TORONTO, ONTARIO–(Marketwired – June 21, 2017) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received partial results for holes SD-17-75 to SD-17-78 (additional results pending) that were drilled between 150-200m south of the former Minto Mine (23,000 oz gold at 12.56/g/t)1. Drilling results continue to demonstrate that the high-grade mineralization of the historic Minto Mine extends to the south. Furthermore, the mineralization of the Minto Mine South Zone appears to be hosted in stacked gold-bearing structures similar to the ones at the Surluga Deposit (>1M oz inferred gold resource at 1.71 g/t)2.
Drilling highlights for the Minto Mine drilling program include (see Table 1 and Figures 1 and 2 below):
- Extension of the high-grade core of the Minto Mine South Zone intersected in SD-17-73;
- SD-17-78 contains 11.82 g/t gold over 3.49m and 1.39 g/t gold over 0.91m in the Minto Mine South Zone;
- Indications that the Minto Mine South Zone remains open at depth and laterally;
- Confirmation of the continuity of the new discovery over its >1km length.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “Our models of our Minto Mine South Zone discovery have been very robust. The structure is proving to be predictable and with drilling, we are able to trace this near-surface high-grade gold zone along strike and at depth. Our drilling results have also discovered additional mineralized structures in both the hanging wall and footwall of the Minto Mine South Zone, suggesting that not unlike the Surluga Deposit, we are looking at multiple stacked gold-bearing structures”.
Table 1. Highlights of the spring 2017 drilling results in the Minto Mine area
| Hole | From (m) | To (m) | Length (m)* | Gold (g/t) |
| SD-17-75 | 102.24 | 104.13 | 1.89 | 2.74 |
| SD-17-77A* | 45.96 | 51.55 | 5.29 | 2.00 |
| including | ||||
| 45.96 | 46.77 | 0.81 | 9.17 | |
| SD-17-78* | 48.88 | 49.79 | 0.91 | 1.39 |
| 53.7 | 57.19 | 3.49 | 11.82 | |
| including | ||||
| 55.3 | 56.1 | 0.8 | 51 | |
*Assay results reported over intersection length estimated to be represent ≥ 85% true width for SD-17-75 and 17-77A and ≥ 95% true width for SD-17-78
On-going Drill Program – Continued Expansion of the Minto Mine South Zone
Holes SD-17-82, SD-17-85, SD-17-86, SD-17-90 and SD-17-94 were drilled in the down-plunge continuity of the Minto Mine South Zone. They indicate that the gold-bearing quartz veins of the Minto Mine Structure thicken at depth with a considerable visible increase in sulphide content. Higher sulphide content has been associated with higher gold content (Assays pending).
Results for 13 boreholes covering an area of 250m x 120m drilled 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.
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 | ||
| o Near surface mineralization | ||
| o Open in all directions | ||
| o Exploration continuing to expand the existing resource | ||
| Considerable Growth Potential | ||
| o Newly discovered high-grade gold zones in many areas on property | ||
| o Gold mineralization extends 5 km in length | ||
| Preliminary Metallurgical Study Underway | ||
| o Optimization of gold and silver recoveries | ||
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1097690_Figure1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1097690_Figure2.pdf
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
| 1 | Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc. (effective May 26, 2015)). The report is available on http://www.sedar.com/ under Red Pine’s profile. |
| 2 | NI 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