TORONTO, ONTARIO--(Marketwired - Mar 21, 2017) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or "the Company") announces that it has staked an additional 137 hectares within the boundary of its Wawa Gold Project, bringing its total land package to 5,510 hectares (Figure 1). The Company has also completed its previously announced 6,000 metres drill program with the available results leading to the start of a larger 10,000 metres drill project.
Quentin Yarie, President and CEO of Red Pine, stated, "We are pleased to have secured this new area, within the limits of our Wawa Gold Project, that wasn't available previously. By securing these new claims, the Company is consolidating its land package and ensuring that it maximizes its holdings of prospective ground."
The new 10,000 metres drill program will continue to focus on advancing the Surluga Deposit and exploring targets within the Wawa Gold Corridor. A second drill will be mobilized after spring breakup.
Wawa Gold Project Highlights
- Hosts a 43-101 Inferred Resource ("Surluga Deposit") of 1,088 M oz at 1.71 g/t gold (0.5 g/t gold cut-off)1 open in all directions
- New gold mineralization discovered in the hanging-wall and footwall of the Surluga Deposit
- The resource appears to extend 525 metres to the north (2.0 g/t over 8.96 m)
- High-grade mineralization (57.31 g/t over 3.14 m) was found 3 km south of the resource
- The gold mineralization is hosted in closely stacked shear zones (Wawa Gold Corridor)
- Property hosts 8 past producing mines (120,000 oz gold at 9.04 g/t average grade)
- Located 2 km southeast of Wawa, Ontario, close to roads and infrastructure
Figure 1. Location map of newly staked ground - http://media3.marketwire.com/docs/a1098341.pdf
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
1NI 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)). The report is available on www.SEDAR.com under Red Pine's profile.
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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.