Red Pine Exploration

Published : December 15th, 2014

Red Pine Exploration Outlines Exploration Program for Wawa Gold Project

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Keywords :   Canada | Diamond | Gold | Gold Production | Lead | Natural Gas | Water |

Red Pine Exploration Outlines Exploration Program for Wawa Gold Project

Toronto, Ontario - December 15, 2014 - Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine" or the "Company") announces that it has commenced an exploration program on the Wawa Gold Project, located about 2 kilometers southeast of the Town of Wawa in Northern Ontario. The planned program is intended to potentially increase the resource and grade of the Surluga Gold Deposit's current inferred 1.1 million tonne gold resource (average grade 1.49 g/t)* and will include the following: 1) a systematic property-wide analysis of historical datasets from past exploration and development activities; 2) a Diamond drill program of about 2,000 meters; and 3) comprehensive geochemical, geophysical and structural analysis.

Quentin Yarie, President and COO of Red Pine, states: "The Wawa Gold Project represents an exciting opportunity for Red Pine to be involved in a well-developed gold project within a mining friendly jurisdiction. The property has a history of past production and already contains a significant inferred gold resource - the Surluga Gold Deposit. The company is well positioned to utilize its technical expertise and experience to potentially increase both the grade and contained ounces at Surluga."

Analysis of the historic data indicates that extensive historic underground drilling, as well as high grade gold zones intersected at depth, were not included in the current resource calculation. The Company will focus on re-logging historical drill holes to confirm the data and potentially increase the overall grade of the current resource model (Table 1)

Lower Cutoff Grade
Gold (g/t)

Tonnage
(t x 1,000)

Gold (Au) (g/t)

Contained Gold (ounces x 1,000)

0.5

22,355

1.49

1,072

Table 1. Current inferred resource

New insights suggest that the expansion of all gold zones, and the discovery of new zones, is also possible. Historically, the Wawa Gold Project property hosted eight producing mines with gold production of over 120,000 ounces. These mines, owned by different operators, were never geologically connected. It appears that the current gold showings and deposits of past producing mines on the property have the same genetic "footprint" and are closely related to the same mineralization event. Alteration mineralogy typically associated with Archean gold deposits seems to extend well beyond the Surluga deposit and folding may well be controlling the gold distribution at Surluga. With this in mind, the current program will include about 2,000 metres of Diamond drilling aimed to better define mineralization and alteration mineralogy on the property. We strongly believe that in combination with the drill results, a comprehensive examination of the geology, geophysics, geochemistry, alteration mineralogy and structural geology at Surluga should uncover several new priority gold targets.

Wawa Gold Project Highlights

  • Located in Wawa, Ontario, an area of significant historical and current gold exploration (since 1890's) and production (1902 to 1991);
  • 172 patented and leased and unpatented mining claims within the McMurray Township, a total of 2,426;
  • 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;
  • Inferred resource of 1,072,335 ounces at 1.49 grams per tonne gold contained in 22,355 tonnes, open along strike and at depth;
  • Reinterpretation of property geology could lead to improvement in both grade and size of the gold resource;
  • Proximity to established regional infrastructure (roads, rail, regional airport, high voltage power lines, natural gas, water).

Qualified Person

Quentin Yarie, P.Geo., President and COO of Red Pine, is the qualified person who approved the disclosure contained in this news release, has reviewed the Augustine Technical Report on behalf of Red Pine and will be responsible for overseeing all aspects of the Company's exploration programs on the Wawa Gold Project. Mr. Yarie has not yet independently verified the disclosure in the Technical Report as Red Pine has just finalized the Assumption Agreement as of the date hereof.

About Red Pine Exploration Inc.

RRed 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". RPX has an option earn up to a 45% interest in the Wawa Gold Project property (the "Wawa Gold Project"), which is located approximately 2 kilometers southeast of the Town of Wawa in Northern Ontario. Red Pine also has the right to earn a pro rata interest in Augustine's existing interests in all mineral properties acquired by Augustine within an area of influence defined as a 5 kilometer radius from the perimeter of the Wawa Gold Project.

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

Or contact:  

Quentin Yarie, President  & COO, (416) 364-7024, [email protected]This email address is being protected from spambots. You need JavaScript enabled to view it.

Or Mia Boiridy, Investor Relations, (416) 364-7024, [email protected]This email address is being protected from spambots. You need JavaScript enabled to view it.

*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.

N** Please note that there was a "typo" in the news release titled "Red Pine Exploration Executes Assumption Agreement for the Surluga Gold Deposit" on December 11, 2014 where the inferred resource was mistakenly reported as being contained in 22,355 tonnes rather than the correct number of 22.355 million tonnes.

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.

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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$ 138.8 millions as of today (US$ 112.0 millions, € 96.6 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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