Red Pine Exploration Inc. (TSXV:RPX) (“Red Pine” or the “Company”) is pleased to announce new results from five drill holes completed as part of its 20,000 metres (“m”) drilling program at the Wawa Gold Project which includes 13.8 grams per ton (“g/t”) over 2m.
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;
- Observation of visible gold in step-out holes up to 80m south along strike of the Minto Mine South Zone;
- Discovery of the Minto E structure overlying the Minto Mine South Zone with two drilling intersections containing visible gold (results pending);
- Discovery of a gold-bearing shear zone overlying the Minto Mine South Zone in SD-17-85 containing 1.37 g/t gold over 7.4m; and
- Minto Mine South Zone remains open at depth, along strike to the south and to the east and west.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “The on-going drilling in the Minto Mine South Zone continues to prove high-grade gold into the structure. We are also excited by the discovery of adjacent structures (Minto E) in which visible gold was observed in two holes. This significantly expands the potential of the Minto Mine South Zone.
From a larger view, it is exciting that the spatial relation between the Minto Mine South Zone and the Minto E Zone indicates a structural similarity with the Parkhill Mine, the highest-grade gold resource historically mined on the property. We will continue to aggressively explore the multiple discoveries made in the Minto Mine area.”
Table 1. Highlights of the 2017 drilling results south of the Minto Mine South Zone
|Length (m)*||Gold (g/t)||Gold Zone|
|SD-17-79||78.4||80.4||2.0||6.54||Minto Mine South Zone|
|SD-17-85||54.8||62.2||7.4||1.37||Discovered Gold Zone|
|150.1||152.3||2.2||3.16||Minto Mine South Zone|
*Assay results reported over intersection length. In the Minto Mine South Zone, intersection length estimated to be represent ≥ 95% true width for SD-17-85 and 17-86, ≥ 80% true width for SD-17-88, >75% true width for SD-17-79 and > 60% true width for SD-17-82. As it represents a discovery with a single intersection, no true width estimation is available for the discovered gold zone in SD-17-85 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
Recent results and the multiple discoveries (Darwin-Grace, Minto South Zone, Surluga North, Hornblende-William) highlight the many centers of gold mineralization that are anticipated to have a positive impact on the property gold inventory. All the mineralized centers are interpreted to form from a coherent structural system hosted within and spatially connected by the Wawa Gold Corridor.
The five holes presented above were testing the Minto Mine South Zone both laterally and at depth and the holes successfully intersected the structure. In addition to the Minto Mine South Zone, a new gold zone was also discovered in SD-17-85. With the current drilling, the Minto Mine South Zone is defined over an area of 300m x 300m.
Results for 11 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 and to further define the Minto E Zone.
Wawa Gold Project
The Wawa Gold property package consists of over 5,000 hectares and hosts several former mines with a combined historic production of 120,000 ounces (“oz”) of gold (“Au”). To date, the largest gold deposit on the property is the Surluga deposit, which hosts a NI 43-101 Inferred Resource of 1,088,000oz Au at an average grade of 1.71 g/t using a 0.5 g/t cut-off contained within 19.82 million tonnes1,2.
Exploration work conducted by Red Pine during the past 12 months has involved the ongoing sampling of 42,000m 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 6,000m drill program (initiated in November 2016). This drill program was immediately followed by a new 20,000m drill program announced on May 17th, 2017.
The goal of these sampling and drill programs is to fill-in gaps within the resource estimate with the expectation that it will lead to the definition of additional gold resources. Our analysis of drill core to-date has included the identification of an association between gold intersections and discrete gold-bearing structures within the hanging wall and footwall of the resource. The definition of high-grade gold mineralization within the Jubilee Shear Zone has confirmed that the resource could extend at least 525m to the north.
The Company is well positioned to fund its share of the Wawa Gold exploration program following the completion of a brokered private placement for gross proceeds of approximately $6.5 million 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, please visit the following link: http://media3.marketwire.com/docs/a1099025r.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/b1099025r.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.
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.
Forward Looking Information
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.
Red Pine Exploration Inc.
President & CEO
Red Pine Exploration Inc.