Red Pine Exploration Inc. (TSX-V:RPX) ("Red Pine" or the "Company") is pleased to announce that it has closed its previously announced "bought deal" private placement (the "Offering") with Haywood Securities Inc. ("Haywood"), as sole underwriter and bookrunner. The Offering consisted of 12,923,700 flow-through shares of the Company (the "FT Shares"), including full exercise of the Underwriter's Option, at a price of C$0.65 per FT Share, such FT Shares qualifying as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), for aggregate gross proceeds of C$8,400,405.
The gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2021.
In consideration for its services, the Company has paid Haywood a cash commission equal to 6.0% of the gross proceeds from the Offering and that number of non-transferable compensation options (the "Compensation Options") as is equal to 6.0% of the aggregate number of FT Shares sold under the Offering. Each Compensation Option is exercisable to acquire one common share of the Company at a price of C$0.50 per share for a period of 24 months from the closing date of the Offering.
The Offering was made by way of private placement in Canada. The securities issued under the Offering are subject to a hold period in Canada expiring on March 19, 2022. The Offering is subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
The Wawa Gold Project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Or contact:
Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com
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.
Red Pine Exploration Inc. (TSXV:RPX) is a gold exploration company focused on identifying, acquiring and developing prospective properties in Ontario, Canada. Red Pine is currently focused on developing its 100% owned flagship Wawa gold project, located near Wawa, Ontario. The Wawa gold project sits within a mining-friendly jurisdiction that hosts properties owned by Argonaut Gold (TSX:AR) and Alamos Gold (TSX:AGI). The project is also supported by established infrastructure as well as a receptive and skilled community.
Led by an experienced management and technical team, the Company's flagship Wawa Gold Project is located 2km southeast of the Municipality of Wawa, in Northern Ontario. The property, comprised of 6,753 hectares, hosts several former mines with a combined historic production of 120,000 oz gold. The property currently hosts a NI 43-101 Resource of over 700 Koz of gold (both indicated and inferred) at more than 5 gpt gold, contained between surface at 350m depth, that Red Pine is aggressively working towards expanding.
Since becoming involved in the property in 2014, Red Pine has developed two resource estimates for the property. The two mineral deposits, Surluga and Minto Mine South, are a currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category.1 Both deposits remain open in all directions, providing the company with expansion potential, and over 95% of the contained ounces at both deposits are located between surface and a depth of 350 metres.
In addition to the two deposits already defined on the property, Red Pine believes that the Wawa gold project has the potential to host an additional six deposits and has generated a pipeline of several high-priority targets, that, combined, could contain up to 3.0 Moz gold. The majority of the targets rest within the six-kilometer Wawa Gold Corridor, a gold mineralization zone that could be the controlling mineralization structure for the property.
Red Pine tested the continuation of the Surluga deposit to depth in its fall 2019 drill program and is awaiting assay results. The company also initiated a drill program at the newly discovered Cooper structure and conducted some surface exploration work (trenching and channel sampling) around the past-producing Grace-Darwin mine, where Red Pine intersected 23.1 g/t gold over 8.14 meters.
Red Pine announced in March 2021 that it completed its consolidation of the Wawa Gold Project through a definitive securities purchase agreement with the holders of the partnership interests in Citabar Limited Partnership as well as having completed a private placement financing of subscription receipts, led by Haywood Securities Inc., on March 23, 2021, for gross proceeds of $20,026,805. Alamos Gold had exercised its right to maintain its 19.9% stake on a partially-diluted basis. Former Detour Gold president and CEO Paul Martin was appointed Red Pine's director and non-executive chairman in February. Red Pine also announced the appointment of Mr. Jean-François Montreuil, P.Geo., Ph.D. as Vice President of Exploration of the Company. Dr. Montreuil has over 12 years' experience in mineral exploration and was the Head Geologist at Red Pine and MacDonald Mines Exploration where he contributed to the discovery and definition of the Minto Mine South deposit and the extension of the Surluga Deposit.
With the announcement of the project's consolidation of ownership to 100% (see February 23, 2021, News Release), Red Pine is now ready to execute a strategic drill program designed to expand the existing NI 43-101 mineral resources and to explore the multiple additional highly prospective targets on the property. An estimated 15,000 metres of diamond drilling is planned in 2021 with the program continuing into 2022.
