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September 27, 2022
Red Pine Exploration (TSXV: RPX, OTCQB: RDEXF) has reported more positive drill results from the 2022 drilling program at its 100%-owned Wawa Gold project in the Michipicoten Greenstone Belt of Ontario, where last year saw successful drilling, consolidation of the company’s interests and the acquisition of the War Eagle mining claims adjacent to the property.
The property has hosted numerous gold mines with historic production of over 120,000 ounces, and Wawa’s two mineral deposits, Surluga and Minto Mine South, a current estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category.
In September, Red Pine exploration drilling continued to expand the footprint of mineralization outside the current resource of the Surluga Deposit and quantify additional exploration targets on the property.
As part of its on-going exploration, drilling is concurrently taking place in the Surluga South exploration target, as well as testing strategic gaps in the resource of the Minto Mine Deposit.
Surluga Southhighlights include a new and shallow network of mineralized quartz veins discovered in hole SD-22-379A with visible gold observed in two separate veins; in quartz veins in the Jubilee Shear Zone (JSZ) located at the outer edge of the Surluga South discovery indicating that the mineralization in the Jubilee sheer zone (JSZ) continues to depth. Assays are pending.
In the JSZ North Discover area,high-grade mineralization occurs up to 325 metres away from the current resource boundary and the zone of mineralization is open down-dip and longitudinally north and south. Drilling intersected of 11.06 g/t gold over 4.00 meters, including 20.80 g/t gold over 2.00 meters in drill hole SD-22-361.
Visible gold was observed in holes SD-22-345, SD-22-380 (with assays pending), and SD-22-385; whereas strong quartz veining and sulfide mineralization were observed in holes SD-22-357 and SD-22-363. Phase 1 drilling in the Surluga North area continues to expand the footprint of the Surluga North Vein Network that is overlying the Jubilee Shear Zone.
At the Jubilee Shear Zone south of the Parkhill Fault, 2022 drilling has confirmed the JSZ over an additional strike length of 1.8 km – for a total of more than 6 km of gold bearing structure.
Drilling made the discovery of 42.95 g/t Au over 1.92 metre, including 85.72 g/t over 0.96 metre, in the Jubilee Shear Zone south of the Parkhill Fault in JS-22-368. Gold mineralization (In the form of Visible Gold) was also located 1.2 kms north of JS-22-368 in drill holeJS-22-387.
“As we have always theorized, and part of our decision to acquire 100% of the Wawa Gold Project, was that gold mineralization is pervasive throughout the structures within the intrusive complex,” says Red Pine Exploration President and CEO Quentin Yarie.
“The recent drill results represent an important step forward in our progress of expanding the current resources of the Wawa Gold Project,” Yarie adds.
“These results of high-grade gold mineralization extending far beyond the current footprints of the existing resources add credence to our theory. Results to date support our view that there is a large, continuous corridor of mineralization hosting multiple centres of mineralization/ deposits that extend over at least 6 km in strike length and we are showing that they have continuity.”
Simultaneously in September, Red Pine entered into an agreement with Haywood Securities Inc. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Canaccord Genuity Corp, and Laurentian Bank Securities Inc., pursuant to which the Underwriters will purchase, on a bought deal basis, 7,693,000 common shares of the Company at C$0.26 per Offered Share and 10,000,000 flow-through common shares of the Company at a price of C$0.30 per FT Share, for aggregate gross proceeds to the Company of C$5 million.
The Company plans to use the net proceeds from the sale of the Offered Shares for further exploration at the Wawa Gold Project and for working capital and general corporate purposes. The Offering is scheduled to close on or about September 29.
The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Red Pine Exploration and produced in co-operation with MINING.COM.
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