Red Pine Exploration Inc. (TSX-V: RPX, OTCQB: RDEXF) (" Red Pine " or the " Company ") is pleased to report that the Company has filed its October 31 st 2021 quarterly condensed interim consolidated financial statements and related MD&A which can be found on the Company's website ( https:www.redpineexp.comfinancials ).
Included in the filing, in the Subsequent Events note to the financial statements, is confirmation that 6,159,033 warrants of the remaining 9,933,945 warrants expiring on December 31 st , 2021, with a strike price of $0.50 have been exercised, generating additional gross proceeds of $3.1 million.
Included in the exercise of the warrants are 5,299,525 warrants owned by Alamos Gold Inc. ("Alamos"). With this exercise, Alamos has exercised 100% of their warrants and currently owns approximately 19.75% of the Company's outstanding equity as of December 14, 2021. Alamos press released this exercise on December 13, 2021.
Red Pine plans to use the proceeds from the exercise of the warrants, along with the November 2021 completed flow-through financing for gross proceeds of $8.4 million, to continue to fund the exploration program at its Wawa Gold Project.
The Company also announces that its Board of Directors has granted an aggregate 150,000 stock options to Jim O'Neill, the newly appointed Chief Financial Officer and Corporate Secretary of the Company. Each stock option is exercisable into one common share of the Company at a price of $0.52 per common share, with vesting over 36 months, and exercisable for a period of five years from the date of grant. The options are granted pursuant to the Company's Stock Option Plan and will be subject to applicable regulatory hold periods.
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.
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).
Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report on new results from its 2022 Phase 1 exploration program. The exploration results continue to support the expansion of current resources and the potential for additional centres of mineralization within the Wawa Gold Project.
HIGHLIGHTS
High-grade assay results received from the 2022 drilling in the up-dip extension of the Sadowski zone:
52.12 g/t gold over 2.29 metres in SD-21-350 including 162.52 g/t gold over 0.30 metres and 145.20 g/t gold over 0.41 metres.
492 g/t silver over 0.90 metres in SD-21-309
Additional high-grade intersection in the down plunge extension of the Surluga deposit in the North, with the primary mineralization zone remaining open at depth and along strike.
8.44 g/t gold over 5.71 metres
Confirmation of Company's exploration strategy and targeting approach: surface mapping and orientated core measurements to refine targets, drilling to confirm gold mineralization.
Strong endorsement of Phase 1 Exploration Plan and potential expansion later in 2022.
Assay results from the current drill program are coming back on a more regular basis.
Quentin Yarie, President, and Chief Executive Officer of Red Pine stated "The discovery of higher-grade gold intersections down plunge of the Surluga resource and the Sadowski Zone as well as the extension of the Jubilee shear > 2kms south of the Parkhill fault are causing a re-evaluation of the identified exploration targets noted a press release on March 2, 2018. At that time, we identified contained ounces in the combined exploration targets ranging from 0.725 M oz to 3 M oz between 4-10 g/t. With our current intersections and higher-grade discoveries in 2021 to now, it appears we were conservative on our grade range."
The reader is cautioned that the potential tonnages and grades of the exploration targets are conceptual in nature, that there has been insufficient exploration to increase the current mineral resources, and that it is uncertain if further exploration will result in any of the exploration targets being delineated as a mineral resource. The exploration targets are part of a coherent system – supporting the possibility that the Wawa Gold project contains a larger, higher-grade gold system;
Discussion
Surluga south area – Discovery of high-grade gold in the Sadowski Vein Network and high-grade silver in the Jubilee Shear Zone
In the Surluga South area, hole SD-22-350 intersected a near-surface and high-grade quartz vein that is part of the Sadowski Vein Network. The intersection in SD-22-350 is located 81 metres up-dip from the intersection of 29.29 g/t gold over 2.02 metres in SD-21-297A in the Sadowski Vein Network. The Sadowski Vein Network has now been traced over a strike length of 100 metres and to a vertical depth of 85 metres. It remains open to the North and at depth.