Wawa Project highlights
100% ownership (recently consolidated from 63.31%)
Two mineral deposits (Surluga and Minto Mine South) with currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category1
Resource principally located between the surface and 300 metres vertical depth
Discovery of higher-grade mineralization in the Jubilee Shear Zone (host of the Surluga Deposit) down plunge of the existing resource
Preliminary drilling identified five (5) high-grade gold exploration targets that could grow the current resource: Hornblende, Minto B, Grace/Nyman, Minto Mine South and Parkhill # 4 shear zones
Potential for additional high-grade gold targets in the extension of the Jubilee Shear Zone, south of the Parkhill Fault
2021 Drilling and Exploration Program
The main target for diamond drilling in 2021 will be the Jubilee Shear Zone, host of the Surluga Deposit NI 43-101 mineral resource. The resource extension and definition drilling program will test the higher-grade gold-bearing structures previously identified by Red Pine. The Company will also test a number of exploration targets on the property that have the potential to be converted into resources as Red Pine continues to develop the project.
Extension of the Surluga Deposit NI 43-101 Resource The Company will prioritize the extension of the higher-grade gold mineralization zone discovered in 2020, 300 metres down-dip of the current Surluga Deposit resource which generally lies from near-surface to a depth of 300 meters. Drilling the Jubilee Shear Zone extension at depth will also test the westernmost down-dip extension of the Minto Mine South Shear Zone, host of the second known resource on the Wawa Gold Project – the Minto Mine South Deposit.
2020 diamond drilling highlights in the Jubilee Shear Zone (Figure 1):
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293)
5.2 g/t gold over 6.31 m TW including 15.7 g/t gold over 1.07 m and 12.4 g/t gold over 0.78 m (SD-20-289)
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Jubilee Shear Zone south of the Parkhill Fault
In 2019 and 2020, Red Pine's mechanized stripping and mapping program on the Jubilee Shear Zone, south of the Parkhill Fault, indicated structural attributes comparable to those found north of the fault. Shallow historical drilling by Duraine Mines Ltd. in 1981 combined with Red Pine's geological mapping and channel sampling indicated gold mineralization. Drilling in this underexplored extension of the structure could expand shallow gold mineralization in the Jubilee Shear Zone to a 2 km strike length.
Diamond drilling highlights in the southern extension of the Jubilee Shear Zone (source AFRI 41N15NE0055 for Duraine Mines drilling results):
3.06 g/t gold over 2.70 m, including 41.14 g/t gold over 0.16 m (D81-02)
6.95 g/t gold over 1.01 m, including 15.39 g/t gold over 0.45 m (D81-04)
8.33 g/t gold over 1.34 m, including 24.34 g/t gold over 0.34 m (D81-08)
3.99 g/t gold over 1.00 m (S302 – RPX 2019 historic core sampling)
Grace and Nyman Shear Zones
The Grace and Nyman shear systems, host of the historical Darwin-Grace Mine, will be targeted for the discovery of shallow high-grade gold mineralization. Red Pine's 2017 drilling demonstrated that high-grade gold mineralization is still present outside the mine's historic footprint and that mineralization in the Nyman vein extends at depth. Red Pine's mechanized stripping and mapping programs located the Grace Shear Zone extension, 110 metres north of the northernmost underground development of the Darwin-Grace Mine. The 2021 drilling program will test this new area in the structure.
Red Pine's diamond drilling highlights in the Grace and Nyman Shear Zones:
42.22 g/t gold over 2.44 m, including 107.49 g/t gold over 0.54 m (DG-17-55 – Grace Shear Zone)
57.31 g/t gold over 3.14 m, including 138 g/t gold over 1.11 m (DG-17-56 – Grace Shear Zone)
10.1 g/t gold over 0.82 m (DG-17-66 – Nyman Shear Zone)
Hornblende Shear Zone
Red Pine's diamond drilling in the Hornblende Shear Zone showed that gold mineralization, with potential zones of higher-grade mineralization, occurs over a strike length of at least 1.6 km. The largest zone of higher-grade mineralization, identified by historic drilling and confirmed by Red Pine's drilling, occurs at the seventh level of the historical Surluga Mine. Red Pine's drilling in the Hornblende Shear Zone also identified additional zones of broad mineralization with discrete zones of higher-grade mineralization in the structure.
Diamond drilling highlights in the Hornblende Shear Zone include:
5.61 g/t gold over 8.5 m, including 15.42 g/t gold over 2.9 m (HS-15-31)
2.91 g/t gold over 4.5 m, including 5.77 g/t gold over 1 m (HS-15-28)
3.18 g/t gold over 9.54 m, including 19.54 g/t gold over 0.61 m (U0007L7)
Minto B Shear Zone
The Minto B Shear Zone is located above the Jubilee Shear Zone, over the central and southern segments of the Surluga Deposit resource, north of the Parkhill Fault. Diamond drilling and mechanized stripping traced the structure over a strike length of 1 km and uncovered broad zones of gold mineralization. A higher-grade core also occurs in the structure, the size and grade could be defined with additional drilling. Diamond drilling in the Minto B Shear Zone will be undertaken concurrently with resource conversion, definition and exploration drilling in the Jubilee Shear Zone.
