Red Pine hires GoldSpot for Ontario gold project

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Red Pine Exploration Inc. [RPX-TSXV] said Thursday it has engaged GoldSpot Discoveries Corp. [SPOT-TSXV, SPOFF-OTCQX] to apply its proprietary machine learning technology and greenfield geoscience expertise at the Wawa Gold project in northern Ontario.

The Wawa project covers over 5,500 hectares and hosts several former mines with combined historic production of 120,000 ounces of gold.

Two mineral deposits (Surluga and Minto Mine South) contain an estimated NI 43-101-compliant resource of 1.3 million tonnes of grade 5.47 g/t gold or 230,000 ounces in the indicated category and 2.7 million tonnes at 5.39 g/t gold or 471,000 ounces in the inferred category.

Goldspot is a technology company focused on developing artificial intelligence technologies for the mining and exploration sector. It has a large, collaborative team of geoscientists and data scientists who are focused on maximizing the chances of discovery by extracting most of all available data using its proprietary machine-learning technology and geoscience expertise.

Goldspot is working with a number of companies in the exploration sector, including Granite Creek Copper Ltd. [GCX-TSXV] and Nevada King Gold Corp. [NKG-TSXV]. In a news release Thursday, Red Pine said it has an extensive land package that spans over 6,900 hectares in the Michipicoten greenstone belt and will focus Goldspot on areas with the least information so that it can efficiently plan exploration in these areas.

“There are several past-producing mines on the property that warrant further investigation and Goldspot’s input will allow the company to expand exploration beyond its currently identified high-priority targets,’’ Red Pine said.

Red Pine CEO Quentin Yarie said Goldspot technology will also enable the company to expand its understanding of the gold system in areas of the property that have not been explored.

Yarie went on to say that with the recent success of the initial 2021 drilling program and the completion of the November flow-through financing for aggregate proceeds of $8.4 million, the company is working to expand the current resource estimate.

Red Pine recently said the 2021 drilling program in the Surluga South discovery area the Wawa Gold Project returned 2.08 g/t gold over 55.66 metres (estimated true width) in the Jubilee Shear Zone.

This is an indication that thick zones of mineralization exist in our Surluga South discovery, and that these zones can reach an overall grade and thickness comparable to those forming the core of the current mineral resource of the Surlaga Deposit, the company said.

On November 24, 2021, Red Pine shares closed at 55 cents and now trade in a 52-week range of 95 cents and 35 cents. Goldspot closed at $1.09 and trades in a 52-week range of $1.55 and 31.5 cents.

 


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