In SD-21-309 in a late fault sub-parallel to the Jubilee Shear Zone foliation, Red Pine identified high-grade silver mineralization. The continuity and size of that zone of silver mineralization remains to be determined.
Table 1 – Intersections in the Surluga south area
Hole
From (m)
To (m)
Length * (m)
Est. True width
Visible Gold
Gold (g/t)
Ag (g/t)
Zone
SD-21- 309
679.59
680.49
0.90
0.86
0.02
492
Silver-rich fault in Jubilee Shear Zone
SD-22- 350
16.51
18.8
2.29
VG
52.12
Sadowski Vein Network
Including
16.51
16.88
0.37
VG
22.50
17.66
18.07
0.41
VG
145.20
18.07
18.37
0.30
VG
162.52
*The intersection in the Sadowski vein network is estimated between 40 and 75 % true width
Table 2 – Intersection in the Jubilee Shear Zone (JSZ) in the Surluga North area In the Surluga North hole SD-21-337 intersected significant gold in the Jubilee Shear Zone, 260 metres down-dip of the current resource and 150 metres NNE of the intersection of in SD-21-308 (see news release of January 21, 2022). The intersection in SD-22-337 continues to indicate the potential to expand the resource of the Surluga deposit and the existence of a third high-grade zone in the JSZ parallel to the two high-grade zones that are currently forming the resource of the Surluga deposit.
Hole
From (m)
To (m)
Length (m)
Est. True width
Visible Gold
Gold (g/t)
Zone
SD-22- 326
330.97
331.94
1.15
0.84
3.94
Jubilee Shear Zone
SD-22- 337
334.79
340.5
5.71
4.28
VG
8.44
Jubilee Shear Zone
Including
334.79
335.6
0.81
0.61
VG
16.70
337.75
338.58
0.83
0.62
24.90
339.53
340.5
0.97
0.73
VG
13.80
355.81
359.65
3.84
2.88
1.04
The following diagram denotes the location of the drill holes reported in this release (brown shade) and selective prior released 2022 Phase 1 drilling program holes (green shade)
Update on Exploration drilling – Jubilee Shear Zone south of the Parkhill Fault Red Pine is continuing to test the under-explored segment of the Jubilee Shear Zone south of the Parkhill fault and has now completed 6 holes (assays pending) covering 275 metres of strike length along the southern segment of the Jubilee. In all the completed drill holes, the Jubilee Shear Zone thickens considerably, reaching an apparent thickness of up to 400 metres.
A zone of strong quartz veining associated with sulfide mineralization, varying in width between 4 and 10 metres, is being consistently observed in the 6 holes completed in the upper part of the Jubilee Shear Zone.
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.
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.
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.
The Power Play by The Market Herald has announced the release of new interviews with Hank Payments, Red Pine Exploration, Affinor Growers, Nextech AR, Star Navigation, and Psyence on their latest news
The Power Play by The Market Herald provides investors with a quick snapshot of what they need to know about the company's latest press release through exclusive insights and interviews with company executives.
Hank Payments (TSXV:HANK) reports record performance and details expansion plans
Hank Payments (HANK) has provided financial and corporate updates. Gross margins grew to a record 89.2 per cent and quarter-over-quarter revenue grew by a record 6 per cent thanks to a recovery in the auto industry. The company's platform is in the process of expanding to accommodate gig workers, banks and lenders, debt settlement, debt management and credit counselling. CEO Michael Hilmer sat down with Shoran Devi to discuss the updates.
Red Pine (RPX) is reporting high-grade intercepts from the Wawa Gold Project in Ontario. Highlights reach as high as 57.99 g/t gold. The company continues to explore select high-grade intercepts and under-explored portions of the project. President and CEO Quentin Yarie joined Shoran Devi to discuss the results.
