Red Pine Drills 11.95 g/t Gold Over 4.44 Metres (True Width) at its Wawa Gold Project
Press Release
Toronto, Ontario – January 17, 2019 – Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine” or the “Company”) announces new results from:
- confirmation drilling in the higher grade zones of the Surluga Deposit1 and
- from drilling on the Minto Mine South Project2.
The Minto Mine South Deposit and the Surluga Deposit are just two of the known deposits on the large 5,568 hectares Wawa Gold Project located near Wawa, ON, Canada.
Red Pine’s infill drilling results continue to support the potential for a higher-grade underground resource, accessible using the existing underground infrastructure of the Surluga Mine. The Company is on track to deliver a revised NI 43-101 resource estimate for the Surluga Deposit in April 2019.
Red Pine has a working capital of $2 million in cash and zero debt (Oct. 31, 2018 financials) and recently raised over $3.6M in a non-brokered private placement financing (Dec. 28, 2018). The Company will undertake a 23,000-metres drilling campaign on the Surluga Deposit, as well as other targets in the Wawa Gold Corridor, in 2019.
Drilling highlights (Table 1):
- Intersection of high-grade gold within the current resource envelope of the Surluga Deposit:
- Hole SD-18-238 contains 11.95 g/t gold over 4.44 metres (true width) and 5.31 g/t gold over 1.74 metres (true width);
- Hole SD-18-237 contains 6.26 g/t gold over 2.4 metres (true width) including 15.4 g/t gold over 0.93 metres (true width).
- Discovery of another high-grade quartz vein in the Minto Stockwork:
- Hole SD-18-219 contains 17.66 g/t gold over 1.2 metres.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, “The latest results continue to validate our model of a high-grade resource at the Surluga Deposit. Assay results for another 42 holes that were completed as part of this first phase of infill drilling are still pending and we expect results to fall in line with what we’ve observed so far. Indicators such as visible gold or arsenopyrite, typically associated with zones of stronger gold mineralization in the Surluga Deposit, were observed in many of the pending holes. We’ve developed a good understanding of the formation and geometry of the high-grade mineralization zones at the Wawa Gold Project and this will continue to guide us as we further develop the Project.”
NT4
