TORONTO, ONTARIO--(Marketwired - Jun 15, 2017) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") has received final results for holes PH-17-67 and PH-17-69 to PH-17-72, that were drilled in the vicinity of the former Parkhill Mine as part of the Company's new 20,000 metres drilling program.
Minto Mine Structure drilling program highlights (see Table 1 and Figure 1 below):
- The mineralized Minto Mine Structure was intersected 1km south of the Minto Mine, close to the Parkhill Mine
- PH-17-71 contains 2.65 g/t gold over 3 metres in the Minto Mine Structure
- There are indications that many high-grade zones could exist in the Minto Mine Structure between the former Minto and Parkhill Mines; and
- It appears that more than one mineralized quartz vein sets were mined in the former Parkhill Mine.
- Hole SD-17-94 (Assays pending) (a 40m step-out from SD-17-90 (Assays pending)) - Visible gold was observed in the down-plunge extension of the Minto Mine South quartz zone.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, "We are pleased to have demonstrated the continuity of the Minto Mine Structure, 1km south of the historic Minto Mine near the Parkhill Mine. This continuity is now supported by both drilling and the historic mining records of the Parkhill Mine. We believe that the Minto Mine Structure that we intersected near the Parkhill Mine represents the outside halo of a high-grade quartz lens of the Minto Mine Structure that was mined at the Parkhill Mine."
Overview of the drilling results in the Parkhill Mine area
Hole PH-17-71 targeted the projected upper extension of the No. 4 Vein of the Parkhill Mine. The No. 4 Vein was described historically as a high-grade quartz vein hosted in a 10 metres-wide (30 feet) shear oriented NNW and dipping to the NE. On level 8 of the Parkhill Mine, where the No. 4 Vein it was initially observed, historic records indicate that the high-grade zone was traced over more than 90 metres (300 feet) and averaged 29.05 g/t gold (0.85 oz/ton) over an average width of 6 feet (Northern Miner, October 25th. 1934 cited in MNDM 41N15NE0087 p. 39). Structural measurements taken by Red Pine in PH-17-71, the geometry of the Parkhill Mine workings in which the No. 4 Vein was mined, and the modelisation of the Minto Mine Structure, indicate that the No.4 Vein likely represents a high-grade quartz vein in the southern extension of the Minto Mine Structure.
PH-17-71 confirmed the existence of gold mineralization in the Structure and is interpreted to have intersected the outer part the high-grade zone of the No.4 Vein. The recent discovery of the Minto Mine South Zone where recent drilling intersected 19.92 g/t gold over 3 metres (June 13, 2017 news release), the historic mining in the Minto Mine and the confirmation of the existence of the No.4 Vein, indicate that more than one high-grade zones exist in the Minto Mine Structure and that others could be discovered with additional exploration.
Holes PH-17-70 and PH-17-71 also intersected gold mineralization between the stopes of the former Parkhill Mine Structure and indicates that more than one vein could exist in the Parkhill Mine Structure. Additional drilling may reveal near-surface high-grade pockets that were missed during the operation of the mine.
| | | | | | |
| Hole | From (m) | To (m) | Length (m)* | Gold (g/t) | Gold Zone |
| PH-17-70 | 38.49 | 40 | 1.51 | 6.23 | Parkhill Mine Structure |
| PH-17-71 | 52.68 | 55 | 2.32 | 1.77 |
| 63.32 | 64.32 | 1 | 2.87 |
| 155.07 | 158.07 | 3 | 2.60 | No.4 Vein
(Minto Mine Structure) |
| *Assay results reported over intersection length. As they represent discoveries with 2 or less drilling intersections, no true width estimation are available for drilling results in the Parkhill Mine area. |
Wawa Gold Project
The Wawa Gold property package consists of over 5,500 hectares and hosts several former mines with a combined historic production of 120,000 oz gold1. 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 16 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 aggressive drilling campaigns.
In March 2017, the Company completed a 6,000 metres of drilling and immediately initiated a new 10,000 metres drilling program. This was quickly expanded to 20,000 metres as a second drill was added to the campaign. The aggregate 20,000 metres drill program is designed to potentially expand the size of the existing inferred gold resource and connect other zones of gold mineralization (the Wawa Gold Corridor) recently discovered through drilling and other exploration techniques on the large Wawa Gold Project property.
The Company is well positioned to fund its share of the Wawa Gold exploration program. As such, the sampling and drill programs are expected to continue throughout 2017.
Highlights
- 100% owned land position between JVA
- 2 km southeast of the Municipality of Wawa, Ontario, close to roads, power and other infrastructure
- 8 past producing mines on property with historical production of 120,000 oz gold at 9.04 g/t average grade1
> 1M oz Inferred Gold Resource at 1.71 g/t (0.5 g/t cut-off)2
- Near surface mineralization
- Open in all directions
Considerable Growth Potential - Potential for multi-million ounces resource
- Newly discovered high-grade gold zones in many areas on property
- Gold mineralization extends 5 km in length
Preliminary Metallurgical Study Underway - Optimization of gold and silver recoveries
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1097314_figure1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1097314_figure2rp.pdf
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
1Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc. (effective May 26, 2015)). The report is 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)).
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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.