Red Pine Exploration Initiates Exploration Target Review at its Wawa Gold Project
TORONTO, ONTARIO--(Marketwired - April 4, 2017) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or "the Company") announces that it has contracted Golder Associates Ltd. ("Golder") to review the exploration target potential at the Wawa Gold Project and update the June 2015 Technical Report1.
Quentin Yarie, President and CEO of Red Pine, stated, "We are pleased to work in collaboration with Golder to review the exploration target at the Wawa Gold Project. From the beginning, our team determined that there was more gold on the property than previously thought. Our exploration program to date has shown that many mineralized gold zones are not included in the current inferred resource and that high-grade gold zones exist beyond it. As we continue to aggressively advance exploration on the property, Golder's review will provide stakeholders and investors with insight on the possible extent of the gold mineralization at Wawa."
The exploration target will summarize the tonnage and grade ranges for the mineralized corridor that includes the Surluga Deposit at the Wawa Gold Project. The Reader is cautioned that the potential quantity and grade will be conceptual in nature, that there will be insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Golder will then complete an update of the June 2015 Technical Report that will include the exploration target and provide recommendations for future exploration programs.
Wawa Gold Project Highlights
- The Surluga Deposit hosts a 43-101 Inferred Resource of 1.088 Million oz gold at 1.71 g/t gold (0.5 g/t gold cut-off)2
- The deposit remains open in all directions including new gold mineralization discovered in the hanging-wall and footwall of the Surluga Deposit
- Recent exploration results suggests gold mineralization extends 525 metres to the north (2.0 g/t over 8.96 m [SD-16-43])
- High-grade mineralization (57.31 g/t over 3.14 m [DG-17-56]) exists 3 km south of the Surluga deposit
- The gold mineralization is hosted in closely stacked parallel shear zones (Wawa Gold Corridor)
- Property package hosts 8 past producing mines (total historic production of 120,000 oz gold with an average grade of 9.04 g/t gold)
- Located 2 km southeast of the Municipality of Wawa, Ontario, close to roads, power and other infrastructure
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".
Red Pine has a 60% interest in the Wawa Gold Project with Citabar LLP. holding the remaining 40% interest. Red Pine is the Operating Manager of the Project and is focused on expanding the existing gold resource on the property.
For more information about the Company visit www.redpineexp.com.
1Mineral 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.
2NI 43-101 inferred resource of 1,088,000 ounces of gold at 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)).
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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.
Contact
Red Pine Exploration Inc.
Quentin Yarie
President & CEO
(416) 364-7024
qyarie@redpineexp.com
Red Pine Exploration Inc.
Mia Boiridy
Investor Relations
(416) 364-7024
mboiridy@redpineexp.com