Red Pine Exploration Inc.
TSX VENTURE : RPX

Red Pine Exploration Inc.

December 18, 2015 06:00 ET

Red Pine Exploration Discovers New Gold Zones, Drills 14.28 G/T Over 2.9 Metres in the Hornblende Shear Zone and 5.13 G/T Gold Over 12 Metres in the Surluga Deposit

TORONTO, ONTARIO--(Marketwired - Dec. 18, 2015) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") has received results for holes HS-15-27 through HS-15-31 (see Figure 1). The drill program was targeting the Wawa Gold Corridor that contains the Jubilee Shear Zone, host of the Surluga Deposit (inferred resource of 1,088,000 ounces at 1.71 grams per ton ("g/t") gold), and the Hornblende Shear Zone located in the footwall of the Surluga Deposit.

Highlights from 5 holes for a total of 1,017 metres drilled in the Wawa Gold Corridor include:

  • Holes HS-15-27 to HS-15-30 all discovered shallow gold zones in the Hornblende Shear Zone in an area previously considered sterile. This includes: HS-15-27 - 3.11 g/t gold over 8.1 metres including 5.9 g/t gold over 2.4 metres;
  • Discovery of two gold zones in the Wawa Gold Corridor between the Jubilee Shear Zone and Hornblende Shear Zone (William Zone: HS-15-30 - 1.79 g/t gold over 12.5 metres; MHF zone: HS-15-31 - 1.01 g/t gold over 22 metres);
  • HS-15-31 - 14.28 g/t gold over 2.9 metres in the Hornblende Shear Zone;
  • HS-15-31 - 5.19 g/t gold over 12 metres in the Jubilee Shear Zone.

The results from this drill program suggest that the Surluga Deposit may be part of a large gold system that extends both in the footwall and hanging wall of the currently defined inferred resource, and that most of those gold zones are under-explored (see Figure 1). A 11 metre-wide zone grading 5.44 g/t gold was found in Hole HS-15-31 within a historically densely drilled part of the Surluga Deposit. This shows that historic drilling was not optimized in some parts of the Surluga Deposit.

Quentin Yarie, President and Chief Executive Officer of Red Pine states, "This drilling shows that the footwall of the Surluga Deposit is much more fertile than initially anticipated. It contains many gold zones with evidence of medium- to high-grade material. The exploration program also found that, even after more than a century of exploration, shallow gold zones can still be discovered within less than 150 metres of the existing resource. Defining those gold zones can substantially improve the economics of the existing resources1."

Drilling results in the Wawa Gold Corridor include:

Intervals over 10 g/t gold:
Hole ID From (m) To (m) Length
(m)*
Gold
(g/t)
Structure Mineralization Type
HS-15-31 72 74 2 12.65 Jubilee Shear Zone Shear-Hosted Gold
HS-15-31 77 78 1 15.4 Jubilee Shear Zone Shear-Hosted Gold
HS-15-31 349.5 353.4 2.9 14.28 Hornblende Shear blende Shear Zone Shear/Replacement-Hosted Gold
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
Intervals over 5 g/t gold:
Hole ID From (m) To (m) Length
(m)*
Gold
(g/t)
Structure Mineralization Type
HS-15-27 25 27.4 2.4 5.9 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-28 29.5 30.5 1 5.77 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-30 12.84 14 1.16 5.39 William Gold Zone Host Replacement Zone
HS-15-31 69 81 12 5.19 Jubilee Shear Zone Shear-Hosted Gold
HS-15-31 347.5 356 8.5 5.37 Hornblende Shear Zone Shear/Replacement-Hosted Gold
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
Intervals over 2.5 g/t gold:
Hole ID From (m) To (m) Length
(m)*
Gold
(g/t)
Structure Mineralization Type
HS-15-27 25 33.1 8.1 3.11 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-28 25.95 31.5 5.55 2.55 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-29 148 149 1 3.1 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-30 1.5 2.5 1 3.77 William Gold Zone Host Replacement Zone
HS-15-30 10 14 4 3.7 William Gold Zone Host Replacement Zone
HS-15-30 155.97 159 2.99 2.65 Hornblende ShearZone hear/Replacement-HostedGold
HS-15-31 59 84 25 3.12 Jubilee Shear Zone Shear-Hosted Gold
HS-15-31 191.75 192.3 0.53 2.65 MHF Gold Zone Host Replacement Zone
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
Interval over 0.45 g/t gold:
Hole ID From (m) To (m) Length
(m)*
Gold
(g/t)
Structure Mineralization Type
HS-15-27 25 36 11 2.32 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-28 25.95 41.3 15.35 1.25 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-29 147 171 24 0.46 Hornblende Shear Zone Shear-Hosted Gold
HS-15-30 1.5 14 12.5 1.79 William Gold Zone Host Replacement Zone
HS-15-30 153.5 164.8 11.33 1.33 Hornblende Shear Zone Shear/Replacement-Hosted Gold
HS-15-31 178.5 200.5 22 1.01 MHF Gold Zone Host Replacement Zone
HS-15-31 57.5 356 298.5 0.493 Wawa Gold Corridor
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.

Wawa Gold Corridor

Re-interpretation of the geological setting of the Surluga Deposit footwall from historic data indicates that the deposit footwall, between the inferred resource and the Hornblende Shear Zone, could host many gold zones. The broader gold system, that includes both the Surluga Deposit and the prospective Hornblende Shear Zone, was named the Wawa Gold Corridor.

Fall 2015 drilling of the Wawa Gold Corridor demonstrated that the gold zones in the footwall of the inferred resource have grade and thickness similar to the gold zones of the Surluga Deposit. Two new gold zones were also discovered (William and MHF Gold Zones) as well as shallow gold zones in the Hornblende Shear Zone. New types of gold mineralization, previously un-recognized on the property, were also observed in the footwall where gold is not systematically associated with strong shearing. Instead, gold is typically associated with a combination of weak to moderate-strong shearing, and strong hydrothermal replacement in which gold is spatially associated with finely disseminated sulfides. These gold zones are preferentially formed at contacts between geological units.

Possible improvement of the Surluga Deposit inferred resource

Hole HS-15-31 drilled through the Surluga Deposit shows that historic drilling may not have entirely constrained the full extent of some of the higher-grade zones. Where HS-15-31 hit the Jubilee Shear Zone, the modelled thickness of the higher-grade zone was approximately 5.25 metres. The intersection of HS-15-31 shows that the thickness of this higher-grade zone is approximately 20 metres, which represents a 14.75 metres gain on the modelled thickness with the historic results.

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.

Qualified Person

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 has entered into a Joint Venture Agreement with Citabar LLP and Augustine Ventures Inc. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. The three JVA partners shared in the financing of the Fall 2015 drill program on a pro rata basis. 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.

Red Pine has signed a Letter of Intent to consolidate ownership of the Wawa Gold Project

1NI 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/wawagoldcorridorfall2015.pdf

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