Red Pine discovers more high-grade veins on surface north of the Jubilee Deposit, Wawa Gold Project, Ontario
Red Pine Exploration Inc. [TSXV: RPX; OTCQB: RDEXF] reported the initial results of its 2024 prospecting program on the Wawa Gold Project, Ontario.
To expand and refine its pipeline of exploration targets, Red Pine initiated a property-wide prospecting program in July targeting new areas where historical mapping or prospecting had indicated a potential for gold mineralization. This press release reports new exploration and assay results from prospecting for the Cooper Area, located north of the Jubilee Shear and the current Mineral Resource estimate (MRE) described in NI 43-101 Technical Report dated September 30, 2024.
Initial results from 105 prospecting samples in the Cooper Area have identified a network of extensional and shear-hosted quartz veins, oriented NW to NNW, with indications of high-grade gold mineralization that are connected to the Cooper Shear, host to the past producing Cooper Mine. The extensional shear zones discovered represent potentially significant exploration targets similar to the Minto Deposit located at the south end of the Jubilee Deposit.
Highlights of Prospecting: Discovery of the bismuth-rich Shear with grab samples up to 16.80 g/t. Discovery of gold mineralization 1.75 km north of the Cooper Mine near the Wawa Goldfield South Zone showing – 2024 grab samples up to 21.20 g/t gold.
Additional sampling of the Cooper 11 Shear (originally discovered in 2019) with recent grab samples up to 47.80 g/t gold. Resampling of the Mackey Point showing (historically known) – 2024 grab samples up to 7.65 g/t gold.
Additional sampling of the Cooper Shear (host to the historical Cooper Mine) with new grab samples up to 75.90 g/t gold. The new discoveries have been discovered proximal to the historic Ganley Shear and Y106 Shear with grab samples up to 8.09 g/t gold.
Michael Michaud, President and CEO, commented: “In August, we announced an increase of approximately 150% in total ounces of gold in the updated Mineral Resource Estimate for the Wawa Gold Project (the Updated MRE). The Updated MRE not only shows a material increase in the size of the deposit, but it also reinforces our vision for a potential high-quality open pit and sizeable higher-grade underground mine. Additionally, the Updated MRE highlights the fact that gold mineralization remains open along extensions and other areas proximal to the existing Mineral Resource.
Due to the recognition of multiple new exploration targets within Red Pine’s prolific land package, prospecting was initiated at several areas of interest on the property. Initial prospecting has returned encouraging results immediately north of the Jubilee Deposit with the identification of a network of extensional shears that include the previously mined Cooper Mine shear.
Considering that each of these shears can host high-grade veins similar to the Minto Vein located on the south side of the Jubilee Shear, we believe that testing this area in the upcoming drill program has potential to add to the current mineral resource.
The results continue to highlight the prospectivity of the Wawa Gold Project in the underexplored areas of the property. To assess these areas, we now have a strong geological model that we are using to better understand the exploration results, assess their potential, and prioritize targets for future exploration.
The company is now fully financed to complete a planned 25,000-metre drilling program, and we are excited to commence shortly.”
The results indicate extensional shear zones can form networks of multiple parallel shears and that each shear can contains laminated quartz-tourmaline shear veins with potential for significant gold mineralization.
Gold mineralization, uncovered for the first time, identified significant mineralization 1.75 km north of the Cooper Mine at the Wawa Goldfield South Zone showing that this mineralization extends the gold system on the Wawa Gold Project and opens a new area for future exploration.
The Bi-rich shear hosts a quartz-tourmaline vein with abundant Bi-bearing minerals that suggests an association with high-grade gold mineralization in the Root Vein.
The Root Vein is hosted in the ENE-oriented Root Shear that is interpreted to be adjacent to the Bi-rich shear.
A 2017 channel sample from the Root Vein grading 88.50 g/t gold over 1.00 metres contains 780 ppm bismuth.
The network of extensional shears in the Cooper Area, including the possible extension of high-grade gold mineralization at depth in the Cooper Shear, will be tested in the upcoming drilling program.
The company granted 1,250,000 incentive stock options to the CEO and certain other officers and employees under the stock option plan. The options are exercisable at a price of $0.15 per share.
All options vest as to 25% on October 16, 2024, and a further 25% on each of October 16, 2025, October 16, 2026, and October 16, 2027.
In connection with the recent bought deal financing of the company announced on October 1, 2024, the company has paid cash commissions of $660,021.48 and issued 6,095,460 non-transferable compensation options to the underwriters who led the Offering. Each such compensation option is exercisable to acquire one common share of the company at a price of $0.09 per share for a period of 24 months following closing of the Offering.
The Wawa Gold Project land package hosts numerous historic gold mines and is over 7,000 hectares in size. Red Pine is building a strong position as a major exploration player in the Michipicoten region.