Red Pine Exploration

Published : January 27th, 2015

Red Pine Drills 30.78 Metres of 3.06 g/t Gold, Including 7.70 Metres of 8.89 g/t Gold on Wawa Gold Project

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Keywords :   Canada | Gold | Storage | Water |

Red Pine Drills 30.78 Metres of 3.06 g/t Gold, Including 7.70 Metres of 8.89 g/t Gold on Wawa Gold Project

TORONTO, ONTARIO--(Marketwired - Jan 27, 2015) - Red Pine Exploration Inc. (TSX VENTURE:RPX) (the "Company" or "Red Pine") drilled six exploration holes on the Surluga Gold Deposit in December 2014. Full assay results have now been received for the first three holes and the remaining assays are pending. The drilling program was conducted to better define the mineralization and alteration mineralogy on the property. The results confirm the gold grades reported by historical underground drilling, and also that these mineralized zones were not mined. When finalized, the results from all six holes will be incorporated in the updated resource calculation for the Surluga Gold Deposit that is currently being prepared for the Company by SRK Consulting (Canada) Inc. and Ronacher McKenzie Geoscience.

2014 Drilling Program

The underground drilling results were not incorporated in the current resource calculation for the Surluga Deposit. Given this fact, the location of the six drill holes were selected to both intersect historic gold mineralization, and identify the orientation of gold-bearing horizons. (See Figure 1)

Significant assay results for the first three holes are summarized below:

Grams per tonne ("g/t")
Hole ID From
(m)
To
(m)
Length*
(m)
Gold
(g/t)
SD-14-01** 75.50 78.10 2.60 2.61
SD-14-01 107.07 127.00 19.90 0.73
incl. 107.07 109.60 2.53 3.15
incl. 115.05 118.76 3.71 1.11
SD-14-02*** 80.50 82.50 2.00 3.85**
SD-14-02 118.25 128.38 10.10 3.16
incl. 119.50 126.50 7.00 4.44
SD-14-03 244.30 248.80 4.50 0.68
SD-14-03 244.30 275.08 30.78 3.06
incl. 255.00 258.00 3.00 4.45
incl. 264.10 271.80 7.70 8.89
*Lengths reported above in metres ("m") are drill intersected core and do not represent true widths.

**Hole SD-14-01 was terminated because it intersected a drift and did not reach the known gold mineralization. The gold intersected in hole SD-14-01 is located spatially above the Surluga Shear and is considered a new discovery.

***Hole SD-14-02 was collared at the same location as SD-14-01 but rotated to the north by ~5° to intersect the Surluga Shear. SD-14-02 also intersected gold mineralization above the historic known mineralization (Surluga Shear). Based on a review of the initial logging, additional sampling has been conducted on SD-14-02.

As previously reported, gold in the form of flakes visible with the naked eye (VG)* was observed in 3 holes. After review of the remaining core, additional VG was observed as follows:

  • SD-14-04 between 263-264 metres, 270-272.37 metres, 276.6-277.35 metres and 285.5-287.5 metres
  • SD-14-05 between 157-161 metres
  • SD-14-06 between 319.6-323.5 metres

*Although VG is considered positive the Company cautions it has not received assay results for these intersections at the time of this press release.

Logging and sampling of the remaining three drill holes (4, 5 & 6), as well as the additional sampling of the above holes has been completed and all samples were shipped to the testing facility. Assay results for these samples are pending.

Quentin Yarie, President and COO of Red Pine, commented, "The 30.78 metre intersection grading 3.06 g/t gold from hole SD-14-03 is the best reported drill result Red Pine has observed on the Surluga Deposit. We have achieved our objectives of confirming, infilling and expanding the known areas of mineralization, and finding higher grade material which is proximal to surface. We will be working with the authors of our technical report to incorporate these results, as well as the three remaining holes, into our upcoming resource update. This resource model will then be used to assist us in targeting additional mineralization and based on the data collected from this latest drill program, we are confident that we can now also target previously unidentified gold mineralization."