Diamond drilling highlights in the Minto B Shear Zone includes:
2.1 g/t gold over 10.6 m, including 3.7 g/t gold over 5.6 m (SD-18-256)
13.65 g/t gold over 2 m (SD-15-07)
4.69 g/t gold over 6.1 m, including 14.37 g/t gold over 1.52 m (U1683L5)
Company Highlights
An estimated 15,000 metres of diamond drilling is planned in 2021 with the program continuing into 2022.
100% Wawa Gold Project ownership (recently consolidated from 63.31%)
The Wawa project hosts eight known gold deposits, two of which have NI 43-101 resources.
Two mineral deposits (Surluga and Minto Mine South) with currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category1
Resource principally located between the surface and 300 metres vertical depth
Discovery of higher-grade mineralization in the Jubilee Shear Zone (host of the Surluga Deposit) down plunge of the existing resource
Preliminary drilling identified five (5) high-grade gold exploration targets that could grow the current resource: Hornblende, Minto B, Grace/Nyman, Minto Mine South and Parkhill # 4 shear zones
Potential for additional high-grade gold targets in the extension of the Jubilee Shear Zone, south of the Parkhill Fault
Strategic partners Alamos Gold (TSX:AGI) hold 19.9% of outstanding shares of Red Pine, and recently committed capital in latest $20M financing.
Strong management team with vast experience developing projects in Canada.
Management and insiders hold two percent of company shares.
Key Projects
Wawa Gold Project
The Wawa gold project is a 6,753-hectare property, of which Red Pine has a 100 percent interest. The property is located two kilometers away from the town of Wawa, Ontario and sits within 40 kilometers of both Argonaut Gold's Magino deposit and the operating Island Gold mine, now owned by Alamos Gold, following their acquisition of Richmont Mines.
Due to its prominent location in a safe and reliable jurisdiction, the Wawa gold property is supported by established mining infrastructure, an available and skilled workforce and a navigable regulatory system. The property is crossed by a powerline and is near both the TransCanada Highway and the railway, making it easily accessible. Red Pine has also developed its local community relationships and signed a memorandum of understanding (MOU) with the local First Nations groups, Michipicoten, Garden River, and Batchewana.
2021 Drilling and Exploration Program
The main target for diamond drilling in 2021 will be the Jubilee Shear Zone, host of the Surluga Deposit NI 43-101 mineral resource. The resource extension and definition drilling program will test the higher-grade gold-bearing structures previously identified by Red Pine. The Company will also test a number of exploration targets on the property that have the potential to be converted into resources as Red Pine continues to develop the project.
Extension of the Surluga Deposit NI 43-101 Resource The Company will prioritize the extension of the higher-grade gold mineralization zone discovered in 2020, 300 metres down-dip of the current Surluga Deposit resource which generally lies from near-surface to a depth of 300 meters. Drilling the Jubilee Shear Zone extension at depth will also test the westernmost down-dip extension of the Minto Mine South Shear Zone, host of the second known resource on the Wawa Gold Project – the Minto Mine South Deposit.
2020 diamond drilling highlights in the Jubilee Shear Zone (Figure 1):
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293)
5.2 g/t gold over 6.31 m TW including 15.7 g/t gold over 1.07 m and 12.4 g/t gold over 0.78 m (SD-20-289)
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Figure 1- 2020 diamond drilling highlights in the Jubilee Shear Zone
A review of historical data suggests that the Jubilee Shear Zone's northern extension, where limited drilling has been conducted, could host undiscovered zones of high-grade mineralization less than 300 metres below the surface. Geological data recorded in certain boreholes at the edge of the structure's current footprint suggests potential proximity to stronger mineralized zones.
Targets beyond Surluga
The section below summarizes the exploration targets identified for further investigation.
Figure 2 – Exploration targets that will be tested in 2021
Jubilee Shear Zone south of the Parkhill Fault
In 2019 and 2020, Red Pine's mechanized stripping and mapping program on the Jubilee Shear Zone, south of the Parkhill Fault, indicated structural attributes comparable to those found north of the fault. Shallow historical drilling by Duraine Mines Ltd. in 1981 combined with Red Pine's geological mapping and channel sampling indicated gold mineralization. Drilling in this underexplored extension of the structure could expand shallow gold mineralization in the Jubilee Shear Zone to a 2 km strike length.
