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TORONTO, ONTARIO--(Marketwired - May 17, 2017) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") has expanded its drill campaign on its Wawa Gold Project by mobilizing a second drill to carry out an additional 10,000 metres of drilling. The aggregate 20,000 metres diamond drill program will be designed to potentially expand the size of the existing gold resource on the large Wawa Gold Project property.
One of the drills currently on site is attempting to expand the existing inferred gold resource while the other will potentially connect other zones of gold mineralization (the Wawa Gold Corridor) recently discovered through drilling and other exploration techniques.
The exploration budget for the upcoming season has been approved by the Management Committee of the Joint Venture Agreement ("JVA") between Red Pine Exploration Inc. and Citabar LLP.
The current exploration program includes three different activities:
A geophysical program intended to potentially connect some or all of the historic gold mines that have a deep rooted geologic structure that is the likely source of the gold mineralization of these deposits (April 20, 2017 News Release);
An independent third party exploration target review that will summarize the tonnage and grade range potential for the Wawa Gold Corridor, including the 1.1 million ounces at 1.71 g/t Surluga Deposit1 (April 4, 2017 News Release);
Metallurgical testing of representative ore samples to help determine the most efficient ore processing methods for the future recovery of gold and silver (April 13, 2017 News Release).
The results of the first two studies, (a) and (b), will become available over the next few months and should be helpful in further optimizing drill targets to best reflect the potential for an increase in the current gold resource.
The results of the third study, (c), will provide invaluable data for preliminary economic analyses of the ore body which is an important de-risking step in the advancement of the project.
About the JVA
Red Pine has a 60% interest in the Wawa Gold Project with Citabar LLP holding the remaining 40%. This partnership has been extremely valuable to Red Pine as the manager of the operations aggressively advances exploration on the property.
Quentin Yarie, P.Geo., President, CEO, and Director, stated "Citabar has proven to be an excellent partner in the Wawa Gold Project. Citabar supports our exploration program wholeheartedly and is able to contribute monetarily in a significant manner to the ongoing exploration program. Citabar shares Red Pine's objective to develop the project and increase shareholder value."
About the Wawa Gold Project
Highlights
100% owned land position between JVA
2 km southeast of the Municipality of Wawa, Ontario, close to roads, power and other infrastructure
8 past producing mines on property with historical production of 120,000 oz gold at 9.04 g/t average grade2
> 1M oz Inferred Gold Resource at 1.71 g/t (0.5 g/t cut-off)1
Near surface mineralization
Open in all directions
Considerable Growth Potential
Potential for multi-million ounces resource
Newly discovered high-grade gold zones in many areas on property
Gold mineralization extends 5 km in length
Preliminary Metallurgical Study Underway
Optimization of gold and silver recoveries
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
For more information about the Company visit www.redpineexp.com.
1NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 grams per tonne (g/t) using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent (Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)). The report is available on www.SEDAR.com under Red Pine's profile.
2Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc. (effective May 26, 2015)). The report is available on www.SEDAR.com under Red Pine's profile.
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. Quentin Yarie President & CEO (416) 364-7024 [email protected] Mia Boiridy Investor Relations (416) 364-7024 [email protected]
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