Red Pine drills 7.99 g/t gold over 6.99 metres at Wawa Project, Ontario
Red Pine Exploration Inc. [TSXV-RPX; OTCQB-RDEXF] reported the most recent assay results from five additional drill holes representing 1,211 metres as part of the completed 2022 to 2024 resource expansion drill program at the Wawa gold project, northern Ontario.
Since 2022, Red Pine has completed approximately 67,000 metres of diamond drilling. Of this total, approximately 60,300 metres of drilling will be used to update the mineral resource estimate with an effective database cut-off date of June 21, 2024. The independent NI 43-101 resource estimate is expected to be completed in August.
The results being announced today, in addition to the remaining results yet to be released from approximately 5,000 metres of drill core in 22 drill holes, will not be included in the mid-August resource update, but at a later date.
Drilling highlights and discussion of results: 2.39 g/t gold over 39.07 metres, including 7.99 g/t gold over 6.99 metres in SD-24-497 in the Jubilee shear system.
The results indicate: The presence of thick zones of significant gold mineralization within the Jubilee shear; drilling has continued to increase the size and confirm the continuity of gold mineralization of greater than 2.00 g/t gold in the main segment of the Jubilee shear.
Gold mineralization remains open at depth in the Jubilee shear downdip and down plunge of the existing mineral resource and to a lesser extent within areas of the former mineral resource where gaps in drilling remain.
Drilling continues to better define gold mineralization in both the hanging wall and footwall of the Jubilee shear.
Mike Michaud, president and CEO, commented: “I am pleased to have now joined, and am looking forward to leading, the Red Pine team. Exploration success over the past several years has not only identified high-grade mineralization outside of the previously mined zones but has also confirmed the potential to host a sizable gold deposit near surface.
“The latest drill results not only highlight the potential of the Jubilee shear to host significant gold mineralization over thick sections, but drilling has also confirmed that gold mineralization remains open downdip and down plunge, a priority for future drilling.
“In addition, we are targeting the updated NI 43-101 technical report to be completed in August 2024, and expect the mineral resource estimate component of that report to be press released in advance of that date. Once completed, we will be able to use this resource estimate to better assess various underground and open-pit mining and processing scenarios to guide next steps on the project.”
The Wawa gold project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the past five years. The company’s land package hosts numerous historic gold mines and is over 7,000 hectares in size.