Diamond drilling highlights in the southern extension of the Jubilee Shear Zone (source AFRI 41N15NE0055 for Duraine Mines drilling results):
3.06 g/t gold over 2.70 m, including 41.14 g/t gold over 0.16 m (D81-02)
6.95 g/t gold over 1.01 m, including 15.39 g/t gold over 0.45 m (D81-04)
8.33 g/t gold over 1.34 m, including 24.34 g/t gold over 0.34 m (D81-08)
3.99 g/t gold over 1.00 m (S302 – RPX 2019 historic core sampling)
Grace and Nyman Shear Zones
The Grace and Nyman shear systems, host of the historical Darwin-Grace Mine, will be targeted for the discovery of shallow high-grade gold mineralization. Red Pine's 2017 drilling demonstrated that high-grade gold mineralization is still present outside the mine's historic footprint and that mineralization in the Nyman vein extends at depth. Red Pine's mechanized stripping and mapping programs located the Grace Shear Zone extension, 110 metres north of the northernmost underground development of the Darwin-Grace Mine. The 2021 drilling program will test this new area in the structure.
Red Pine's diamond drilling highlights in the Grace and Nyman Shear Zones:
42.22 g/t gold over 2.44 m, including 107.49 g/t gold over 0.54 m (DG-17-55 – Grace Shear Zone)
57.31 g/t gold over 3.14 m, including 138 g/t gold over 1.11 m (DG-17-56 – Grace Shear Zone)
10.1 g/t gold over 0.82 m (DG-17-66 – Nyman Shear Zone)
Hornblende Shear Zone
Red Pine's diamond drilling in the Hornblende Shear Zone showed that gold mineralization, with potential zones of higher-grade mineralization, occurs over a strike length of at least 1.6 km. The largest zone of higher-grade mineralization, identified by historic drilling and confirmed by Red Pine's drilling, occurs at the seventh level of the historical Surluga Mine. Red Pine's drilling in the Hornblende Shear Zone also identified additional zones of broad mineralization with discrete zones of higher-grade mineralization in the structure.
Diamond drilling highlights in the Hornblende Shear Zone include:
5.61 g/t gold over 8.5 m, including 15.42 g/t gold over 2.9 m (HS-15-31)
2.91 g/t gold over 4.5 m, including 5.77 g/t gold over 1 m (HS-15-28)
3.18 g/t gold over 9.54 m, including 19.54 g/t gold over 0.61 m (U0007L7)
Minto B Shear Zone
The Minto B Shear Zone is located above the Jubilee Shear Zone, over the central and southern segments of the Surluga Deposit resource, north of the Parkhill Fault. Diamond drilling and mechanized stripping traced the structure over a strike length of 1 km and uncovered broad zones of gold mineralization. A higher-grade core also occurs in the structure, the size and grade could be defined with additional drilling. Diamond drilling in the Minto B Shear Zone will be undertaken concurrently with resource conversion, definition and exploration drilling in the Jubilee Shear Zone.
Diamond drilling highlights in the Minto B Shear Zone includes:
2.1 g/t gold over 10.6 m, including 3.7 g/t gold over 5.6 m (SD-18-256)
13.65 g/t gold over 2 m (SD-15-07)
4.69 g/t gold over 6.1 m, including 14.37 g/t gold over 1.52 m (U1683L5)
In 2020, Red Pine announced the latest assay results from its completed Summer 2020 drilling program of 5,300 metres at the Wawa Gold Project.
Highlights (Figure 1)
Holes SD-20-291, 292 and 293 successfully extended, at depth, the zone of higher-grade gold intersected in hole SD-20-289 earlier this year (see May 12, 2020 News Release)
A new zone of higher-grade mineralization was intersected in hole SD-20-293, the deepest hole to date completed by Red Pine
The gold mineralized zone was extended by more than 300 metres down-dip from, or 250 metres, below the current Surluga Deposit resource boundary (205,000oz Au @ 5.31 g/t in the indicated category and 396,000oz Au @ 5.22 g/t in the inferred category1)
Gold mineralization remains open at depth in all directions
Drilling Intersection Highlights
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293) – New zone of higher-grade mineralization
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Quentin Yarie, Chief Executive Officer of Red Pine stated, “The successful results from our Summer 2020 drilling program have extended the Surluga Deposit by approximately 300 metres down-dip to a total depth of approximately 600 metres and discovered what could be a new higher-grade zone in the shear structure. We are confident that, with additional drilling, the mineralized zones identified beneath the Surluga Deposit could potentially increase the current mineral resource. The visual indicators and the higher-grade gold assays (> 3 g/t) intersected in SD-20-293 suggest that the intensity of alteration and quartz veining associated with gold mineralization increases with depth. This defines a new promising exploration target for Red Pine as we continue to expand the Surluga Deposit."
The Surluga Deposit sits within the Jubilee Shear Zone (“JSZ"). Gold mineralization in the deeper extension of shear contains moderate-strong to strong quartz veining and silica flooding. The quartz veins contain disseminated pyrite with local pyrrhotite, arsenopyrite, sphalerite, chalcopyrite and galena. Some of the quartz veins also contains fine specks of visible gold in association with pyrite and accessory arsenopyrite.
