Red Pine Provides Update On Assay Results for Wawa Gold Project
Red Pine Provides Update On Assay Results
for Wawa Gold Project
Toronto, Ontario (May 15, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine”
or the “Company”), further to its press releases of May 1, 2024, May 6, 2024, and May 10, 2024 (the “Prior
Press Releases”), provides an update on the Company’s investigations into the reporting inconsistencies in
certain drill core assay results (“Assay Reporting Inconsistencies”) from the Wawa Gold Project.
Investigation of Assay Reporting Inconsistencies
The Company bifurcated its investigations into two periods: (i) the period from 2014, when it acquired the
Wawa Gold Project, until 2019 (the “2014-2019 Period”); and (ii) the period from 2019 until the present day
(the “2019-2024 Period”). In its press release of May 10, 2024, the Company reported on the 2014-2019
Period. The Company is now able to report on the Assay Reporting Inconsistencies for the 2019-2024 Period.
The Company can report that there w ere 382 Assay Reporting Inconsistencies out of a total of 60,000 assay
results for the 2019-2024 Period, representing 95 intersections contained within 69 drill holes as follows:
Area Number of
Intersections
Jubilee and Minto Shear not included in the current mineral resource 43
Exploration targets in the Hanging Wall of the Jubilee Shear 14
Exploration targets west of the Jubilee Shear 17
Other exploration targets 21
Total 95
Based on the results of the investigation for the 2019-2024 Period, management believes that the following
areas located within the Jubilee shear have been impacted due to the concentration of assay results that
were manipulated in these areas:
• T he Surluga South Zone, which is a target of potential depth extension below the current Surluga
resource. While it is expected that the Surluga South Zone’s potential contribution to the next mineral
resource update will be reduced, the impact will ultimately be determined in the updated National
Instrument 43-101 Technical Report; and
• T o a lesser extent, a reduction of the anticipated prospectivity of the Core Shack, located below the
Jubilee shear in the footwall, and the Surluga North Vein Networks, located above the Jubilee shear
in the hanging wall.
The previous conclusion that high -grade gold mineralization exists in the extensional vein networks and
shear zones of the Wawa Gold Project remains unchanged. However, the intensity of that high- grade
mineralization has been decreased by the corrected assay results. Further, the corrected assay results do
not change the conclusion previously made that the mineralized system extends at depth in the Jubilee shear
system and that mineralization exists in those down-dip extensions.
Attached to this press release as Schedule “A” is a table summarizing the restatement of previously publicly
released assay results for the 2019-2024 Period.
The complete details on the drilling intercepts, including all the segments of the individual drillholes, as well
as the attributes of the affected drillholes is available on the Company’s website at
https://redpineexp.com/may-update-assay-appendix2 and on SEDAR+.
Updated National Instrument 43-101 Report
The Company is immediately proceeding with the completion of an updated National Instrument 43- 101
Technical Report for the Wawa Gold Project. This update will include approximately 65,000 to 70,000 metres
of additional drilling conducted since the current mineral resource estimate in the 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”, which the Company believes will add to the
mineral resource base and support additional drilling in the near-term.
Mr. Michael Michaud, who is scheduled to commence his role as President & Chief Executive Officer of Red
Pine in July 2024, will, in the meantime, in his capacity as a director and member of the Company’s Technical
Committee, assist in advancing the updated National Instrument 43-101 Technical Report for the Wawa Gold
Project and oversee continued exploration at the Wawa Gold Property.
Conference Call
The Company will host a conference call at 10:00 a.m. E.T. on Wednesday, May 15, 2024, at which Paul
Martin, Red Pine’s Board Chairman and Interim Chief Executive Officer, and Michael Michaud, Red Pine’s
incoming President & Chief Executive Officer, will present the findings set out in this press release.
The conference call can be accessed as follows:
https://wildlaw-ca.zoom.us/j/81261529184 o r dial 647 558 0588 in Canada and use meeting ID: 812 6152
9184. For numbers for those calling from outside Canada, see: https://wildlaw-c a.zoom.us/u/keyvCGw9Rx
A recording of the call will be available on the Company’s website at www.redpineexp.com i mmediately
following the call.
