Red Pine Drilling Update: High-Grade Intersect in the Southern Extension of the Surluga Deposit of 8 g/t Au over 11.38 m and Multiple High-Grade Intersects in the North

Red Pine Drilling Update: High-Grade Intersect in the Southern Extension of the Surluga Deposit of 8 g/t Au over 11.38 m and Multiple High-Grade Intersects in the North

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report on new and significant results from its 2022 Phase 1 exploration program (Figure 1).

  • Surluga South (Figures 1 and 2) – SD-21-312A confirms additional gold (Au) mineralization at depth with 8 g/t Au over 11.38 m between 640.69 and 652.07 m, including three high grade intersections of 57.99 g/t Au, 15.92 g/t Au and 9.33 g/t Au. Refer to Table 1.
  • Surluga North (Figures 1 and 3)– SD-22-321 expands gold mineralization beneath the current resource at the northern extension of the Surluga deposit with 8.46 g/t Au over 6.42 m between 219.79 and 226.21 m.  SD-22-326 intersected 11.19 g/t Au over 2.61 m. Refer to Table 2.

The exploration results continue to support the expansion of the current resources of the Wawa Gold Project along strike, dip and plunge.  Zones can achieve a notable grade and thickness of high-grade gold mineralization existing outside of the defined resources of the Surluga deposit. The current 2022 Phase 1 program has been advancing at an efficient pace with 14,864 m of drilling achieved year-to-date.

" The results from our 2022 drilling program continues to demonstrate the untapped potential of the Wawa Gold Project, having intersected notable mineralized regions in various exploration targets. As we carry on with the Phase 1 drill program at an efficient pace, the Jubilee Shear Zone which hosts the Surluga resource continues to produce impressive results which validates the continuation of the exploration drill program. " – Quentin Yarie, President and CEO of Red Pine Exploration.

Figure 1 – Surluga Resource
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee0d7397-6a2d-4d16-a722-650e465a6afb

Surluga South – Extension of High-Grade Mineralization

Of significance is an intersection of strong quartz veining in the Surluga South extension down dip of the existing resource in SD-21-312A, encompassing three high-grade gold intersects: 9.33 g/t Au over 0.79 m, 57.99 g/t Au over 0.92 m and 15.92 g/t Au over 0.86 m (all lengths presented in true width (TW)).

Table 1 – Intersection in the Jubilee Shear Zone in the Surluga South area*

Hole From (m) To (m) Length (m) Est. True width Visible Gold Gold (g/t) Zone
SD-21-312A 640.69 652.07 11.38 10.35 8.00 Jubilee Shear Zone
Including
640.69 641.56 0.87 0.79 9.33
645.61 646.62 1.01 0.92 57.99
647.56 648.55 0.99 0.86 15.92
652.07 669.43 17.36 15.80 0.63
SD-21-313 786.31 787.30 0.99 0.73 3.81

Surluga North – Confirmation of Down Dip Gold Mineralization

At Surluga North, quartz veining with visible gold continues to expand high-grade gold mineralization down dip and along strike of the Surluga resource with 40.07 g/t Au over 1.18 m within 8.46 g/t Au over 6.42 m located above the Jubilee Shear Zone in hole SD-22-326. Intersections in holes SD-22-337 and SD-22-352 of the same system as the one intersected in SD-22-326 and SD-22-321, also contains visible gold (assays pending).

Table 2 – Surluga North Quartz Vein Network and Jubilee Shear Zone*

Hole From (m) To (m) Length (m)* Est. True width Visible Gold Gold (g/t) Zone
SD-22-321 219.79 226.21 6.42 Yes 8.46 Surluga North - Quartz vein network (released March 30, 2022)
Including
225.03 226.21 1.18 Yes 40.07
281.33 287.27 5.94 5.23 Yes 0.78 Jubilee Shear Zone
SD-22-326 243.49 246.10 2.61 Yes 11.19 Surluga North - Quartz vein network
Including
245.27 245.68 0.41 Yes 69.30

*True Core width is estimated at 70-80% of core length.

Discussion

South – Down Plunge Continuity and Expansion Potential

In the Surluga South discovery, hole SD-21-312A, located 53 m south of the intersection of 3.08 g/t Au over 55.66 m true width (TW) in SD-21-302 (see news release dated November 8 th , 2021), extends to the south the high-grade core of the Surluga South discovery. Hole SD-21-312A a zone of strong quartz veining in the Jubilee Shear Zone that contains 8.00 g/t Au over 10.35 m (TW) including 57.99 g/t Au over 0.92 m (TW). The Company is continuing to explore these thick high-grade intersections with plans for future infill exploration to tie these to the existing resource.

