TORONTO, ONTARIO–(Marketwired – Nov. 22, 2016) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received results for 33 holes sampled as part of its sampling program of historic core at its Wawa Gold Project.
Highlights from the sampling program so far:
- New results include over 56.39 metres @ 2.68 g/t gold in hole U1694L4 and over 69.95 metres @ 2.21 g/t gold in U1652L5 (Table 1).
- Increase in the gold metal factor (gold grade times intersection length) for 13 of the 33 sampled holes, and an average increase of the intersection length in 9 of the 33 holes (Table 1).
- Discovery of two new gold zones, one in the footwall of the Jubilee Shear Zone and the other in the Jubilee Shear Zone near the historic Jubilee Gold Mine.
Quentin Yarie, President and Chief Executive Officer of Red Pine states, “These assays results and calculated increases in the gold metal factor in over one-third of the sampled historic drill holes reiterates the potential upside of this sampling program. The results indicate that significant gold remains to be identified in the core of the current inferred resource.”
Sampling of historic core
Following its 2015 exploration programs, Red Pine observed that many of the intersections in the historic boreholes of the Jubilee Shear Zone, which currently hosts a 1.088 million ounces inferred resource in the Surluga Deposit1, were not entirely sampled. The Company concluded that these sampling gaps were negatively impacting the inferred resource, considering that all these un-sampled intervals were assigned a value of 0 g/t gold in the last resource statement.
Red Pine’s current sampling of 42,000 metres of historic drilling (from 318 underground and 119 surface drill holes) is demonstrating that gold remains to be found in many of the un-sampled intersections of the Jubilee Shear Zone (see also October 4, 2016 news release). The spatial distribution of the historic boreholes with notable metal factor increase also indicates that the Surluga Deposit is impacted by those sampling gaps (Fig 1). The program is progressively filling in the sampling gaps in the gold-bearing shear zones of the Wawa Gold Corridor and increasing the property’s gold inventory.
Before and After Intersections with a cutoff of 0.2 g/t gold
| Hole | Before/ After sampling | Structure | From (m) |
To (m) | Intersection length (m)* | Metal Factor (g/t*m) | Grade (g/t gold) | % changes metal factor | ||||||||
| U0666L5 | Before | Jubilee | 11.28 | 28.04 | 16.76 | 15.23 | 0.91 | 18.84 | ||||||||
| After | 11.28 | 34.14 | 22.86 | 18.10 | 0.79 | |||||||||||
| U0679L5 | new zone | 120.09 | 123.84 | 3.75 | 1.34 | 0.36 | ||||||||||
| U1652L5 | Before | Jubilee | 17.07 | 82.45 | 65.38 | 152.43 | 2.33 | 1.61 | ||||||||
| After | 12.50 | 82.45 | 69.95 | 154.89 | 2.21 | |||||||||||
| U1661L5 | Before | Jubilee | 1.22 | 29.11 | 27.89 | 80.31 | 2.88 | 0.7 | ||||||||
| After | 1.22 | 31.70 | 30.48 | 80.87 | 2.65 | |||||||||||
| U1672L5 | Before | Jubilee | 0 | 104.24 | 104.24 | 4.39 | 0.04 | 779.23 | ||||||||
| After | 0 | 109.42 | 109.42 | 38.62 | 0.35 | |||||||||||
| U1675L5 | Before | Jubilee | 0 | 24.38 | 24.38 | 85.52 | 3.51 | 1.64 | ||||||||
| After | 0 | 27.43 | 27.43 | 86.92 | 3.17 | |||||||||||
| U1686L4 | Before | Jubilee | 7.62 | 45.72 | 38.1 | 38.71 | 1.02 | 22.66 | ||||||||
| After | 7.62 | 45.72 | 38.1 | 47.48 | 1.25 | |||||||||||
| U1687L4 | Before | Jubilee | 6.1 | 26.52 | 20.42 | 58.23 | 2.85 | 3.73 | ||||||||
| After | 3.81 | 29.87 | 26.06 | 60.40 | 2.32 | |||||||||||
| U1693L4 | New Zone In Jubilee Shear Zone | 17.53 | 19.54 | 2.01 | 4.21 | 2.09 | Hole was historically un-sampled | |||||||||
| U1694L4 | Before | Jubilee | 0.91 | 57.30 | 56.39 | 137.04 | 2.43 | 10.43 | ||||||||
| After | 0.91 | 57.30 | 56.39 | 151.33 | 2.68 | |||||||||||
| U1697L4 | Before | Jubilee | 0 | 56.39 | 56.39 | 23.03 | 0.41 | 5.78 | ||||||||