Qualified Person
Jean-Fr ancois Montreuil, P .Geo. and Vice President, Exploration of Red Pine and a Qualified Person, as
defined by National Instrument 43-101, has reviewed and/or 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 7,000 hectares in size. Red Pine is building a strong position as a major mineral exploration and
development player in the Michipicoten region.
Contact:
Paul Martin, Board Chair and Interim CEO, at (416) 364-7024 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 may contain 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 growth, results of operations, performance and business prospects and opportunities
of Red Pine.
All statements, other than statements of historical fact, that address circumstances, events, activities or developments
that could, or may or will occur constitute forward-looking information. Often, but not always, forward-looking information
can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, “believes” or variations (including negative and grammatical variations) of such
words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved.
This news release may contain forward- looking information including, but not limited to, whether any prospective
exploration targets on the Wawa Gold Project continue to warrant additional exploration to expand the mineral resource;
the completion of an updated National Instrument 43- 101 Technical Report for the Wawa Gold Project; the drilling not
included in the current mineral resource to add significantly to the mineral resource and support additional drilling in the
near-term, and continued exploration at the Wawa Gold Property . 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: global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities
based on projected future conditions; general business, economic, competitive, political and social
uncertainties; uncertainties arising from the COVID -19 outbreak; the actual results of current exploration activities;
conclusions of economic evaluations; fluctuations in currency exchange rates; higher prices for fuel, power, labour and
other consumables contributing to higher costs; seasonality and weather; changes in project parameters as plans
continue to be refined; project cost overruns; future prices of zinc, lead, vanadium, copper, silver and gold or other
metal prices; possible variations of mineral grade or recovery rates; failure of equipment or processes to operate as
anticipated; accidents; labour disputes; unanticipated reclamation expenses; title disputes or claims; limitations on
insurance; and other risks of the mining industry, including but not limited to environmental hazards, equipment
breakdown, employee sickness and acts of God or other unfavourable operating conditions and losses; delays caused
due to a breakdown in relations with First Nations Bands on whose traditional territory the Wawa Gold Project (as
hereinafter defined) is located; and delays in obtaining governmental approvals, project financing or in the completion
of exploration activities. Readers are cautioned that the foregoing list of factors is not exhaustive.
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 periods 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, estimated or expected.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward- looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein
are made as of the date of this news release and Red Pine disclaims any obligation to update any forward- looking
statements, whether as a result of new information, future events or results or otherwise, except as required
