TORONTO, ONTARIO–(Marketwired – Jan. 12, 2016) – Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) has received additional results from its Fall 2015 Drilling Program. Holes SM-15-32 to SM-15-39, totalling 554.8 metres, plus 7 channel samples were targeting the Sunrise-Mickelson Deformation Zone, located in the hanging wall (structurally above) of the Surluga Deposit (inferred resource of 1,088,000 ounces at 1.71 grams per tonne (“g/t”) gold using a cut-off of 0.5g/t gold(1)).
Highlights from the 8 drill holes and 7 channel samples (Figure 1) include:
The results from this drill program confirm that the high-grade gold-bearing samples, previously sampled at surface, continue at depth. The down dip extension of the high-grade quartz veins of the Mickelson Showing, within the Sunrise-Mickelson Deformation Zone, are located approximately 800 metres above the deepest zone of the historic inferred resource of the Surluga Deposit (Figure 2).
Drilling and surface sampling combined with ground geophysics indicate that contact zones between dioritic dykes and volcanic rocks control the distribution of the high-grade veins of the Mickelson Showing. These contact zones are easily traceable with the ground geophysical surveys completed last fall on the Mickelson Showing (Figure 1). This new association will direct further exploration of this zone.
Drilling results, both assay results from channel samples and the observation of visible coarse gold flakes in the veins, indicate a strong nugget effect in the veins of the Mickelson Showing. The company is now evaluating different options to mitigate the impact of this nugget effect on the characterization of the gold distribution in the vein system.
Quentin Yarie, President and Chief Executive Officer of Red Pine states “Drilling proves the down-dip continuity of the high-grade quartz veins and shear zones of the Mickelson Showing. Surface sampling and trenching also validated the extension to the West of the vein system. This initial drilling and the identification of the contact zone controlling the location of the high-grade zone will be used to deliniate this high-grade vein system along its strike extension and at depth.”
Drilling results in the Sunrise-Mickelson Deformation Zone:
|SM-15-32||21.4||22||0.6||6.65||Mickelson East||Quartz vein|
|SM-15-32||39||40||1||0.6||Mickelson East||Shear-hosted gold|
|SM-15-33||No significant values||Mickelson East|
|SM-15-34||No significant values||Mickelson East|
|SM-15-35||41||41.75||0.75||28.6||Mickelson East||Quartz vein|
|SM-15-36||No significant values||Sunrise|
|SM-15-37||6.1||7||0.9||1.04||Mickelson East||Shear-hosted gold|
|SM-15-38||No significant values||Sunrise #4|
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
Results from channel sampling in the Mickelson East prospect:
|Mickelson 1||2.1||3.45||1.35||8.85||Mickelson East||Quartz vein|
|Mickelson 2||No significant values||Accessory vein|
|Mickelson 3||0||0.85||0.85||8.18||Mickelson East western extension||Quartz vein|
|Mickelson 4||No significant values|
|Mickelson 5||0||1.6||1.6||18.76||Mickelson East western extension||Shear with quartz vein|
|Mickelson 6||0||1.2||1.2||23.19||Mickelson East western extension||Shear with quartz vein|
|Mickelson 7||0||0.85||0.85||1.48||Mickelson East western extension||Shear with quartz vein|
*True width has not been calculated for each channel sample, but the samples have been collected perpendicular to the strike of the targeted structure.
Outline of Winter 2016 Program
The Company is currently focused on advancing the merger with Augustine Ventures to consolidate the ownership of the Wawa Gold Project as stated in the Letter of Intent conjointly signed by Red Pine and Augustine Ventures on December 17, 2015. Led by an experienced technical and management team, the merged exploration company will own 60% of the Wawa Gold Project. It will be well positioned to further the Wawa Gold Project exploration and development and will continue to enhance long-term shareholder value.
The Company’s winter 2016 exploration program will focus on increasing the grade of the pit-constrained resources and decreasing the strip ratio by defining gold zones in the hanging wall and footwall of the resource. This will be achieved by:
Additional work on the Mickelson Showing will occur in the spring with additional surface work and trenching along strike of the identified favourable contact zone to characterize the distribution of the high-grade quartz vein network and gold-bearing shear zones.
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 Timmins, 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 Timmins, 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.
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 30% interest in the Wawa Gold Project and is part of a Joint Venture Agreement (JVA) with Citabar LLP and Augustine Ventures Inc. Under the terms of the JVA, Red Pine is the Operating Manager and continues to explore and advance the current gold resource on the property.
On December 17, 2015, Red Pine and Augustine Ventures conjointly signed a Letter of Intent to merge. The merged exploration company will own 60% of the Wawa Gold Project.
For more information about the Company visit www.redpineexp.com.
(1) NI 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/rpx0112fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/rpx0112fig2.pdf.