Hole SD-20-290 intersected the outer edges of potential zones of stronger mineralization in the JSZ. A 2.75 metre-wide domain with stronger quartz veining, white mica alteration and quartz veining is present.
Hole SD-20-291 suggests the lateral extension of the higher-grade JSZ identified in hole SD-20-289 (Figure 2). Here, the core of the JSZ grades 2.06 g/t over 11.89 m (TW). The sample containing 7.45 g/t gold was diluted over approximately 50% of its length by a crosscutting diabase dyke and a 23.45 metre-wide halo of low-grade gold mineralization, characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration, is located above the higher-grade zone.
Hole SD-20-292 intersected the JSZ, 55 metres up-plunge from the intersection in SD-20-291. The JSZ in hole SD-20-292 is characterized by moderate white mica alteration with spaced quartz veining with a localized 1metre-wide quartz vein located in the upper part of the structure. The bottom 15 metres of the JSZ is truncated by a younger diabase dyke.
Hole SD-20-293, drilled 45 metres down-dip of SD-20-291 and Red Pine's deepest hole to date, intersected the JSZ between 553.44 to 568.91 metres. The quartz veining and silica flooding here is stronger than in holes SD-20-289 and SD-20-291. Disseminated pyrite with localized pyrrhotite, arsenopyrite, sphalerite, chalcopyrite and galena are observed. One of the quartz veins also contains three (3) fine specks of visible gold in association with pyrite and accessory arsenopyrite. The core of the JSZ grades 3.38 g/t gold over 13.3 m (TW). The zone remains open in every direction and visual indicators suggest that the gold content increases with depth. This newly identified higher-grade zone in the JSZ will be a priority target when diamond drilling resumes on the property.
Figure 2. Cross-Section showing interpreted extension of high-grade gold at the Surluga Deposit
Table 1. Highlights of reported drill results
Table 2. Coordinates of reported holes
Red Pine announced the discovery of a new mineralized gold zone in May 2020, beneath the Surluga Deposit1, during its on-going exploration program at its Wawa Gold Project, located 2 kilometres southeast of Wawa, Ontario. Hole SD-20-289 successfully intersected the Jubilee Shear Zone (host of the Surluga Deposit), 350 metres down-plunge of the current resource boundaries, with a significant intercept of 5.2 g/t gold over 6.31 metres (true width) at a depth of 570 metres. Hole SD-20-287 intersected 4.1 g/t gold over 0.94 metres (true width) below 450 metres depth.
Table 1. Highlights of reported drill results
Table 2. Coordinates of reported holes
Holes SD-20-287 and SD-20-289 were targeting the down-plunge extension of the southernmost limit of the Surluga Deposit resource.
Hole SD-20-287 intersected a large diabase dyke in the upper 20 metres of the Jubilee Shear Zone. The higher-grade gold results came from a 0.7-metre quartz vein in which specks of visible gold were observed. A 10.28 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite was intersected in the Jubilee Shear Zone, further down-hole of the diabase dyke.
Hole SM-20-288 was testing the expected limits of the projected plunge of the Surluga Deposit resource. No zones of strong alteration or mineralization were observed in that hole.
Hole SD-20-289 intersected gold 40 metres away from the gold intercept in Hole SD-20-286 (Figure 2). In the Jubilee Shear Zone, it hit a 7 metres zone characterized by stronger quartz veining associated with pervasive dissemination of pyrite, locally arsenopyrite, and moderate to strong biotite/sericite alteration. The upper part of the zone is cut by a 4 metre-wide lamprophyre dyke. High-grade gold mineralization is associated with alteration assemblages variably comprised of biotite/sericite-quartz veining-pyrite and sericite-quartz veining-arsenopyrite. A 12.3 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration is located below the higher-grade zone in SD-20-289. Below the Jubilee Shear Zone, a new shear zone was intersected with pyrite mineralization and spaced quartz veining. Assays are pending for that shear zone and will be released when received.
Figure 2. Hole SD-20-289 intersection relative to SD-20-286
Management Team
Quentin Yarie, PGeo - President & Chief Executive Officer
Mr. Yarie is an experienced geophysicist and a successful entrepreneur with extensive project management and business development experience. He was previously the Business Development Officer at Geotech Ltd, a geo-physical airborne survey company, and a Senior Representative of Sales and Business Development for Aeroquest Limited. From 1992 to 2001, Mr. Yarie was a partner of a specialized environmental and engineering consulting group where he managed a number of large projects including the ESA of the Sydney Tar Ponds, the closure of the Canadian Forces Bases in Germany and the Maritime and Northeast Pipeline Project.
