TORONTO, ONTARIO–(Marketwired – Oct. 4, 2016) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received results for 24 holes sampled as part of its sampling program of historic core at its Wawa Gold Project.
Highlights from the sampling program include so far:
- An increase of the gold metal factor (gold grade times intersection length) for 16 of the 24 sampled holes; an average increase of the intersection length for 11 of the 24 holes;
- Discovery of a new gold zone in the hanging wall of the Jubilee Shear Zone
- Identification of a network of high-grade quartz veins in the footwall of the inferred resources with up to 20.9 g/t gold detected in a representative grab sample.
Quentin Yarie, President and Chief Executive Officer of Red Pine states “These assays results and generalized increase of the metal factor in the historic drill holes sampled to date demonstrate the potential upside this sampling program may have on the inferred resource. The identification of a network of high-grade quartz veins at surface, within 90 metres of the inferred resource and next to the main access road of the property, also shows the potential for new discoveries with additional exploration work, even into the most explored areas of the Wawa Gold Project.”
Sampling of historic core
Following its 2015 exploration programs, the Company speculated that some of the gold zones in the footwall and hanging wall of the Surluga Deposit were not entirely sampled in the past and that sampling gaps remained in some gold mineralized zones of the Surluga Deposit. Earlier this year, the Company undertook an aggressive selective sampling program of approximately 42,000 metres of historic drilling (from 318 underground and 119 surface drill holes) in the Wawa Gold Corridor to help fill these gaps. The work aimed to extend and define additional gold zones in the footwall and hanging wall of the Surluga Deposit, and extend some gold zones of the Surluga Deposit that were not entirely sampled in the past.
Of the 24 holes sampled, 16 show an increase of their overall metal factor, 11 show an increase of the mineralised length and 6 show an increase of their total gold grade (Table 1). The sampled holes mostly cover the Jubilee Shear Zone, which already contain a NI 43-101 inferred resource of 1,088,000 ounces of gold1. However, some of the holes also cover the Minto B Shear Zone, located in the hanging wall of the Jubilee Shear Zone and not included in the inferred resource.
To view the table accompanying this press release please click the following link: http://media3.marketwire.com/docs/RedPineTable104.pdf
Other Activities at the Wawa Gold Project
Red Pine is currently trenching and mapping many key structures located in the hanging wall and footwall of the inferred resources and in the Jubilee Shear Zone. This has lead to the discovery of a quartz vein stockwork in the immediate footwall of the inferred resource. One representative grab samples of the quartz stockwork returned 20.9 g/t gold (Figure 1). The company is now conducting additional work to define the size and continuity of this network of quartz veins, located within 90 metres of the inferred resource of the Surluga Deposit.
Next Steps
As the Company looks to increase the property’s gold inventory, the current program of sampling historical core as well as trenching and mapping is uncovering new exploration targets for Red Pine’s future drill programs.
Forages Rouiller has been retained for the Company’s 2016 Fall Drill Program and mobilization is expected to begin within the next three weeks. The Company plans to drill more than 3,000 metres of NQ core to confirm the continuity of both the footwall and hanging wall mineralization to further increase the resource. Further details on the 2016 Fall Drill Program will be issued within the next two weeks.
Merger Update
Red Pine continues to advance merger discussions with both of its JV partners; Augustine Ventures Inc. and Citabar LLP. The Company acknowledges that the simplification of the ownership structure has taken longer than anticipated, but it feels confident that there are no outstanding issues that could derail the process. Red Pine thanks both its shareholders and Augustine shareholders for their continued support and patience as the negotiations continue to move forward.
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 remaining coarse reject portions of the samples remain in storage at the Activation Laboratories Ltd. in Timmins, Ontario as required in the event that 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 through an Assignment and Assumption Agreement with Citabar LLP and Augustine Ventures Inc. Red Pine is the Operating Manager of the JVA and is focused on expanding the existing gold resource on the property. The JVA is owned 40% by Citabar, 30% by Red Pine and 30% by Augustine.
Red Pine has signed a Letter of Intent to consolidate 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 see the map accompanying this press release please click the following link: http://media3.marketwire.com/docs/RedPineMap104.pdf
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