Figure 2 – Surluga South
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bb9f963-8c93-4723-9ef2-f27586b94877

North – Quartz Vein Network

Following the intersection of 8.46 g/t Au over 6.42 m in the Surluga North Quartz Vein Network (news release dated March 30 th , 2022), extending the positive exploration results in this vein system. In a 50 m NW step out hole SD-22-326 intersected the vein system in SD-22-321 with 11.19 g/t Au over 2.61 m including 69.3 g/t Au over 0.41 m.

Mineralization in the Surluga North Quartz Vein Network consists of networks of quartz-tourmaline veins emplaced in a specific intrusive phase of the Jubilee Stock. The vein system has been observed with variable intensity in all the 2022 drill holes completed in the Surluga North area, and visible gold was observed in quartz veins of the network in holes SD-22-337 and SD-22-352.

Figure 3 - Surluga North
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6420c02-5b2b-4ad8-b45a-0a3d10991125

Update on Exploration Drilling – Jubilee Shear Zone South of the Parkhill Fault (Figure 3)

Red Pine is also currently testing the under-explored extension of the Jubilee Shear Zone south of the Parkhill Fault near the Darwin-Grace historical mine. In the two completed (JS-22-356 and JS-22-358), Red Pine intersected the Jubilee Shear Zone demonstrating the potential for a significant strike extension (>2km). In both holes, the upper part of the Jubilee Shear Zone contains positive visual indicators of mineralization that include strong quartz veining associated with sulfide mineralization (assays pending).

Figure 4 – Darwin-Grace and Jubilee-South Shear
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b00e3e0-0aa0-4879-9ba7-0c7975ca494d

Quality Assurance/Quality Control ("QA/QC") Measures

Drill core samples were transported in security sealed bags for analyses at Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and then shipped. The residual 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. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.

COVID-19 Precautions

Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees' and contractors' safety, thereby reducing the potential for community contact and spreading of the virus.

About Red Pine Exploration Inc.

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" and on the OTCQB Markets under the symbol "RDEXF".

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

Or

Tara Asfour, Investor Relations Manager, (514) 833-1957, tasfour@redpineexp.com  

1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.

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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

RPX:CA
The Conversation (0)
Red Pine Announces Proposed New Investment by Merk Investments LLC

Red Pine Announces Proposed New Investment by Merk Investments LLC

/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (" Red Pine " or the " Company "), further to its news releases of March 31, 2023, is pleased to announce that Merk Investments LLC (" Merk ") has expressed its interest in participating in the Company's previously announced private placement (the " Upsized Offering "). It is anticipated that Merk will purchase securities under the Upsized Offering such that it will own approximately 9.9% and 14.2% of the pro forma issued and outstanding shares of the Company, on a basic and partially diluted basis, respectively. Prior to the Upsized Offering, Merk did not own any securities of Red Pine.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Red Pine Announces Resignation of Director

Red Pine Announces Resignation of Director

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (" Red Pine " or the " Company ") announces that Mr. Nils Engelstad, Alamos Gold Inc.'s ("Alamos") nominee on the Company's board of directors (the "Board"), has resigned as a member of the Board, effective April 4, 2023. Alamos will continue to have the right to nominate one member to the Board provided it continues to beneficially own at least 10% of the issued and outstanding common shares of the Company pursuant to the terms of its Investor Rights Agreement with the Company.

About Red Pine Exploration Inc.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Red Pine Announces Upsize of Previously Announced Private Placement to C$6.8 Million

Red Pine Announces Upsize of Previously Announced Private Placement to C$6.8 Million

/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (" Red Pine " or the " Company ") is pleased to announce that it has entered into an amendment agreement with Haywood Securities Inc. (" Haywood "), as co-lead agent and sole bookrunner, on behalf of 3L Capital Inc. (" 3L Capital " and together with Haywood, the " Co-Lead Agents "), as co-lead agent, and a syndicate of agents (together with the Co-Lead Agents, the " Agents ") in connection with a private placement on a "best efforts" agency basis, to increase the size of the previously announced private placement to gross proceeds of up to $6,800,000 (the " Upsized Offering ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Red Pine Announces C$6.3 Million Private Placement of Units, Tranche 1 Flow-Through Units, and Tranche 2 Flow-Through Units

