Red Pine Receives Results of Gravity Survey and Identifies Jubilee Stock Extension
TORONTO, May 16, 2019 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine" or the "Company") announces that a ground gravity survey, completed in March 2019, has confirmed the extension of the Jubilee Stock to the SW, where historic mapping previously defined its boundaries. The Jubilee Stock is host to the Surluga Deposit1, one of two deposits currently identified on the Wawa Gold Project. This extension opens new areas for gold exploration on the property.
Quentin Yarie. Red Pine’s President and CEO stated “Since we started working on this project in late 2014, we’ve made numerous discoveries throughout the ‘Wawa Gold Corridor’; a gold mineralization zone that extends for more than 5 kilometres on the property. This survey identifies continuity of the corridor further to the south. The potential of the Wawa Gold Project keeps growing and we are on track to deliver a revised NI 43-101 resource for the Surluga Deposit at the end of this quarter.”
About the Gravity Survey
The gravity survey was undertaken to delineate prospective targets for gold mineralization and to trace the southern extension of the Jubilee Stock. 143 gravity readings divided into two NW-SE profiles and spaced every 50 metres were measured. The gravity data were reduced to the sea-level datum by standard reductions (Tide, drift, height, temperature, pressure, tilt, free air, buguer and terrain corrections) using a bouguer density of 2.75 g/cm3 to reflect the diorite to granodiorite rocks that constitute the Jubilee Stock.
The ground gravity survey was conducted along two traverses (L 4+00N and L 5+00N) oriented NW-SE and 2.7 kilometres apart. Line 4+00N crossed perpendicular to the Jubilee Stock at the Jubilee Gold Mine, while line 5+00N passed south of the historical workings (Figure 1).
Results of Gravity Survey
The gravity survey successfully detected both the Jubilee and Hornblende Shear Zones. Based on this association, it also detected other possible shear zones that are the most favourable host rock for gold mineralization on the Wawa Gold Project.
The gravity method mapped the Jubilee Stock by negative residual responses and confirmed the extension of the Jubilee Stock to the SW of where historic mapping defined its boundary. The direct association between the zone(s) of gold mineralization identified on the Wawa Gold Project and the Jubilee Stock indicate its importance in controlling the deposition of gold. This southerly extension of the Jubilee Stock identifies new areas for gold exploration on the property. The gravity data supports our interpretation of the extension of the Wawa Gold Corridor much further to the south and extending the potential mineralization strike length to over 6 kilometres.
Wawa Gold Project Background
Since December 2014, Red Pine's exploration work has involved the ongoing sampling of 42,000 metres of historic core that was never sampled by previous operators of the project, and exploration drilling campaigns. To date, the Company has completed over 59,000 metres of drilling and made four discoveries along the extension of the Surluga Deposit: the Surluga North Zone; the Hornblende-William Zone; the Minto Mine South Zone and; the Grace-Darwin Zone. These are part of the ‘Wawa Gold Corridor’, a gold-mineralization zone that extends for more than 5 kilometres.
Red Pine’s on-going exploration program is designed to expand the size of the existing inferred gold resource and connect the other zones of gold mineralization along the Wawa Gold Corridor. The Company issued a maiden resource for the Mint Mine South Deposit in November 20182 and plans to issue a revised NI 43-101 for the Surluga Deposit in Q2 2019.
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 60% interest in the Wawa Gold Project with Citabar LP. holding the remaining 40% interest. Red Pine is the Operating Manager of the Project and is focused on expanding the existing gold resource on the property.
For more information about the Company visit www.redpineexp.com
Or contact:
Quentin Yarie, President & CEO, (416) 364-7024, qyarie@redpineexp.com
Or Mia Boiridy, Investor Relations, (416) 364-7024, mboiridy@redpineexp.com
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)).
2NI 43-101 maiden resource of 100,000 ounces of gold at an average grade of 6.8 g/t using a cut-off grade of 3.5 g/t gold (Initial Technical Report for the Minto Mine South Property, Golder Associates Ltd. (effective Nov. 7, 2018)).
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.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/f8d0b3bb-151e-45aa-927e-449ca397e4a6
http://www.globenewswire.com/NewsRoom/AttachmentNg/3b6100ce-d12c-4e24-99e0-fef436074b44
Figure 1.
Location of survey traverses
Figure 2.