Affinor Growers (CSE:AFI) expands distribution of vine-ripened strawberries
Affinor Growers (AFI) has shipped its second order of vertically grown, vine-ripened Delizzimo strawberries to Four Seasons Farm. The company has also shipped its first order of strawberries to the IGA on Robson Street in Vancouver. Affinor CEO Nick Brusatore sat down with Shoran Devi to discuss the news.
Nextech AR Solutions (CSE:NTAR) (OTCQB:NEXCF) launches BigCommerce App
Nextech AR Solutions (NTAR) has launched the ARitize 3D BigCommerce App. The company's 3D model creation capabilities have been extended to BigCommerce merchants. CEO Evan Gappelberg joined Shoran Devi to discuss the news.
Star Navigation (CSE:SNA) holds successful conference with FlightPath in Kenya
Star Navigation (SNA) is reporting positive results from an aviation accident prevention conference with FlightPath in Kenya. The conference welcomed over 25 airlines from eastern and western Africa and saw Star receive a warm reception for its in-flight safety system from Kenya's Civil Aviation Authority. Harmeet Gill, Senior Director of Investor Relations and Captain Jonathan Kordich, VP of FlightPath spoke with Shoran Devi about the conference.
Psyence (CSE:PSYG) and Filament Health (NEO:FH) sign licensing agreement
Psyence (PSYG) and Filament Health have signed an exclusive licensing agreement. Filament will license its proprietary botanical drug candidate PEX010 and the associated IP to Psyence for use in upcoming palliative care clinical trials. Dr. Neil Maresky, CEO of Psyence sat down with Shoran Devi to discuss the partnership with Filament.
Interviews for The Power Play by The Market Herald are released daily. To learn more about the companies featured in The Power Play or to explore our other interviews visit The Power Play by The Market Herald.
About The Market Herald The Market Herald Canada is the leading source of authoritative breaking stock market news for self-directed investors. Our team of Canadian markets reporters, editors and technologists covers the entire listed company universe in Canada. We cover over 3,985 businesses, their people, their investors, and their customers. We write the stories that move the Canadian capital markets.
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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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to announce the launch of its Virtual Site Tour utilizing the VRIFY Technology Inc. ("VRIFY") platform, leveraged to showcase the Wawa Gold Project. The VRIFY platform has been designed to assist investors in better understanding the scope of Red Pine's 100% owned Wawa Gold Project, and to provide the visual aids and updates in the form of valuable new data flow out of the current drilling program and integrated into the platform. With the progress of the drilling program, the VRIFY platform will be able to grasp these successes and demonstrate any material project advancement and value creation for the Company's stakeholders.
The 3D renderings and satellite imagery amalgamated into the VRIFY platform provides enhanced content to the Red Pine website, and via the VRIFY proprietary platform, a data rich showcase of the project's historical drilling and recent developments, which is a much more informative and transparent experience for the viewer. The virtual site tour adeptly showcases regional exploration activities and surrounding producers, the Wawa Gold site location, infrastructure, land tenure, geologic setting, mineralization model, drill holes and upside deposit potential.
VRIFY Technology Inc. is a cloud-based 3D presentation and collaboration technology platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.
" To follow our continued progress at the Wawa Gold Project, we encourage all shareholders to visit the new VRIFY model, accessible through our website and the VRIFY platform, to view our resulting geologic model and its evolution over time. The VRIFY platform will enhance communication of our results and add context and transparency of our project's location, scale, resources, and drill results as they are released, helping potential investors and shareholders make informed decisions about the Company . VRIFY's interactive platform has proven to be an intuitive and valuable investment tool as we systematically advance and de-risk the asset, and to better provide context to explore the new information provided following the Company's public updates." – Quentin Yarie, President and CEO of Red Pine Exploration.
The Company is also pleased to announce that on April 11, 2022, it has retained the services of Rayleigh Capital Ltd. ("Rayleigh Capital"), which will provide corporate communications services to the Company, subject to TSX Venture Exchange approval. Rayleigh Capital focuses on global investor relations for junior and small cap companies specializing at exposing companies to a wide audience of investment professionals.
