TORONTO, ONTARIO--(Marketwired - Feb. 27, 2015) - Red Pine Exploration Inc. (News - Market indicators) (the "Company" or "Red Pine") has now completed 2 exploration drill holes (SD-15-07 & SD-15-08) as part of its Winter 2015 program which is planned for 8 to 15 drill holes totaling 2,000 to 4,000 metres ("m") on the Surluga Gold Deposit. The programs primary focus is to provide supporting results in order to both expand the grade and size of the resource and for infill drilling where there are gaps in the historic data which can then be used for the revised resource calculation. We have now also completed an airborne multi-component magnetic survey over the entire Wawa Gold Property.
Quartz veins and sericitized rocks have been intersected in both of the completed drill holes which is consistent with the gold bearing intersects encountered during the 2014 drill program. The intersections observed in these holes are as follows:
SD-15-07 was designed to better define the ore shoot intersected in SD-14-06 based on the hypothesis that SD-14-06 intersected the outer margin of a high grade ore zone. SD-15-08 was designed as a step-out hole to extend the gold mineralization intersected in SD-14-04 by approximately 66m to the east.
Gold in the form of flakes which are visible with the naked eye (VG)** has been observed in both of these holes. All previous intersections with VG were associated with higher grade gold mineralization as follows:
**Although VG is considered positive the Company cautions it has not received assay results for these intersections at the time of this press release.
Quentin Yarie, President and Chief Operating Officer commented, "We continue to intersect prospective gold bearing zones east of a North-South trending 1 1/2 kilometre long structure that is easily distinguished in our magnetic data. To date gold mineralization projected to surface extends over 400m east of the North-South structure. The mineralization remains open in all directions, but it is the eastern extensions of the Surluga Gold Deposit we believe hold the greatest promise for increasing size and grade."
Overview of Completed Drill Holes
Please refer to Figure 1 for a pictorial presentation of the holes drilled to-date as this will provide readers with a bench mark for the location of these holes relative to the historic drill holes and also within the Surluga Gold Deposit. The deposit is primarily a North-South trending shear along a strike length of approximately 1 1/2 kilometres.
A number of newly identified North-North-East trending structural controls have been identified. These have proved important as they appear to control zones of higher grade mineralization both in and above the shear. These structural events offer the opportunity to discover new zones of gold mineralization. The airborne survey will also provide valuable insights into identifying these events and will be utilized to assist in placing future drill holes.
The exact location of the drill holes is summarized in the table below. Starting from the most northern drill hole collar (SD-14-05) and heading south over a distance of 1-1/2 kilometers, the other drill hole collars are located approximately as follows.
- SD-14-01&02 are 234 m South-West of SD 14-05
- SD-14-03 is 455 m South-East of SD-14-01&02
- SD-14-04 is 720 m South-East of SD-14-03
- SD-15-08 is 112 m South-East of SD-14-04 and is a step-out hole from SD14-04
- SD-15-07 is 1100 m South-West of SD-15-08
- Sd-14-06 is 1255 m South-West of SD-15-07
Administration
The Company granted a total of 4,480,000 stock options to directors, officers and consultants of the Company on February 26, 2015 under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last Annual General Meeting of Shareholders of the Company held on January 27, 2015. All options are exercisable at a price of $0.10 per share for a period of five years and are subject to a four-month and one day hold period from the date of issuance.
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 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 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".
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.
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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.
