Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with the Michipicoten First Nation. The MOU outlines a clear and mutually agreed upon process for consultation between the parties during the exploration phase of Red Pine’s program. Red Pine …
The MFN is a signatory of the 1850 Robinson-Superior Treaty and an aboriginal people within the meaning of Section 35 of the Constitution Act, 1982, and as such, asserts aboriginal and treaty rights within the area.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “The Company, and its predecessors, have always maintained a good working relationship with MFN. This MOU formalizes the consultation process regarding the development of the Wawa Gold Project, and enables MFN to understand the potential impacts of the development of the Project on the exercise of aboriginal and treaty rights.
We want to continue to foster a mutually beneficial working relationship, founded on principles of trust, respect and understanding as we continue to advance the Project. It has been a pleasure to work with the representatives of MFN on the MOU. MFN has been considerate and understanding through the whole process and Red Pine does not envision anything different as we move towards more intensive exploration and development considerations in the future.”
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 19 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.
To date, the Company completed over 22,000 metres of drilling and made four major discoveries along the extension of the Surluga Deposit: the Surluga North Zone; the Hornblende-William Zone; The Minto Mine South Zone; and the Grace-Darwin Zone. All these mineralized zones are interpreted to form a coherent structural system, the Wawa Gold Corridor, and are anticipated to have a positive impact on the property’s gold inventory.
Red Pine’s on-going 20,000-metre drill program is focussed on three of the four key discoveries with two drills operating non-stop on the property. The first drill is currently targeting the Surluga North discovery, where Red Pine’s hole SD-16-45 intersected 14.66 g/t gold over 15.23 metres (the Surluga North high-grade zone) while the second drill is targeting the Minto Mine South Zone where the discovery of a near-surface high-grade quartz vein (Minto E discovery) (see Sept. 20, 2017 News Release) further emphasises the potential of the zone.
The Company is well-funded and as such, the sampling and drill programs will continue throughout 2017. A preliminary metallurgical study is underway to optimize gold and silver recoveries and an estimate of exploration potential is expected later this fall.
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 1.71 gramsper 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.
President & CEO
Red Pine Exploration Inc.