The 2014 drilling included the collection of detailed geochemical and structural data through whole rock and four-acid geochemical analyses, hand-held X-Ray Fluorescence (XRF) analyses, and structural measurements utilizing oriented drill core.

Insights From 2014 Exploration Campaign

In addition to intersecting gold mineralization, the 2014 Drill Program provided the following points of interest:

  • There are multiple gold-bearing shear zones, at multiple orientations, in the hanging wall of the Jubilee Shear Zone;
  • at least two separate gold mineralization events at the Surluga Deposit have been identified;
  • detailed structural logging of oriented core identified structural controls that are associated with the gold mineralization;
  • multiple fluid pathways are controlling the distribution of gold mineralization;
  • gold mineralization is associated with diagnostic alteration that is easily detectable with hand-held XRF technology; and
  • gold distribution has been correlated with geophysical properties.

The Company is utilizing the information outlined above to identify the structural, geochemical, and lithological controls for mineralization on the Property. This information will then be used, in conjunction with geophysical and geological correlations, to:

  1. further expand the Surluga Deposit;
  2. connect the Surluga Deposit with historical deposits on the Property; and
  3. identify new mineralized gold zones.

Wawa Gold Project Highlights

  • Located in Wawa, Ontario, an area of significant historical and current gold exploration (since 1890s) and production (1902 to 1991);
  • 172 patented and leased and unpatented mining claims within the McMurray Township, a total of 2,426 hectares;
  • 182 claim units on crown land, a total of 2,912 hectares;
  • Property hosted eight past producing mines with historic production of over 120,000 ounces (Watts, Griffis and McQuat, NI 43-101 technical report dated October 15, 2012);
  • Inferred resource of 1,072,335 ounces at 1.49 grams per tonne gold contained in 22.355 million tonnes, open along strike and at depth;
  • Proximity to established regional infrastructure (roads, rail, regional airport, high voltage power lines, water);
  • Assumption agreement in place with Augustine Ventures (CSE:WAW) and Citabar.

On-site Quality Assurance/Quality Control ("QA/QC") Measures

Drill core samples are transported in security-sealed bags for analyses at Activation Laboratories Ltd. in Ancaster, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are then shipped. The remaining coarse reject portions of the samples remain in storage at the Activation Laboratories Ltd. in Ancaster, Ontario as required in the event that further work or verification is needed.

Red Pine has implemented a qualityy-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 and is responsible for overseeing all aspects of the company's exploration programs.

About Red Pine Exploration Inc.

Red Pine Exploration 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".

For more information about the Company visit www.redpineexp.com.

The Mineral Resource is disclosed in the NI 43-101 compliant technical report titled "Amended Technical Review and Mineral Resource Estimate for the Jubilee-Surluga Property, near Wawa, Ontario, Canada for Augustine Ventures Inc." dated October 12, 2012 and prepared by Clifford J. Duke, P. Eng., Senior Associate Geological Engineer of Watts, Griffis and McOuat, Consulting Geologists and Engineers. The report is available on www.SEDAR.com under Augustine's profile.

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. Forward-looking statements are statements which relate to future events. 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.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/rpx0127fig1.pdf.

Read the rest of the article at finance.yahoo.com
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Red Pine Exploration

EXPLORATION STAGE
CODE : RPX.V
ISIN : CA75686Y1088
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Red Pine is a gold and nickel exploration company based in Canada.

Its main exploration properties are ABITIBI WEST, MOFFATT, MT LOGANO and SARACOURT in Canada.

Red Pine is listed in Canada. Its market capitalisation is CA$ 96.9 millions as of today (US$ 77.4 millions, € 67.8 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.01, and its highest recent level on March 26, 2021 at CA$ 0.85.

Red Pine has 261 799 984 shares outstanding.

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