by applicable laws. There can be no assurance that forward- looking information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
Schedule “A”
Restatement of Composite Intersections for 2019 - 2024 Period
Hole # From (m) To (m) Length*
(m)
Grade As
Previously
Reported
(Uncapped
(g/t Au)
Grade As
Previously
Reported
(Capped)
(g/t Au)
Corrected
Grade
(Uncapped)
(g/t Au)
Corrected
Grade
(Capped) (g/t
Au)
Date of Original
Disclosure Zone (name)
Jubilee Shear System
Jubilee Shear - Surluga South Area
SD-20-287 457.46 458.44 0.98 4.10 4.10 2.37 2.37 May 12, 2020 Jubilee Shear - Surluga South area
SD-20-289 565.00 572.01 7.01 5.17 5.17 2.20 2.20 May 12, 2020 Jubilee Shear - Surluga South area
SD-20-291 546.45 560.12 13.67 2.07 2.07 1.44 1.44 October 15, 2020 Jubilee Shear - Surluga South area
SD-20-292 507.78 534.61 26.83 1.63 1.63 0.89 0.89 October 15, 2020 Jubilee Shear - Surluga South area
SD-20-293 553.44 568.91 15.47 3.38 3.38 1.95 1.95 October 15, 2020 Jubilee Shear - Surluga South area
SD-21-
296A
623.66 630.58 6.92 2.03 2.03 1.28 1.28
August 12, 2020 Jubilee Shear - Surluga South area
636.24 642.98 6.74 1.87 1.87 0.96 0.96
SD-21-
297A 671.48 684.87 13.39 4.66 4.66 1.21 1.21 August 12, 2020 Jubilee Shear - Surluga South area
SD-21-
298A 661.65 666.85 5.20 25.73 25.73 14.87 14.87 September 20, 2020 Jubilee Shear - Surluga South area
SD-21-302
614.15 625.01 10.86 4.31 4.31 0.68 0.68
November 9, 2021 Jubilee Shear - Surluga South area
636.13 638.60 2.47 5.98 5.98 4.68 4.68
649.60 653.70 4.10 27.22 23.51 2.36 2.36
SD-21-
312A 640.69 652.07 11.38 8.00 8.00 1.78 1.78 April 19, 2022 Jubilee Shear - Surluga South area
SD-23-455 679.62 687.47 7.85 5.61 5.61 4.88 4.88 November 15, 2023 Jubilee Shear - Surluga South area
Jubilee Shear - Surluga North Area
Hole # From (m) To (m) Length*
(m)
Grade As
P
reviously
Reported
(Uncapped
(g/t Au)
Grade As
Previously
Reported
(Capped)
(g/t Au)
Corrected
G
rade
(Uncapped)
(g/t Au)
Corrected
Grade
(Capped) (g/t
Au)
Date of Original
D
isclosure Zone (name)
SD-16-43
65.70 69.70 4.00 0.59 0.59 0.16 0. 16
February 7, 2017 Jubilee Shear - North
104.80 122.00 17.20 0.57 0.57 0.09 0. 09
SD-21-299 226.40 240.25 13.85 1.15 1.15 0.92 0. 92 September 20, 2020 Jubilee Shear - Surluga North area
SD-21-308
257.45 259.60 2.15 18.21 18.21 6.25 6. 25
January 21, 2022 Jubilee Shear - Surluga North area
283.58 284.49 0.91 18.14 18.14 1.19 1. 19
SD-22-337 334.79 340.50 5.71 8.44 8.44 5.63 5. 63 May 16, 2022 Jubilee Shear - Surluga North area
SD-22-361 377.00 381.00 4.00 11.06 11.06 1.87 1. 87 September 6, 2022 Jubilee Shear - Surluga North area
SD-22-363 404.56 410.64 6.08 4.52 4.52 3.12 3. 12 September 6, 2022 Jubilee Shear - Surluga North area
SD-22-385 325.70 328.48 2.78 5.66 5.66 1.76 1. 76 September 6, 2022 Jubilee Shear - Surluga North area
Jubilee Shear - Gaps in the 2019 resource and verification of historical drilling
SD-22-402 275.98 307.10 31.12 0.66 0.66 0.65 0. 65 February 16, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-22-412 280.94 286.79 5.85 6.77 6.77 2.27 2. 27 May 11, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-22-414 311.33 321.84 10.51 5.46 5.46 2.29 2. 29 February 23, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-23-442
293.15 297.53 4.38 60.81 31.34 15.64 15. 64
September 14, 2023 Jubilee Shear - Testing of gaps in 2019 resource
308.36 314.40 6.04 6.21 6.21 2.04 2. 04