| After | 0 | 56.39 | 56.39 | 24.36 | 0.43 | |||||||||||
| U1698L4 | Before | Jubilee | 3.81 | 4.57 | 0.76 | 0.11 | 0.14 | 815.09 | ||||||||
| After | 0.00 | 4.57 | 4.57 | 0.97 | 0.21 | |||||||||||
| U1703L4 | Before | Jubilee | 18.9 | 57.3 | 38.4 | 60.30 | 1.57 | 4.39 | ||||||||
| After | 18.9 | 58.37 | 39.47 | 62.95 | 1.59 | |||||||||||
| U1712L4 | Before | Jubilee | 20.12 | 20.73 | 0.61 | 0.16 | 0.27 | 1721.49 | ||||||||
| After | 16.61 | 20.73 | 4.12 | 3.00 | 0.73 |
| Hole | Before/ After sampling | Structure | From (m) | To (m) | Intersection length (m)* | Metal Factor (g/t*m) | Grade (g/t gold) | % changes metal factor | ||||||||
| U0494L5 | Jubilee | No significant changes | ||||||||||||||
| U0546L5 | Jubilee | No significant changes | ||||||||||||||
| U0568L5 | Jubilee | No significant changes | ||||||||||||||
| U0569L5 | Jubilee | No significant changes | ||||||||||||||
| U0572L5 | Jubilee | No significant changes | ||||||||||||||
| U0573L5 | Jubilee | No significant changes | ||||||||||||||
| U0576L5 | Jubilee | No significant changes | ||||||||||||||
| U0596L5 | Jubilee | No significant changes | ||||||||||||||
| U0599L5 | Jubilee | No significant changes | ||||||||||||||
| U0600L5 | Jubilee | No significant changes | ||||||||||||||
| U0669L5 | Jubilee | No significant changes | ||||||||||||||
| U1662L5 | Jubilee | No significant changes | ||||||||||||||
| U1663L5 | Jubilee | No significant changes | ||||||||||||||
| U1664L5 | Jubilee | No significant changes | ||||||||||||||
| U1702L4 | Jubilee | No significant changes | ||||||||||||||
| U1705L4 | Jubilee | No significant changes | ||||||||||||||
| U1709L4 | Jubilee | No significant changes | ||||||||||||||
| U1710L4 | Jubilee | No significant changes | ||||||||||||||
| U1711L4 | Jubilee | No significant changes | ||||||||||||||
*True width has not been calculated for each individual intercept currently reported as drilled length.
Other Activities at the Wawa Gold Project
Red Pine continues to trench and map key structures in the hanging-wall and footwall of the inferred resource, the Jubilee Shear Zone and its interpreted extension south of the Parkhill Fault. This mapping and trenching program is concurrent with the current drilling program that targets the northern extension of the Jubilee Shear Zone and the Wawa Gold Corridor. The Company anticipates additional results from the trenching program in the coming weeks.
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples are transported in security-sealed bags for analyses at Activation Laboratories Ltd. in Timmins, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are then shipped. The coarse rejects of the samples remain in storage at Activation Laboratories Ltd. in Timmins, Ontario 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 30% interest in the Wawa Gold Project and has entered into a Joint Venture Agreement with Citabar LLP and Augustine Ventures Inc. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. Under the terms of the JVA, Red Pine is the Operating Manager and continues to explore and advance the current gold resource on the property.
Red Pine and Augustine have entered into a definitive agreement (November 14, 2016) to consolidate their ownership of the Wawa Gold Project.
For more information about the Company visit www.redpineexp.com.
1NI 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)). The report is available on www.SEDAR.com under Red Pine’s profile.
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.
To view Figure 1. Overview of the historic drill holes with metal factor increase, please visit: http://media3.marketwire.com/docs/1077416f1.jpg.
Quentin Yarie
President & CEO
(416) 364-7024
qyarie@redpineexp.com
Red Pine Exploration Inc.
Mia Boiridy
Investor Relations
(416) 364-7024
mboiridy@redpineexp.com
www.redpineexp.com