TORONTO, ONTARIO–(Marketwired – Aug. 8, 2017) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) announces new results from three drill holes completed as part of its 20,000m drilling program at the Wawa Gold Project.
Drilling highlights for the Minto Mine South Zone include (see Table 1 and Figures 1 and 2 below):
- Extension of the high-grade core of the Minto Mine South Zone laterally and at depth;
- SD-17-89 averages 8.55 g/t gold over 3.47 metres;
- SD-17-90 averages 15.3 g/t gold over 2.03 metres;
- SD-17-86 averages 24.9 g/t gold over 2.0 metres**
- Observation of visible gold in the Minto Mine South Zone in the southernmost step-out hole drilled so far in the structure; and
- Observation of visible gold in 7 out of the twelve additional holes in the Minto Mine South Zone.
**SD-17-86 had previously been reported over this interval. As part of the ongoing QA/QC procedures this intersection was re-assayed and the revised results are now presented.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “The Minto Mine South Zone continues to produce high-grade gold intersections and remains open both along strike and at depth. The structure also remains predictable and enables us to efficiently follow its lateral and down-dip extension.”
| Table 1. Highlights of the 2017 drilling results south of the Minto Mine | ||||||||||
| Hole | From (m) |
To (m) |
Length (m)* |
Gold (g/t) |
Gold Zone | |||||
| SD-17-85 | 54.80 | 62.23 | 8.43 | 1.44 | Newly Discovered Gold Zone |
|||||
| including | ||||||||||
| 54.80 | 57.93 | 3.13 | 2.72 | |||||||
| 150.10 | 152.30 | 2.20 | 4.94 | Minto Mine South Zone | ||||||
| SD-17-86 | 152.31 | 154.31 | 2.00 | 24.9 | ||||||
| SD-17-89 | 166.86 | 170.33 | 3.47 | 8.55 | ||||||
| SD-17-90 | 166.97 | 169.00 | 2.03 | 15.3 | ||||||
| SD-17-92 | 165.35 | 167.42 | 2.07 | 4.01 | Newly Discovered Gold Zone |
|||||
| *Assay results reported over intersection length. In the Minto Mine South Zone, intersection length estimated to represent ≥ 85% true width for SD-17-89 and 17-90, ≥ 95% true width for SD-17-85 and SD-17-86. As it represents a discovery with a single intersection, no true width estimation is available for the discovered gold zone in SD-17-92 and additional drilling will be required to estimate the true width of the structure. |
Overview of the drilling results in the Minto Mine South Zone area
Holes SD-17-89 and SD-17-90 were testing the Minto Mine South Zone down-dip of SD-17-86 and successfully intersected the extension of the high-grade zone of SD-17-86 (24.9 g/t gold over 2m). With the current drilling, the Minto Mine South Zone is now defined over an area of 350m x 300m.
SD-17-92 tested the Minto Mine South Zone down-dip of the former Minto Mine. SD-17-92 hit the intersection of the Minto Mine Structure and a new gold-bearing structure which was previously unknown.
Results for 12 boreholes in the Minto Mine South Zone are still pending. The zone remains open at depth and along strike (>1km) to the south. Ten (10) additional drill holes are currently planned to further define its strike length and depth. These will also aid in further defining the Minto E Zone which has produced several intersections with visible gold to date.
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 120,000oz 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 18 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 the completion in March 2017 of a 6,000-metre drill program (initiated in November 2016). This drill program was immediately followed by a new 20,000-metre drill program as announced on May 17, 2017.
Red Pine has discovered many new zones of gold mineralization (Darwin-Grace, Minto Mine South Zone, Surluga North, Hornblende-William) that are anticipated to have a positive impact on the property’s gold inventory. All the mineralized zones are interpreted to form a coherent structural system hosted and spatially connected by the Wawa Gold Corridor.
The Company is well positioned to fund its share of the Wawa Gold Project exploration program following the completion of a brokered private placement for gross proceeds of $6,540,240 on February 24, 2017. As such, the sampling and drill programs are expected to continue throughout 2017 and will be followed by an update to the NI 43-101 resource estimate.
To view Figure 1. Highlights of the 2017 Drill Program in the Minto Mine Structure, please visit the following link: http://media3.marketwire.com/docs/1100473_Figure1.pdf
To view Figure 2. Longitudinal section showing drilling intersections in the Minto Mine Structure between the former Minto and Parkhill mines, please visit the following link: http://media3.marketwire.com/docs/1100473_Figure2.pdf
On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Activation Laboratories Ltd. in Ancaster, 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
qyarie@redpineexp.com
Red Pine Exploration Inc.
Mia Boiridy
Investor Relations
(416) 364-7024
mboiridy@redpineexp.com
www.redpineexp.com