SD-23-444 294.10 337.45 43.35 1.62 1.62 0.72 0. 72 September 14, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-23-449 334.76 375.85 41.09 1.65 1.65 0.82 0. 82 November 15, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-23-456 242.70 261.84 19.14 4.74 4.74 3.08 3. 08 December 18, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-23-457 235.15 246.10 10.95 9.57 9.23 2.40 2. 40 November 15, 2023 Jubilee Shear - Testing of gaps in 2019 resource
SD-23-461 297.04 303.99 6.95 2.07 2.07 1.49 1. 49 December 18, 2023 Jubilee Shear - verification of historical drilling
results
SD-23-466 338.30 350.45 11.60 6.63 6.63 1.53 1. 53 December 18, 2023 Jubilee Shear - verification of historical drilling
results
SD-23-477 294.41 306.46 12.05 11.15 7.49 6.47 5. 91 January 30, 2024 Jubilee Shear - Testing of gaps in 2019 resource
Hole # From (m) To (m) Length*
(m)
Grade As
Previously
Reported
(Uncapped
(g/t Au)
Grade As
Previously
Reported
(Capped)
(g/t Au)
Corrected
Grade
(Uncapped)
(g/t Au)
Corrected
Grade
(Capped) (g/t
Au)
Date of Original
Disclosure Zone (name)
Satellite shears below and above the Jubilee Shear
SD-21-
298A 578.26 579.54 1.28 9.95 9.95 7.54 7.54 September 20, 2020 Upper Jubilee Shear Zone
SD-22-414 337.54 338.68 1.14 70.90 40.00 12.50 12.50 February 23, 2023 Lower Jubilee Shear
SD-22-418 370.49 376.38 5.89 7.67 6.43 2.67 2.67 May 11, 2023 Lower Jubilee Shear
SD-23-434 17.00 26.67 9.67 7.38 7.38 3.69 3.69 July 11, 2023 Lower Jubilee Shear
Minto Mine Shear
SD-21-
298A 320.20 323.35 3.15 109.37 21.69 34.64 11.07 September 20, 2020 Minto Mine Shear
SD-22-373 161.15 163.16 2.01 160.27 35.00 59.41 28.71 July 14, 2022
September 1, 2022 Minto Mine Shear
SD-22-377
166.00 167.00 1.00 1.83 1.83 0.13 0.13
September 1, 2022 Minto Mine Shear
171.00 174.89 3.89 25.65 14.81 2.67 2.67
Exploration targets in the hanging wall of the Jubilee Shear
Minto B Shear
SD-18-256 247.22 252.77 5.55 3.72 3.72 3.03 3.03 April 23, 2019 Minto B Shear
SD-22-404 225.79 236.44 10.65 4.12 4.12 2.09 2.09 February 16, 2023 Minto B Shear
SD-22-413 249.51 254.51 5.00 9.06 9.06 3.78 3.78 March 28, 2023 Minto B Shear
SD-22-415
174.86 175.86 1.00 73.00 35.00 55.00 35.00
March 28, 2023 Minto B Shear
186.00 199.00 13.00 1.10 1.10 1.03 1.03
Hole # From (m) To (m) Length*
(m)
Grade As
Previously
Reported
(Uncapped
(g/t Au)
Grade As
Previously
Reported
(Capped)
(g/t Au)
Corrected
Grade
(Uncapped)
(g/t Au)
Corrected
Grade
(Capped) (g/t
Au)
Date of Original
Disclosure Zone (name)
SD-22-419 247.45 269.79 21.68 3.08 2.93 1.04 1.04 May 11, 2023 Minto B Shear
SD-23-462 214.54 236.50 21.96 1.26 1.26 0.57 0.57 December 18, 2023 Minto B Shear
SD-23-463 255.18 271.72 16.54 1.29 1.29 0.58 0.58 December 18, 2023 Minto B Shear
Sadowski Vein Network
SD-21-
297A 85.90 90.38 4.48 13.95 13.95 0.79 0.79 August 12, 2020 Sadowski
SD-22-350 16.51 18.80 2.29 52.12 15.69 31.62 15.69 September 6, 2022 Sadowski
Minto C Shear System
SD-19-283 146.24 155.61 9.37 2.37 2.37 1.17 1.17 November 21, 2019 Minto C Shear System
Surluga North Vein Network
SD-16-43 43.94 52.90 8.96 2.00 2.00 0.53 0.53 February 7, 2017 Surluga North Vein Network
SD-21-321 219.79 226.21 6.42 8.46 4.69 2.27 2.27 April 19, 2022 Surluga North Vein Network
SD-22-396 238.60 265.34 26.74 7.00 6.80 1.63 1.63 January 6, 2023 Surluga North Vein Network
Exploration targets West of the Jubilee Shear
Northern Hornblende Shear
HS-15-27 25.00 33.10 8.10 2.96 2.96 0.14 0.14 December 18, 2015 Hornblende Shear
HS-15-28 25.95 41.30 15.35 1.25 1.25 0.75 0.75 December 18, 2015 Hornblende Shear
HS15-29
147.00 150.00 3.00 1.60 1.60 0.11 0.11
December 18, 2015 Hornblende Shear
159.00 174.00 15.00 0.62 0.62 0.06 0.06
HS-15-30 149.77 164.83 15.06 1.04 1.04 0.05 0.05 December 18, 2015 Hornblende Shear