Under a consulting services agreement between the Company and Rayleigh Capital (the "Agreement"), Rayleigh Capital has been retained for an initial term of one-year, subject to either party terminating the Agreement by providing written notice to the other party. Under the Agreement, the Company will pay $10,833.33 per month (plus GST) to Rayleigh Capital to provide liaison, coordination, corporate growth strategy, communications and other services to the Company.
The Company and Rayleigh Capital act at arm's length, and Rayleigh Capital has no present interest, directly or indirectly, in the Company or its securities. The fee to be paid by the Company to Rayleigh Capital under the Agreement is for services only.
The Company additionally announces that its Board of Directors has granted an aggregate of 175,000 stock options to employees and consultants of the Company. Each stock option is exercisable into one common share of the Company at a price of $0.46 per common share, with vesting period of 36 months, and exercisable for a period of five years from the date of grant.
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.
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.
Investment strategies for weathering and benefiting from current market trends were a hot topic at Sydney's recent RIU Resources Round-Up, held in early May.
Current opportunities and potential future ones were highlighted in the keynote address offered by John Forwood, chief investment officer at Lowell Resources Funds Management.
Quoting a February report from the head of commodity research at Goldman Sachs (NYSE:GS), Forwood explained to attendees that we have reached a “molecule crisis” in the commodity space and are essentially “out of everything.”
This deficit has only been compounded by the war in Ukraine, which has further weakened supply fundamentals and chains.
“When the (war in) Ukraine started, about a month later the commodities index (represented by Bloomberg commodities index) had its highest one-week spike on record, and that's a record going back over 60 years,” Forwood said. “As we've seen in Ukraine, war has supercharged a number of these commodity prices.”
However, according to the CIO, there is still a considerable amount of upward growth potential.
“In terms of where we are in terms of that commodity basket, we're way behind where we were in 2008, pre the (global financial crisis) and after the mining boom of the 2000s,” he told the crowd.
“And we're way behind where the Dow Jones and equities in general have got to,” Forwood added. “So, we think that there's potential for the commodity sector to be just getting started.”
There are also several other factors that are adding tailwinds to the broad sector, according to Forwood, who cited inflation — which is at 5 percent in Australia and 7-8 percent in the US and UK — as a significant contributor.
Looking at the longer-term fundamentals that have gotten us here, Forwood pointed to lack of investment capital as a main driver.
“I think the big one, the long term one, is under investment,” he said, noting that the early 2000s mining boom led to a lot of investment, which we aren’t seeing today.
“But over the last seven or eight years, we've seen a real dearth of capital going back into the sector. And in fact, we've also seen a dearth of M&A — something that we've been looking out for and it's just not happening.”
In fact, as one of the slides Forwood presented laid out, investment from the resource industry back into itself reached a 19 year low late last year.
Despite the lack of large investment, Australia’s junior resource index was up 16 percent at the end of April compared to the broader market and the Dow Jones Index, which had slipped 9 percent.
“So that may represent a rotation from other sectors into the resources sector. And if that is the start of what's happening, that could be very, very significant for resource company prices,” he said, explaining the resource sector is actually very small on a global scale.
“And if you see significant global money flowing into that sector, you know, it's almost the sky's the limit,” Forwood added.
Gold and volatility
While speaking about several commodities, the CIO for Lowell Resource Funds Management took time to highlight how gold could also be positioned for an upward trend, because “commodities do best when inflation is rising, and interest rates are rising.”
He then displayed a chart that indicated gold was the top performer among US stocks and the US greenback during the first six months following the commencement of a Fed rate hike period.
Real interest rates, which are hovering around 0 percent, are likely to have no effect on gold's price because, according to the Forwood, rates would have to be 3 percent or higher to impact gold.
He did warn that stagflation could add more wind to the yellow metal’s sails moving forward.
