TORONTO, ONTARIO–(Marketwired – Aug. 2, 2017) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has agreed to purchase a series of NSRs that exist on the property (Figure 1). The Company will issue to the Vendor $25,000 and 100,000 common shares in the Capital of the Company. These NSRs will now be extinguished.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “Part of the Company’s plan has been to clean up the existing land holdings around the Wawa Gold Corridor. We have been acquiring mineral rights in what we feel are strategic areas to consolidate our land package. The removal of these NSRs is part of that plan.”
The following claims have been cleared of NSRs:
| Patented Mining Claim ID | Royalty Obligations Extinguished |
| DJ7 | 5% NSR on all ores, metals and minerals |
| DJ8 | 5% NSR on all ores, metals and minerals |
| R738 | 5% NSR on all ores, metals and minerals |
| R738 | 5% NSR on all ores, metals and minerals |
| SSM138 | 5% NSR on all ores, metals and minerals |
| SSM139 | 5% NSR on all ores, metals and minerals |
| SSM140 | 5% NSR on all ores, metals and minerals |
| SSM141 | 5% NSR on all ores, metals and minerals |
| SSM176 | 5% NSR on all ores, metals and minerals |
| SSM177 | 5% NSR on all ores, metals and minerals |
| SSM178 | 5% NSR on all ores, metals and minerals |
| SSM182 | 5% NSR on all ores, metals and minerals |
| SSM183 | 5% NSR on all ores, metals and minerals |
| SSM191 | 5% NSR on all ores, metals and minerals |
| SSM194 | 5% NSR on all ores, metals and minerals |
| SSM195 | 5% NSR on all ores, metals and minerals |
| SSM201 | 5% NSR on all ores, metals and minerals |
| SSM212 | 5% NSR on all ores, metals and minerals |
| SSM218 | 5% NSR on all ores, metals and minerals |
| SSM219 | 5% NSR on all ores, metals and minerals |
| SSM220 | 5% NSR on all ores, metals and minerals |
| SSM221 | 5% NSR on all ores, metals and minerals |
| SSM223 | 5% NSR on all ores, metals and minerals |
| SSM224 | 5% NSR on all ores, metals and minerals |
| SSM241 | 5% NSR on all ores, metals and minerals |
| SSM242 | 5% NSR on all ores, metals and minerals |
| SSM243 | 5% NSR on all ores, metals and minerals |
| SSM244 | 5% NSR on all ores, metals and minerals |
| SSM245 | 5% NSR on all ores, metals and minerals |
| SSM246 | 5% NSR on all ores, metals and minerals |
| SSM247 | 5% NSR on all ores, metals and minerals |
| SSM248 | 5% NSR on all ores, metals and minerals |
| SSM250 | 5% NSR on all ores, metals and minerals |
| SSM252 | 5% NSR on all ores, metals and minerals |
| SSM257 | 5% NSR on all ores, metals and minerals |
| SSM258 | 5% NSR on all ores, metals and minerals |
| SSM259 | 5% NSR on all ores, metals and minerals |
| SSM261 | 5% NSR on all ores, metals and minerals |
| SSM262 | 5% NSR on all ores, metals and minerals |
| SSM222 | 5% NSR on all ores, metals and minerals |
| SSM249 | 5% NSR on all ores, metals and minerals |
To view Figure 1 please click the following link: http://media3.marketwire.com/docs/RPXFigure1.pdf
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 gold1. 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 tonnes2.
Exploration work by Red Pine during the past 16 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.
Highlights
- 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 grade1
> 1M oz Inferred Gold Resource at 1.71 g/t (0.5 g/t cut-off)2
- Near surface mineralization
- Open in all directions
- Exploration continuing to expand the existing resource
Considerable Growth Potential
- Potential for multi-million ounces resource
- 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
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to SGS in Lakefield, 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.
Qualified Person
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.
1Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc. (effective May 26, 2015)). The report is available on www.SEDAR.com under Red Pine’s profile.
2NI 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)).
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.
Quentin Yarie
President & CEO
(416) 364-7024
[email protected]
Red Pine Exploration Inc.
Mia Boiridy
Investor Relations
(416) 364-7024
[email protected]
www.redpineexp.com