Red Pine Announces C$6.3 Million Private Placement of Units, Tranche 1 Flow-Through Units, and Tranche 2 Flow-Through Units

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (" Red Pine " or the " Company ") is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (" Haywood "), as co-lead agent and sole bookrunner, on behalf of 3L Capital Inc. (" 3L Capital " and together with Haywood, the " Co-Lead Agents "), as co-lead agent, and a syndicate of agents (together with the Co-Lead Agents, the " Agents ") in connection with a private placement on a "best efforts" agency basis, for gross proceeds of up to $6,300,000 (the " Offering ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Red Pine Announces New Drilling Results & Further Extends Gold Mineralization above the Jubilee Shear - drills 3.50 g/t gold over 25.15 m including 36.48 g/t gold over 2.01 metres. Outlines Open Pit Exploration Target

Red Pine Announces New Drilling Results & Further Extends Gold Mineralization above the Jubilee Shear - drills 3.50 g/t gold over 25.15 m including 36.48 g/t gold over 2.01 metres. Outlines Open Pit Exploration Target

Red Pine Exploration Inc. ( TSXV: RPX, OTCQB: RDEXF ) ("Red Pine" or the "Company") is pleased to report new drilling results from its ongoing exploration program. The new results continue to indicate that broad zones of gold mineralization exist in the hanging wall of the Jubilee Shear in geological structures that were sparsely tested by historic drilling programs.

  • Minto B Shear located above the Jubilee Shear
    • Intersection of 3.50 g/t gold (or "Au") over 25.15 m in SD-22-415 (Figure 3) that includes:
      • High-grade gold in a quartz vein network transposed in the Minto B Shear that contains 36.48 g/t gold over 2.01 metres.
    • Intersection of 4.63 g/t gold over 10.80 m, including 16.44 g/t Au over 2.50 m in SD-22-413 (Figure 2) (see February 16, 2023 press release)
  • Extension of mineralized structures in the hanging wall of the Jubilee Shear (Figure 1)
    • 1.37 g/t gold over 7.10 m including 5.02 g/t gold over 0.99 m and 4.41 g/t gold over 4.41 m in the Minto C Shear

Quentin Yarie, President and CEO of Red Pine Exploration commented:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Advancing Multiple Gold Discoveries in Proven Jurisdictions

Advancing Multiple Gold Discoveries in Proven Jurisdictions

Focused on adding value through cost effective minerals exploration and discovery

This Presentation has been prepared as a summary only and does not contain all information about Many Peaks Minerals Limited’s (“MPK” or the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities. The information in this Presentation and made to you verbally is subject to updating, completion, revision, further verification and amendment without notice.
Keep reading...Show less
Siren Gold

Significant Mineralisation Intersected at Auld Creek

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Prospect.
Keep reading...Show less
Flynn Gold

Polymetallic Strike and Depth Potential Identified at Firetower Project

Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on its exploration activities at its 100%-owned Firetower Project located in northwest Tasmania.

Keep reading...Show less
Acquisition of Advanced Gold Projects in Cote D’Ivoire

Acquisition of Advanced Gold Projects in Cote D’Ivoire

Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce entering a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.

Keep reading...Show less
Mining cart full of gold.

Barrick to Look for More Gold and Copper Through DRC Partnership

Barrick Gold (TSX:ABX,NYSE:GOLD) is setting its sights on expanding its operations through a partnership with the Democratic Republic of Congo (DRC) that would open up new gold and copper opportunities for the company.

Kibali — the company’s joint venture with AngloGold Ashanti (NYSE:AU,JSE:ANG) — continues to set production records after another successful year, punctuated by the 343,000 ounces of gold it produced in 2023.

Barrick is forecasting higher attributable production from Kibali in 2024, setting a goal of 320,000 to 360,000 ounces.

Keep reading...Show less

AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FIRST QUARTER 2024 RESULTS, CONFERENCE CALL AND ANNUAL MEETING

Stock Symbol: AEM (NYSE and TSX)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it will release its first quarter 2024 results on Thursday, April 25, 2024 after normal trading hours. Additionally, the Company will host its Annual and Special Meeting of Shareholders (the "AGM") the following day, Friday, April 26, 2024 in a hybrid format (in Toronto and virtually).

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×