Jim O'Neill - CFO and Corporate Secretary
Mr. O'Neill has over 30 years' experience as a finance executive with multi-national businesses operating in Canada, the USA, the UK, Turkey, and Kenya. His extensive public company financial management and governance experience spans junior mining exploration, development, and operations, including appointments as CFO and Corporate Secretary of Aldridge Minerals Inc. and Virtus Mining Ltd. He currently also serves as CFO and Corporate Secretary of Western Gold Exploration Ltd., and New Break Resources Inc. and as CFO of Waseco Resources Inc. Mr. O'Neill holds a Bachelor of Business Administration (Honours) from Wilfrid Laurier University and earned his CPA, CA with Ernst & Whinney (now KPMG).
Jean-François Montreuil, P. Geo. (ON, QC), Ph.D - Chief Geologist
Dr. Montreuil holds over a decade of experience in exploring complex hydrothermal systems for battery, precious, base and radioactive metals and has contributed greatly to the advancement of Red Pine's Wawa Gold project and the discovery of the Minto Mine South Deposit. Previously, Dr. Montreuil is currently the Chief Geologist of MacDonald Mine Exploration and formerly Honey Badger Exploration. With a Master degree in Earth Sciences at Laval University and Ph.D in Earth Sciences at INRS-ETE, out of Quebec City, his on-going contribution to scientific research in collaboration with the Geological Survey of Canada, the Bureau de Recherches Géologiques et Minières (France geological survey), Geological Survey of South Australia, BHP-Olympic Dam, the University of Windsor and Laurentian University will continue to add value to the Canadian mining industry. Dr. Montreuil has also contributed to the industry through numerous Publications across International peer-reviewed journals in Economic Geology.
Tara Asfour - Investor Relations Manager
As Chief Development Officer for FairGreen Capital Partners and managing director of its North American and Canadian regions, Ms. Asfour has 10+ years of management, strategy development, fundraising and capital markets experience. Previously, Ms. Asfour successfully expanded the business of TG Capital, through deal sourcing, strategy and development of successful start-ups and took a hands-on approach with companies she successfully expanded and brought to market. Ms. Asfour previously held the roles of executive consultant and business advisor to TG Consulting, Executive Vice President at Organic Medical Growth and Communications Director at Dominion Water Reserves Inc, with an expertise in corporate affairs, investor relations and strategic partnerships. Ms. Asfour is a recipient of the prestigious Fondation Montreal Inc Young Entrepreneur Award, she holds an MBA from Herzing University and an undergraduate degree in Political Sciences from Concordia University.
Rachel Goldman - Director
Ms. Goldman brings 20 years of experience in institutional sales, mining company financings and corporate transactions during her career while at several Canadian brokerage firms where she developed an extensive list of investor and mining company relationships. In February 2020, she was appointed to the role of Chief Executive Officer and Director of Paramount Gold Nevada Corp (NYSE American: PZG).
Mako Gold Limited (“Mako” or “the Company”; ASX:MKG) advises that it has received the final assay results from 49 reverse circulation (RC) and diamond drilling (DD) holes from the Gogbala Prospect, within the Company’s flagship Napié Project in Côte d’Ivoire. Gogbala is located on a +23km soil anomaly and coincident 30km-long Napié Fault (Figure 4).
HIGHLIGHTS
Gogbala extensional drilling returns wide high-grade gold including 11.2m at 7.40g/t Au
Results consistently demonstrate excellent down-dip and along-strike continuity of mineralisation
All drill results received and delivered to independent consultants for maiden Mineral Resource Estimate (MRE) anticipated by early to mid-June 2022
Significant gold mineralisation was intersected in 40 of the 49 holes, including:
NARC294DD: 4.3m at 5.67g/t Au from 157.3m; including 1.1m at 18.43g/t Au; and
11.2m at 7.40g/t Au from 172m; including 1m at 54.05g/t Au from 172m; and
3m at 8.36g/t Au from 175m
NARC712: 13m at 3.34g/t Au from 168m; including 2m at 11.07g/t Au from 175m
NARC661DD: 11.2m at 3.19g/t Au from 103m; including 1.2m at 11.75g/t Au from 108.2m; and
5.1m at 3.75g/t Au from 140m; including 1.5m at 10.96g/t Au from 143.6m
NARC624DD: 6m at 6.65g/t Au from 149m; including 1m at 33.19g/t Au from 154m
NARC627DD: 6.5m at 5.03g/t Au from 163m; including 1m at 23.07 g/t Au from 164m
NARC718: 14m at 1.87g/t Au from 13m; including 1m at 6.79g/t Au from 14m
NARC734: 3m at 6.59g/t Au from 143m; including 1m at 17.70g/t Au from 145m
NARC738: 7m at 2.79g/t Au from 16m; including 1m at 12.83g/t Au from 17m
NARC702: 4m at 4.88g/t Au from 48m; including 1m at 14.52g/t Au from 51m
NARC605DD: 2.34m at 1.22g/t Au from 154.5m; and
3m at 5.87g/t Au from 160m; including 1m at 10.02g/t Au from 160m
NARC713: 2m at 3.40g/t Au from 15m; and
7m at 1.59g/t Au from 21m; including 1m at 5.61g/t Au from 26m
2,700m RC drilling program to commence shortly on the Komboro Prospect at Napié
Mako’s Managing Director, Peter Ledwidge commented:
“We are pleased to have received all the final assay results from the Gogbala extensional drilling. We have transferred the final data to our resource consultants for the maiden Mineral Resource Estimate which we anticipate being released by early to mid-June. We are particularly pleased with the excellent results in the last batch of assays, as we believe this will have a positive impact on the MRE.