“We think there's a decent chance of (stagflation) occurring, so what should you buy?” he posited. “If you think that stagflation is on its way, well, the answer is also gold.”
Forwood concluded his address by encouraging attendees to invest in the junior resource space.
“Finally, at the Lowell Fund, we like to invest in junior explorers,” he said.
“Because they're the ones who make the discoveries, and discoveries is where you can really add the most value.”
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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“It's early stage exploration. We're identifying targets, but we have an active program," Donaldson said. "We're doing what's prudent right now, which is taking the time and really doing things methodically. So we're doing an extensive soil sampling program across the Ballarat West and Yeungroon projects, looking for high levels of arsenic.”
As to the role of these results, he noted, “We're looking to get some heat maps of this anomalous arsenic, which really guides us for where we should do the diamond drilling. It’s more expensive, but also goes a lot deeper.”
Donaldson spoke to the value of the area: “It’s a historic site that had a gold rush in 1850, and it kind of put Australia on the map. Miners from all around the world were mining this high-grade, nuggety gold at or near the surface, and they did very well for 70 years. Then they basically mined it out until they hit a basalt cover or they hit the water table and then they stopped. For the next 100 years, it was very difficult mining until Fosterville made a phenomenal discovery of the Swan zone. It started what they're now calling the second gold rush.”
Donaldson said that Outback Goldfields was fortunate enough to acquire properties five years ago, when mining in the Victorian goldfields began to attract renewed attention. He mentioned that the company is using monitoring techniques to “try to go below that cover and see if we can find the fluid source for that high-grade, nuggety gold.”
Speaking to the regulatory systems of modern mining in the area, Donaldson said, “It's a first-world country. They have processes in place — certainly there's bureaucracy. But it's a known bureaucracy. They might take longer than I’d like, but they permit mines, they permit drilling. So, for us, at least, it's something that you can predict.”
As for the general gold market, Donaldson stated, “The reality is, we're up to US$1,900 gold per ounce, plus or minus right now, which is much higher than it was five years ago. The good news is that these goldfields are generally higher-margin, lower-cost mining. It's a multi-year process, and this is the time that we need to be starting these projects, knowing that it's going to take a few years for them to come to fruition.”
When discussing why investors should consider Outback Goldfields, Donaldson noted, “We're exploring what we consider the perspective of the land. The Ballarat West property covers over 40,000 hectares, and there have been 17 million ounces of gold produced within 5 kilometers of the property. We're in a great neighborhood.”
Donaldson also spoke about the company's next steps for the project, as well as its finances. “We're in the target identification phase. We're about halfway through a soil program, where we've done about 650 holes of the 1,300. We'll get those results this summer, and then have some key targets that we'll start drilling on for the back half of this year — with a bit of luck and some good planning, hopefully we find something great … we didn't spend a ton of money last year after our initial raise, so we certainly have enough to fulfill the the the exploration program that we have in front of us.”
Watch the full interview of Outback Goldfields CEO Chris Donaldson above.
Disclaimer: This interview is sponsored by Outback Goldfields (TSXV:OZ,OTCQB:OZBKF,FWB:S600). This interview provides information that was sourced by the Investing News Network (INN) and approved by Outback Goldfields in order to help investors learn more about the company. Outback Goldfields is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Outback Goldfields and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Exploring undeveloped land with the hopes of striking gold is a time-honored mining tradition, but it’s not the only way to create a profitable project. Restarting past-producing mines allows companies to start with proven mineralization, explore stockpile potential and utilize the existing infrastructure. In addition, stockpiles create a fast track to cash flow, as the previous miners may have had different criteria based on the economics of their time. For example, gold mines often stockpiled gold under a specific grade as it was not economically feasible, but given current prices and modern processing technology, it’s now worth processing the stockpiled gold and silver.
