291.93 294.00 2.07 1.74 Below the Jubilee Shear
SD-24-489 223.01 232.91 9.90 0.58 Jubilee Shear
SD-24-490
200.03 221.23 21.20 3.56
Jubilee Shear
Including
200.03 213.42 13.39 5.34
Including
200.03 201.00 0.97 16.50
211.29 213.42 2.13 13.62
SD-24-492
217.69 222.00 4.31 0.73
Jubilee Shear
227.27 245.9 18.63 0.54
340.91 341.91 1.00 17.90 Below the Jubilee Shear
SD-24-493
253.25 285.14 31.89 2.16
Jubilee Shear
Including
256.64 260.03 3.39 6.54
273.42 274.62 1.20 6.72
281.36 282.44 1.08 6.21
365.40 366.89 1.49 0.41 Below the Jubilee Shear
SD-24-500
189.50 205.00 16.50 2.03
Jubilee Shear
Including
195.00 203.80 8.80 3.29
Including
197.44 198.42 0.98 6.02
201.60 202.60 1.00 9.55
SD-24-502
239.70 279.00 39.30 1.70
Jubilee Shear
Including
248.57 253.53 4.96 3.39
257.25 259.67 2.42 5.13
277.52 279.00 1.48 7.64
*Intercepts are calculated using a 0.4 g/t gold cut -off and a maximum of 5 m of internal
dilution with no capping applied and are reported over core lengths. True width is estimated
to vary between 75 to 95% of the reported core length.
Table 2– Hanging wall of the Jubilee Shear (Figures 1 and 2)
Hole From To Length Gold Zone
(#) (m) (m) (m)* (g/t) (name)
SD-23-492 123.21 125.73 2.52 0.44 Shear Zone
*Intercepts are calculated using a 0.40 g/t gold cut-off grade and a maximum of 5 m of
internal dilution with no capping applied and are reported over core lengths. True width is
estimated to vary between 40 to 90% of the reported core length depending on the
mineralization types defining the intersected gold zones.
Discussion of Drill Results
In the Jubilee Shear System, the new results:
• increase the size and the confidence, and improve the continuity of gold mineralization >=
2 g/t gold in the main segment of the Jubilee Shear; and
• confirm the presence and the continuity of gold mineralization in the shear zones that are
parallel and located below the main zone of the Jubilee Shear that is hosting the 2021
resource.
The on -going drilling program continues to widen the footprints of the mineralized system
centered on the Jubilee Shear System beyond the footprints of the 2021 resource1. It shows that
mineralization of significance and with indications of continuity is present in shear zones below
the Jubilee Shear.
In the hanging wall of the Jubilee Shear, the new results:
• Extend the footprints of gold mineralization in a shear zone over the Jubilee Shear
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 were labelled, placed in plastic sample bags and sealed. Groups of
samples were then placed into durable rice bags and shipped. The residual 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.
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.
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 fut ure 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 resource estimate, a possible open pit resource, the potential of a reduced stripping ratio under
a proposed open pit scenario, potentially expanding the resource to the north -west, and continuing to
expand the footprints of significant mineralization in the Jubilee Shear which is expected to have a positive
impact on a future resource . Investors are cautioned that forward -looking information is not based on
historical facts but instead reflect s 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 liabil ities
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 th e 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.
Figure 1 - Location of Diamond Drilling Results
Figure 2- 3D View of Diamond Drilling Results