Mineralised zones continue to exhibit excellent continuity with wide and high-grade results down-dip and along strike. We are enthused by the continuity of mineralisation, as this demonstrates how robust mineralisation at the Gogbala deposit is turning out to be.
We are once again highly encouraged with the high success rate in our drilling with 40 of the 49 holes drilled returning significant gold results. We look forward to announcing our maiden MRE in June”.
FINAL DRILL RESULTS FROM GOGBALA - MAIDEN MRE ANTICIPATED IN EARLY TO MID JUNE
Significant wide and high-grade mineralisation was intersected in 40 of the 49 holes drilled at Gogbala, which includes 4.3m at 5.67g/t Au and 11.2m at 7.40g/t Au including 1m at 54.05g/t Au in NARC294DD and 13m at 3.34g/t Au in NARC712 (Figure 4).
All holes were drilled in the 2km-long high-priority area (purple arrow in Figure 1) which is the focus of extensional drilling for the upcoming maiden MRE scheduled for completion in early to mid-June 2020.
Mineralised zones show continuity along strike and down dip. Gold mineralisation remains open in all directions with significant growth potential.
Intervals above 0.5g/t Au cut-off are reported in Appendix 1. A map of the drill hole locations is shown in Appendix 2.
Select significant results from previous phases of drilling at Gogbala1 include:
17m at 4.13g/t Au from 57m in NARC660
20m at 3.41g/t Au from 19m in NARC531
12m at 5.39g/t Au from 11m in NARC035
4m at 14.78g/t Au from 93m in NARC668
35m at 1.72g/t Au from 43m in NARC553
7m at 6.70g/t Au from 6m in NARC518
23m at 1.81 g/t Au from 19m in NARC535
20m at 1.92g/t Au from 33m in NARC535
9m at 3.77g/t Au from 48m in NARC 579
6m at 5.37g/t Au from 105m in NARC569
8m at 4.29g/t Au from 82m in NARC532
2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066
This article includes content from Mako Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest drill results extend known mineralisation, paving way for an upgradeofthe existing 873,500ozmineralresource
Kairos Minerals Ltd (ASX: KAI) is pleased to advise that it has received all final 4m-composite sample results from the RC drilling program conducted in 2021 at its 100%-owned Mt York Gold Project located in the Pilbara region of Western Australia. The 2021 RC drilling program at Mt York project comprised 95 drill holes for a total of 14,988m, and it was completed on the 19th of November. A breakdown of the drilling program is shown in Table 1. Previous results of this programme were announced in press releases by Kairos Minerals on 15th September 2021, 23rd November 2021 and 13th January 2022.
Highlights
Final 4m-composite sample results received from the 14,988m Reverse Circulation drilling program completed in 2021 at the 873,500oz Mt York Gold Project
Latest results include:
49m @ 1.75g/t Au from 135m in KMYC196 (The Gap), including:
19m @ 3.29g/t Au from 153m
24m @ 3.14g/t Au from 100m in KMYC198 (The Gap), including:
14m @ 4.30g/t Au from 104m
28m @ 1.66g/t Au from 32m in KMYC194 (Main Hill), including:
12m @ 3.26g/t Au from 32m
Results extend the new high-grade lode down-dip at “The Gap”, with intercepts including 8m @ 6.16g/t Au from 172m (KMYC197)
These highly encouraging new results will help underpin a resource upgrade
1m re-splits submitted with results expected in June
Kairos Managing Director Dr Peter Turner said:“These results confirm that the Mt York Gold Project is a big system that is yet to be fully understood. The technical team has done a superb job targeting parts of the orebody that are either under-drilled or not drilled at all and have provided the Company with excellent results that it will take into the next round of resource estimation. These are some of the best grade and widths we have seen at Mt York to date.
“We have commenced a technical review of the deposit and are looking for more opportunities to increase our confidence in the mineralisation and importantly, substantially grow the resource. I remain extremely positive about delivering cost-effective exploration to deliver value with this highly promising asset.
