TORONTO, ONTARIO–(Marketwired – Jan. 24, 2017) –
This document corrects and replaces the press release that was sent today at 6:00 AM ET. Changes were made to Table 1, as well as Figure 1. The complete and corrected version follows.
Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received results for hole SD-16-40 drilled as part of its on-going drilling program at the Wawa Gold Project.
Highlights from SD-16-40 include:
- 0.78 g/t gold over 90.8 metres in multiples gold zones in the Wawa Gold Corridor including: 16.82 g/t gold over 1.92 metres in the Surluga Road Shear Zone, 2.09 g/t gold over 7.3 metres in the Jubilee Shear Zone and 1.27 g/t gold over 5 metres in the William Gold Zone (Table 1 and Figure 1);
- The discovery of a new zone of gold mineralization in the footwall containing 0.92 g/t gold over 11 metres, including 1.53 g/t gold over 4.5 metres; and
- The discovery of gold mineralization in the Hornblende Shear Zone containing 0.94 g/t gold over 22 metres, including 1.17 g/t gold over 14 metres (Table 1).
Quentin Yarie, President and Chief Executive Officer of Red Pine states, “SD-16-40 validates our exploration model and confirms that the Wawa Gold Corridor is made up of multiple stacked gold zones. We intersected 6 zones of gold mineralization within 300 metres of the inferred resource boundary which further proves the untapped potential of the under-explored Wawa Gold Corridor.”
SD-16-40 was drilled to test the hypothesis that the Wawa Gold Corridor is comprised of multiple stacked gold zones in an area that remains almost entirely under-explored outside the Jubilee Shear Zone. The Jubilee Shear Zone hosts the Surluga Deposit – the currently defined 1,088,000 ounces inferred resource. The intersection of six individual zones of gold mineralization in SD-16-40 strongly supports this hypothesis and indicates that much of the gold remains to be found in the footwall of the inferred resource. The intersected gold zones include from top to bottom: the Algoma Shear Zone, the Jubilee Shear Zone (current host of the inferred resource), the Surluga Road Shear Zone, the William Gold Zone, a newly discovered gold zone, and the Hornblende Shear Zone. SD-16-40 also confirms that the gold mineralization identified in the Hornblende Shear and the William Gold Zone during the Fall 2015 drilling program are respectively mineralized between surface and 300 metres below surface for the Hornblende Shear Zone, and between surface and 150 metres below surface for the William Gold Zone.
Table 1. Highlights of drilling results in the Wawa Gold Corridor
|Hole||From (m)||To (m)||Length (m)*||Gold (g/t)||Gold Zone|
|86.7||177.5||90.8||0.78||Wawa Gold Corridor – Upper|
|86.7||94||7.3||2.09||Jubilee Shear Zone|
|140.18||142.1||1.92||16.82||Surluga Road Shear Zone|
|170||175||5||1.27||William Gold Zone|
|346.5||349||2.5||0.45||Hornblende Shear Zone|
|11||14.3||3.3||0.47||Algoma Shear Zone|
*Assay results reported over intersection length estimated in the Jubilee and Hornblende Shear Zone to represent >85% true width; As they represent discoveries, no true width estimation are currently defined for the intersection in the newly intersected gold zone and Surluga Road Shear Zone.
On-going Drilling Program
The on-going diamond drill program is focused on expanding the Surluga Deposit to the north. Holes SD-17-48 and SD-17-49 targeted the northeastern edge of the inferred resource whereas SD-17-50 is targeting the shallower extension of the Wawa Gold Corridor up-section of SD-16-40.
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 30% interest in the Wawa Gold Project through an Assignment and Assumption Agreement with Citabar LLP and Augustine Ventures Inc. Red Pine is the Operating Manager of the JVA and is focused on expanding the existing gold resource on the property. The JVA is owned 40% by Citabar, 30% by Red Pine and 30% by Augustine.
Red Pine and Augustine entered into a definitive agreement (November 14, 2016) to consolidate their ownership of the Wawa Gold Project. On January 20, 2017, Augustine’s shareholders approved the agreement and subject to certain conditions and final acceptance by the TSX-V, the merged Company will have a 60% interest in the Wawa Gold Project.
For more information about the Company visit www.redpineexp.com