Red Pine Announces Engagement of GoldSpot Discoveries to Examine the Wawa Gold Project

 

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX–V: RPX, OTCQB: RDEXF) (the “Company” or “Red Pine”) announces it has engaged GoldSpot Discoveries (TSXV: SPOT; OTCQX: SPOFF), to apply its proprietary machine learning technology and greenfield geoscience expertise on the Wawa Gold Project. GoldSpot Discoveries (“GoldSpot”) will bring its proven artificial intelligence expertise that has previously led to important mineral discoveries.

GoldSpot is a technology company focused on developing artificial intelligence technologies for the mining and exploration sector. GoldSpot is working with some of the leading exploration and mining names in the industry, applying their cutting-edge algorithms to significantly increase the efficiency and success rate of mineral exploration.

The Company 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.

The airborne magnetic data is a good depiction of the complex geology of the Wawa Gold Corridor. The Company’s focus has been in areas like the Historic Surluga and Minto mines where the preponderance of information was readily available. These areas represent just a small percentage of the property which comprises a large land package with numerous existing high-value gold targets.

With the use of GoldSpot’s technology and new data acquisition methods, the Company will be able to refine its discovery process by leveraging sophisticated and cost-efficient targeting software to delineate drill-ready locations to prioritize, a complimentary aspect to Red Pine’s technical and geological team with a strong history of discovery success.

Figure 1 accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6fed985a-9ef9-44d6-a16f-38c6be2b0699

Figure 2 accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/183a9b42-fdf7-48b5-8fae-df53f1663abe

“We have excellent resources for GoldSpot to target using their technology, including a full suite of geophysical, geochemical, geology and structural databases. GoldSpot technology will enable us to expand our understanding of the gold system in areas of our property that we have not explored yet,” said Quentin Yarie, CEO and President of Red Pine Exploration. “With the recent success of the initial 2021 drilling program and the completion of the November flow-through financing for aggregate gross proceeds of C$8.4 million, the Company is working to expand upon the current NI 43-101 compliant resource with 1,307,000 tonnes at 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes at 5.39 g/t gold for 471,000 ounces in the inferred category contained between surface to 350 meters depth.”

Qualified Person

Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release’s technical information.

COVID-19 Precautions

Red Pine has developed and implemented compliant precautions and procedures according to guidelines from the Province of Ontario. Protocols were put in place to ensure our employees’ and contractors’ safety, thereby reducing the potential for community contact and spreading of the virus.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".

The Wawa Gold Project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company’s Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com

Or contact:

Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com

Or

Tara Asfour, Investor Relations Manager, (514) 833-1957, tasfour@redpineexp.com

¹National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021

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.