CMX Gold & Silver (CSE:CXC,OTC:CXXMF) is an exploration and development mining company, focused on Idaho's historic gold and silver assets. The company’s flagship project is the Clayton Silver Mine, a past-producing asset that operated for 50 years and has historically mined over two million tonnes of ore. The project also has a stockpile of at least 500,000 tonnes of rock. The company has a strong capital structure with no legacy or sweat equity debt. Additionally, the project has no royalties and plans to generate cash flow in 2023 by processing the stockpile.
CMX Gold & Silver notes that the previous miners simply followed the known vein system, and it was sufficient for their time and goals. However, the company plans to conduct additional exploration using modern techniques to identify other veins. Once identified, the company will conduct drilling operations to confirm survey results and identify additional development opportunities.
In a recent interview, CEO Jan Alston discussed the excitement surrounding the Clayton Silver Mine, stating, “After 50 years in operation, it was closed down when commodity prices fell in the mid-1980s. We think the potential exists to add a lot of shareholder value by doing the work that is needed to establish that there is a lot more ore still to be mined. Our hope is to get this mine operating again.”
A strong management team builds confidence in the company’s ability to capitalize on the past-producing mine. Jan Alston, CEO, has worked in the natural resources industry for over 35 years, including practicing business law in the oil and gas sector. Glen Alston, CFO, has 30 years of experience in corporate finance and has worked with mining companies focused on diamonds, precious metals, and base metals. Additional experts in geology and financing bring their specialties to the management team.
Company Highlights
CMX Gold & Silver is an exploration and development mining company focused on revitalizing a past-producing mine to benefit from known mineralizations and existing infrastructure.
The Clayton Silver Project has historically produced over two million tonnes of ore, and a stockpile of 500,000 tonnes of rock remains on the property.
The previous miners operated for 50 years and followed a main vein system, which was sufficient for their goals. However, CMX believes other vein systems are present that will create additional opportunities.
A strong management team with decades of experience in the mining industry builds confidence for the project and the team’s ability to capitalize on the flagship asset.
Key Projects
The Clayton Silver Mine
The flagship project covers 276 hectares and is roughly 30 kilometers from Custer country. It includes 29 patented mining claims, two patented mill sites, and six unpatented mining claims. Additionally, further exploration aims to identify targets for an upcoming drill program that hopes to locate additional mineralization.
Project Highlights:
Stockpile from Previous Operators: The Clayton Silver Mine has an unprocessed stockpile of at least 500,000 tonnes of rock. A 2014 sampling program showed gold at 0.80 gms/t, silver at 24.31 gms/t, zinc at 0.27 percent, manganese at 0.60 percent and lead at 0.44 percent. These tests were performed at 16 random locations, proving that there is valuable rock in the stockpile.
Working with Engineers to Process the Stockpile: The company is presently working with an engineering firm to plan the efficient processing of the 500,000-tonne stockpile using state-of-the-art sensor-based ore sorting technology. CMX estimates that if they begin processing on average 4,000 tonnes per day, it will take six to eight months to process the stockpile.
An Ecologically Friendly Project: Tailing studies and remediation work have been completed by the EPA and Idaho Department of Environmental Quality. The previous operators have no legacy environmental issues, and the company can readily obtain a water usage permit.
Year-Round Access with Paved Road: The Clayton Silver Project can be reached throughout the year via a paved road that leads directly to the site.
Management Team
Jan M. Alston - President & CEO
Jan Alston was born in Calgary, Alberta and attended the University of Alberta, where he obtained a bachelor’s of arts in 1978 and an LLB in 1981. Alston has been involved in public junior natural resource companies for over 35 years. He practiced law in the 1980s in the areas of business law, oil and gas, securities regulation, and corporate finance. He led the management team as president, chief executive officer, director and cofounder of Purcell Energy, an oil and gas exploration and production company listed on the Toronto Stock Exchange. After sixteen years, Purcell 2005 sold two-thirds of its oil and gas assets for more than US$150 million and spun out Tenergy. From November 2005, Alston was chief executive officer and director of Tenergy, a Toronto Stock Exchange-listed natural gas exploration and production company, until its sale in March 2006 for US$92 million. Since 2006, he has been involved in several private businesses in management and as an investor.
