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Red Pine provides update on Wawa Gold project in Ontario in anticipation of new resource estimate

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A total of 39 holes for 11,317 metres of drilling was completed at the Surluga Deposit with the aim to shift the deposit from a lower-grade open pit to a higher-grade underground resource.

Additional Information:

Company: Red Pine Exploration
Website: http://www.redpineexp.com
Stock Symbol: TSXV:RPX
Date Published: May 28, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Red Pine Exploration, in anticipation of the revised resource estimate for the Surluga Deposit, has provided an update on its Wawa Gold Project.

The Wawa gold project comprises a large, 6,519-hectare property located 2 kilometers outside of Wawa in the prolific gold mining area in Northern Ontario, home to several of Canada’s largest current and past producing gold mines.

A total of 39 holes for 11,317 metres of drilling was completed at the Surluga Deposit with the aim to shift the deposit from a lower-grade open pit to a higher-grade underground resource.

The expansion program included infill, confirmation and exploration drilling intended to expand and fill in areas of the deposit that were either never previously tested or given a value of “0” in the previous resource estimate.

Results, as reported in previous news releases, indicate new, high-grade gold zones within, above and below the current resource.

The new resource, expected at the end of June 2019, will also incorporate the results of the company’s sampling of 42,000 metres of historic drill core (from 318 underground and 119 surface drill holes) that were not assayed by previous operators and that showed significant gold intercepts.

Red Pine’s drilling to date totals more than 59,900 metres, with extensive exploration drilling to the north/northeast and south of the Surluga Deposit.

This led to the discovery of the Wawa Gold Corridor, a gold mineralization zone that extends at least 6 kilometres, and the delineation of the new, high-grade Minto Mine South Deposit, with a resource of 100,000 ounces gold at an average grade of 6.8 grams per tonne at a cut-off grade of 3.5 grams per tonne gold in the area adjacent to the south of the Surluga Deposit.

The Minto Mine South Deposit, open in all directions, will be the subject of extensive exploration in the near future as the company believes that the resource can be expanded significantly.

The recent discovery of the Cooper Gold Structure, 1 kilometre east of the northernmost extension of the Surluga Deposit supports Red Pine’s belief that more than one Minto-like deposit exists on the Wawa Gold Property.

Quentin Yarie, President and CEO, stated: “Over the past four years, we have developed an understanding of the structures that control gold mineralization at the Wawa Project. We’ve discovered areas of significant gold mineralization that were overlooked by previous operators. We have made new discoveries along a “gold corridor” with a strike length of more than 6 kilometres. Understanding the factors that control mineralization has been crucial in developing and perfecting our model. Our infill and exploration drilling results at the Surluga Deposit, have shown that we were able to target, intersect high-grade mineralization and prove that there is continuity in mineralization. Furthermore, we have shown that that gold mineralization is pervasive in all rock types on the property. We look forward to receiving the revised Surluga resource estimate. We believe it will support the work we’ve done over the past 4 years and show how we’ve improved the economics of the resource. All our geological and geophysical modelling have also shown us that gold mineralization extends beyond what we initially anticipated, and we know that we’ve only scratched the surface of what is possible at Wawa.”

For more information, today’s news release provides an extensive review of the company’s highlights over the last 5 years.

The shares are trading at $0.035.

For more information, please visit the company’s website, www.redpineexp.com, contact Quentin Yarie, President & CEO at 416-364-7024, or email qyarie@redpineexp.com.

For Investor Relations, contact Mia Boiridy, at 416-364-7024, or email mboiridy@redpineexp.com..

I’m Megan Edwards for Investmentpitch Media