Red Pine Exploration Intersects Visible Gold in New Drill Holes South of Surluga Deposit
TORONTO, ONTARIO--(Marketwired - May 3, 2017) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") has completed holes SD-17-73 to SD-17-79, that were drilled immediately south of the Surluga Deposit in the Minto Mine area as part of the new 10,000m spring drilling program. The Company anticipates receiving the initial assay results in the coming weeks.
Preliminary highlights include (see Figure 1):
- SD-17-73 to SD-17-79: Visible gold observed in all seven holes drilled in the southern extension of the Minto Mine shear zone.
- The deepest intersection with visible gold is 100 m below surface in SD-17-76
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, "We are quite excited by the observation of visible gold in all seven holes drilled so far in in the southern continuity of the Minto Mine. These results indicate that high-grade quartz lenses may remain to be discovered along the Minto Mine structure."
As part of the new 10,000m diamond drill program and following-up on a promising intersection of the Minto Mine Structure near the former Parkhill Mine area (see press release dated April 5, 2017), seven drill holes were recently completed targeting potential extensions of the Minto Mine Structure south of the former Minto Mine (see Figure 1).
A re-evaluation of historic data and the recent intersections of the Minto Mine Structure in the Parkhill Mine area indicate a potential total strike length of 2.2 km, as measured from the northern end of the Minto Mine to the southern end of the Mariposa vein that 500 m south of the Minto Mine.
The seven drill holes cover an area 150 m x100 m into the Minto Mine Structure and the deepest intersection is 100 m below surface in SD-17-76. In hole SD-17-73, the Minto Mine structure is overlain by networks of quartz veins, including some containing visible gold and were also observed at 18 m and 44 m.
The on-going drilling in the Minto Mine area is designed to infill the 1 km strike length of the Minto Mine Structure that separates the former Minto mine (23,000 ounces @ 12.56 g/t gold )3 from the form Parkhill mine (54,298 ounces @ 14.81 g/t gold)1.
To view Figure 1. Highlights of the 2017 Drill Program in the Minto Mine Structure, please click the following link: http://media3.marketwire.com/docs/Figure1Highlights.jpg
Wawa Gold Project
The Wawa Gold property package consists of over 5,000 hectares and hosts several former mines with a combined historic production of 120,000 oz gold. To date, the largest gold deposit on the property is the Surluga deposit, which hosts a NI 43-101 Inferred Resource of 1,088,000 oz gold at an average grade of 1.71 g/t using a 0.5 g/t cut-off contained within 19.82 million tonnes2.
Exploration work by Red Pine during the past 12 months has involved the ongoing sampling of 42,000 metres of historic core that was never sampled by previous operators of the project (initiated in February 2016) and the completion in March 2017 of a 6,000-metre drill program (initiated in November 2016). This drill program is being currently followed by a new 10,000-metre drill program that was initiated in April 2017.
The goal of these sampling and drill programs is to fill-in gaps within the resource estimate with the expectation that it will lead to the definition of additional gold resources. The sampling and drill programs are expected to continue throughout 2017 and will be followed by an update to the NI 43-101 resource estimate.
On-site Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security-sealed bags for analyses to SGS in Cochrane, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
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.
1Ronacher, E., McKenzie, J. and Bernier, S., 2015, Wawa Gold Project, Ontario: Independent Technical Report for Red Pine Exploration, June 5, 2015, 138 p. (available on www.SEDAR.com under Red Pine's profile).
2NI 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)).
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.
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