Glen R. Alston - Chief Financial Officer
Glen Alston attended the University of Calgary, where he obtained his bachelor’s of commerce in 1986. He has over 30 years of experience in executive and management roles with public junior mining exploration companies. Alston has been a senior officer and director of several junior companies, as well as being involved in many different aspects of the business, including stock exchange listings, corporate finance activities, corporate development, project management, and accounting and audit functions. He has extensive experience in facilitating exploration projects for precious metals, diamonds, and base metals.
James P O’Sullivan - Corporate Secretary
James O’Sullivan is a partner in the Calgary office of Dentons LLP. His current practice focuses on providing corporate and commercial advice to junior issuers, including start-up and growth companies active in the energy, mining, healthcare and technology markets. O’Sullivan’s expertise includes corporate governance, regulatory compliance and continuous disclosure matters. He has extensive experience in financings, mergers and acquisitions and other corporate reorganizations. O’Sullivan also serves as corporate secretary for several Canadian public companies. He has been a member of the Law Society of Alberta since 2007.
Richard T. Walker - Consulting Geologist
Richard T. Walker attended the University of Calgary, where he obtained his bachelor’s of science in geology in 1986 and his master’s of science in geology in 1989. He is a professional geologist registered with the Association of Professional Engineers and Geoscientists of British Columbia. He has over 30 years of practical field experience working with organizations of all sizes, from junior to major mining companies, both private and public, in Canada, the United States, and South America. Walker’s primary role has been the management of exploration programs for precious metals, with an emphasis on silver, and base metals. He has successfully completed programs in diverse jurisdictions, including British Columbia, Alberta, Northwest Territories, Nunavut, Yukon Territory, Saskatchewan, New Brunswick, Montana, Alaska, Brazil, Peru, and Chile. Walker provides consulting services through his firm, Dynamic Exploration, of which he has been president since 1996. He is the former president of the East Kootenay Chamber of Mines and a director of the BC and Yukon Chamber of Mines.
May 19, 2022 TheNewswire - CALGARY, ALBERTA CMX Gold & Silver Corp. ( CSE:CXC ) ; (CNSX:CXC.CN); ( OTC:CXXMF ) ("CMX" or the "Company") announces that it has retained the services of Dig Media Inc., doing business as Investing News Network ("INN") for an investor marketing and advertising campaign. INN will provide on-line marketing, advertising and investor awareness services to the Company for the purposes of informing investors about CMX and activities on its 100%-owned Clayton Silver Project in Idaho, USA. The contract with INN is for a twelve-month digital media campaign at a monthly cost of $6,000 that ends on April 25, 2023.
INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007. The on-line awareness campaign is intended to help investors discover and learn more about CMX. The campaign will only provide investors with previously disclosed factual information concerning CMX. Investors are encouraged to fully review all of the Company's publicly available disclosure filings, which are available on SEDAR or CMX's website: www.cmxgoldandsilver.com .
Effective May 19, 2022, CMX has changed its registrar and transfer agent for its securities to Olympia Trust Company of Calgary, Alberta.
About the Clayton Silver Project
CMX's major asset is the 100%-owned Clayton Silver Property located in the mining-friendly State of Idaho, USA. The property comprises approximately 684 acres in Custer County in south-central Idaho, including the former Clayton silver-lead-zinc mine. The Clayton Mine was developed on eight levels to a depth of 1,100 feet below surface and is comprised of approximately 19,690 feet of underground development. Two major ore bodies were partially mined: the "South Ore Body" and the "North Ore Body".
