TSXV-listed Red Pine May Move Away From Near 52 Week Lows as Discovers Gold

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TSXV-listed Red Pine May Move Away From Near 52 Week Lows as Discovers Gold

posted on Jul 12, 2018 08:27AM

2018-07-12 08:17:22 AM ET (MT Newswires)

08:17 AM EDT, 07/12/2018 (MT Newswires) -- Red Pine Exploration (RPX.V) may move away from near 52 week lows of $0.055 on Thursday after saying that a gold zone discovered parallel to the Minto Mine South Zone in Wawa, Ontario is "significant" as its high-grade mineralization has the potential to increase the property's gold inventory. The results -- including the drilling of 5.4 g/t gold over 2.2 metres -- came from 22 holes as part of its 2017-2018 drill program at its Wawa Gold Project.

In a statement, the company said that 3D modelling suggests that veins of the newly discovered Minto Lower Zone may be associated with the historic Parkhill Mine with an average recovery grade of 0.25 to 0.3 oz/ton.

CEO Quentin Yarie said that the company continues to expand the footprint of the Wawa Gold Project with each new gold-bearing structure found and plans further testing with mechanized stripping and additional drilling.