“Organic growth through targeted drilling is in our view the best way to create shareholder value and is entirely in line with our strategy. We anticipate a further 10,000m drill programme at Mt York in the second half of the year”.
The RC holes drilled at the Mt York deposit continue to deliver exceptional results, including 49m @ 1.75g/tAufrom 135minKMYC196. See Figure 1 for a cross-section and Figure 3 for a plan view.
The Company is expecting results of the 1m resplit samples of mineralised intervals next month in preparation for a mineral resource update later in the year.
Mt YorkRCDrillingProgram
This follow-up drilling at “The Gap” prospect, between Main Hill and Breccia Hill historic pits extends the mineralization zone approximately 75m down-dip with mineralisation remaining open at depth. KMYC197 returned exceptional intercepts of 8m@6.16g/tAu, extending the high-grade lode previously intercepted in hole KMYC128 (see ASX release, 15 September 2021).
These latest results will likely have a positive impact on the next mineral resource estimate, especially for the Gap prospect, where the previous estimate relied on only shallow drilling (see press release dated 4th March 2020).
Figure 1 shows the cross-section with the RC holes drilled to follow up the results from the KMYC128.
In-fill drilling conducted underneath the historic Main Hill pit, returned exceptional grades of up to 6.31 g/tAu (KMYC194), within a thick and shallow zone of 16m @ 2.60 g/t Au from 32m. See Figure 2 for a cross- section and Figure 3 for a plan view.
This article includes content from Kairos Minerals , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Impact Minerals Limited (ASX:IPT) is pleased to provide an update on the company’s recent activities across its extensive portfolio of exploration projects in Western Australia.
Diamond drill programme completed at Hopetoun: target shear zone intersected 60 metres up dip.
First pass soil geochemistry surveys completed over priority targets atHopetoun.
Airborne EM survey completed over priority targets at the Arkun-Beau Ni-Cu-PGM Project.
Soil geochemistry surveys completed at Beau and in progress at four other priority targets at Arkun following successful land accessnegotiations.
Drill assay results awaited atDoonia.
Negotiations in progress for the Commonwealth and Broken Hill projects inNSW.
Renounceable rights issue to close on Friday 27th May2022.
This work is part of the Company’s change in strategic focus from eastern Australia to the emerging mineral province of south west Western Australia following the recent Julimar PGE-Ni-Cu discovery (ASC:CHN) and also home to the world class Greenbushes lithium-tantalum mine (ASX:IGO and Figure 1).
Impact has assembled a significant number of projects in this highly prospective region, both 100% owned, (Arkun-Beau and Dinninup) and in joint venture (Hopetoun, Jumbo, Narryer and Dalgaranga). In addition, the company is in a joint venture at the Doonia gold project near Kambalda where drill results are awaited (Figure 1).
Current work programmes are aimed at defining drill targets at the flagship Arkun-Beau project and progressing with drill targets already defined at Hopetoun. The other projects are also being progressed via compilations of previous work and preliminary interpretations of the surface and bedrock geology with a view to identifying areas of interest for on-ground follow up exploration.
Funds from the current Renounceable Rights Issue, which closes this Friday, the 27th May 2022, will be used to fund this work which will include extensive drill programmes later in the year and into 2023.
Shareholders who still wish to participate and who have not yet received their entitlement forms, or who are unsure of the process to follow to apply for their entitlement, should contact the Impact office.
HOPETOUN
At Hopetoun, where Impact is earning an 80% interest in the project (ASX Release 8th December 2021), six drill ready targets have been identified of which two, the Top Knotch and Silverstar copper-gold-silver prospects, are fully permitted for drill testing. Four diamond drill holes, two each at Top Knotch and Silverstar were recently completed (ASX Releases 19th April 2022 and 22nd April 2022).
At Silverstar, a second drill hole was recently completed to test the up-dip extension of a 25 metre thick (true width) shear zone with extensive alteration minerals and minor disseminated chalcopyrite-pyrrhotite mineralisation (ASX Release 22nd April 2022).
The second drill hole intersected the same shear zone at about 180 metres down hole and 60 metres up dip from the first hole. The shear zone is of a similar thickness and appearance in the second hole but in addition, one narrow zone of deformed quartz veins about 25 cm thick was intersected at 190 metres down hole which contains up to 5% molybdenite together with anomalous bismuth values up to 250 ppm as measured with a handheld XRF instrument (Figure 2).
The Company emphasises that these estimates are based on visual observations only and that chemical assays will be required to determine the absolute amounts of any metals present. The core is being transported to Perth where it will be logged and sampled in detail. Assays are expected in July.
This article includes content from Impact Minerals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