The recorded production from the Clayton Mine included 7,031,110 oz silver, 86,771,527 lbs lead, 28,172,211 lbs zinc, 1,664,177 lbs copper, and minor amounts of gold from an estimated 2,145,652 tonnes of ore mined between 1934 and 1985. Very little exploration has been carried out previously on the Clayton Silver Property. Significant potential is demonstrated in hole 1501-A, drilled in the mid-1960's, which penetrated the mineralized zone at 1,425 feet. At that depth, the hole intercepted 22 feet of 4.07 oz Ag/t, 5.75% lead and 5.37% zinc (note: true width is unknown).
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
WARNING : the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the operations of the Company, changes to securities regulation requirements, other changes in laws or regulations, unanticipated risks of the COVID-19 pandemic crisis, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Copyright (c) 2022 TheNewswire - All rights reserved.
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that it has completed an amendment and restatement of the company's undrawn $3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the floating rate mechanism related to the interest rate for any US dollar funds drawn down, and the establishment of sustainability-linked metrics.
The sustainability-linked metrics incorporated into the revolving credit facility are made up of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and Total Recordable Injury Frequency Rate (TRIFR) 1 . Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set.
Senior executive vice-president and chief financial officer Graham Shuttleworth said, "The extension of the termination date of our undrawn credit facility, combined with our strong balance sheet, highlights the current strength of Barrick's liquidity, while the establishment of sustainability-linked metrics, along with Barrick's recently released 2021 Sustainability Report , continues to show Barrick's commitment to ESG."
Barrick's long-term credit is currently rated BBB+ and Baa1 by S&P Global Ratings and Moody's Investors Service, respectively.
Total reportable incident frequency rate ("TRIFR") is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "target", "continue", "commitment", "may", "will", "could" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick's financial liquidity, commitment to ESG, sustainability performance and the anticipated benefits of the extension of Barrick's credit facility and inclusion of sustainability-linked metrics.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company's common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick's more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company's expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Today, Newmont Corporation (NYSE: NEM, TSX: NGT) published its 2021 Climate Report , the Company's annual report prepared in alignment with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report outlines how Newmont understands and is addressing climate change — from reducing our greenhouse gas emissions, to managing risks, to enhancing resilience within the Company and neighboring communities.
"Climate change, and its impact on our world, continues to be one of the greatest global challenges. It is our responsibility to work alongside government, investors and communities to effect change," said Newmont President and CEO Tom Palmer. "Newmont is addressing these challenges by setting science-based emissions reduction targets and leveraging our size, scale and resources to build strategic alliances to develop future technologies. We are driven by our commitment to our purpose — to create value and improve lives through sustainable and responsible mining."
Highlights from the Climate Report include:
Climate scenario analysis: Updates to the detailed climate risk scenarios and assumptions Newmont uses in understanding the risks associated with climate change on our business, strategies and financial resilience. Included in the updates is a new "Accelerated Response" scenario that includes an emissions trajectory consistent with limiting global temperature to 1.5 o C , which is in accordance with the International Energy Agency's World Energy Model Net Zero Emissions by 2050 scenario;
Pathways to achieving 2030 reduction targets and our 2050 goal to be carbon neutral: Newmont has set absolute and intensity-based targets with a reduction of 32% for Scope 1 and 2 emissions and 30% for Scope 3 emissions by 2030, with the ultimate goal to be carbon neutral by 2050. In 2021, our 2030 targets were reviewed and validated by the Science Based Targets initiative (SBTi). The report provides pathways for achieving those targets, including potential investments into renewable energy projects and converting power purchase agreements to reduce emissions by more than one million tons of carbon per year. The report further examines the technology focus areas and partnerships necessary to help us achieve our 2050 goal; and
Energy and emissions performance: Site-level and consolidated data for 2021, along with trailing five-year data are included in the report to provide clarity on our consumption of both fuels and energy, as well as progress toward our targets.
Newmont's Climate Report complements our recently published 2021 Sustainability Report and reinforces our commitment to provide stakeholders with a transparent and detailed look at our environmental, social and governance (ESG) performance and practices. An executive summary of the Climate Report and Sustainability Report is also available on Newmont's website .
About Newmont
Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
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