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Red Pine Announces New Drilling Results & Further Extends Gold Mineralization above the Jubilee Shear – drills 3.50 g/t gold over 25.15 m including 36.48 g/t gold over 2.01 metres. Outlines Open Pit Exploration Target

Press Release

Toronto, Ontario (March 28, 2023) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to report new drilling results from its ongoing exploration program. The new results continue to indicate that broad zones of gold mineralization exist in the hanging wall of the Jubilee Shear in geological structures that were sparsely tested by historic drilling programs.

  • Minto B Shear located above the Jubilee Shear
    • Intersection of 3.50 g/t gold (or “Au”) over 25.15min SD-22-415 (Figure 3) that includes:
      • High-grade gold in a quartz vein network transposed in the Minto B Shear that contains 36.48 g/t gold over 2.01 metres.
    • Intersection of 4.63 g/t gold over 10.80 m, including 16.44 g/t Au over 2.50 m in SD-22-413 (Figure 2) (see February 16, 2023 press release)
  • Extension of mineralized structures in the hanging wall of the Jubilee Shear (Figure 1)
    • 1.37 g/t gold over 7.10 m including 5.02 g/t gold over 0.99 m and 4.41 g/t gold over 4.41 m in the Minto C Shear

Quentin Yarie, President and CEO of Red Pine Exploration commented:

“Our drilling results continue to demonstrate the presence of significant gold mineralization in geological structures above and below the Jubilee Shear, adding credence to our presumption of a revised resource that could include a shallow pit constrained resource. High grade gold bearing structures in the hanging wall are proving to be prolific and to further demonstrate continuity along strike with the peripheral materials also being mineralized with lower grade gold which has the potential to substantially increase our gold inventory.”

Table 1– Highlights from drilling in the Wawa Gold Corridor (Figure 1)

Assay results presented over core length. True width for the intersections varies between 55 to 90% depending on the intersected geological structure.

Pit Constrained Exploration Target

The Company has re-visited the option of an open pit constrained resource that would encompass most of the current underground constrained Surluga resources.

Surluga Mineral Resource Estimate (August 18, 2021 – cut-off grade of 2.70 g/t Au)
Resource Category Tonnes (000s) Gold Grade (g/t) Contained Gold (000 oz)
Total Indicated 1,202 5.31 205
Total Inferred 2,362 5.22 396

This exploration target would also include the Hornblende Shear, the Minto B Shear, the recently identified extensional quartz vein networks, and intrusion-related gold in both the hanging wall and foot wall of the Jubilee Shear (host of the Surluga deposit).  Figure 4.

Exploration Target Range (“ETR”) for an open pit-constrained resource ranges from ~1,200,000 ounces gold contained in ~20.5 million tonnes (“Mt”) at 1.80 grams per tonne (“g/t”) gold to ~1,600,000 oz Au contained in ~25 Mt at 2.0 g/t Au (Table 1). The exploration target range also exclude an underground constrained resource that could exist in the Jubilee and Minto Mine Shears beyond an open pit constrained resource.

Table 1 – Exploration Target Range* of an open pit constrained resource

Tonnage: 20.5 – 25 Mt
Gold Grade: 1.8 – 2.0 g/t Au
Metal Content: 1,200,000-1,600,000 oz Au
Cut-off Grade: 0.4 – 0.5 g/t Au

*The grade range of the exploration target is based on the current resources, historical and current assay data, structural mapping from surface and borehole data, and geological controls and has not undergone statistical analysis to determine if an appropriate grade capping methodology should be applied and is thus uncapped for Au concentrations.

The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the open pit target disclosed herein. It is uncertain if further exploration will result in these target(s) being delineated as a mineral resource. The Company’s Qualified Person has not done sufficient work to classify the ETR as a current mineral reserve or mineral resource. The Company is not treating the ETR as a current mineral resource and the ETR should not be relied upon.

The process of assessing the ETR uses quantitative and qualitative approaches that integrate current and historical drillhole, geological, geophysical, and underground data with reasonable assumptions based on geological potential and deposit type model. Tonnage and grade ranges have been determined by using the geometry of the potential mineralized horizon defined by the current Surluga and Minto Mine South resources, historical drilling and downhole assay data and extrapolated with reasonable geological assumptions based on both underground, surficial geological, geochemical and geophysical data.

Quality Assurance/Quality Control (“QA/QC”) Measures

Drill core samples were transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and shipped. The residual 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. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this news release.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company’s shares trade on the TSX Venture Exchange under the symbol “RPX” and on the OTCQB Markets under the symbol “RDEXF”.

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

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

Or contact:

Quentin Yarie, President and CEO, (416) 364-7024, [email protected]

Or

Carrie Howes, Director Corporate Communications, (416) 644-7375, [email protected]

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