InvestmentPitch Media Video Discusses Red Pine Exploration's Announcement of a New Mineral Resource Estimate for the Surluga Gold Deposit at its Wawa Gold Project in Ontario - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 14, 2019) - Red Pine Exploration (TSXV: RPX) has updated their previous NI 43-101 resource estimate filed in 2015 for the Surluga Deposit at their Wawa Gold Project in Northern Ontario. The new resource estimate was evaluated for a higher-grade underground mining scenario versus the previously reported lower-grade open pit model with grades increasing from an inferred 1.71 grams per tonne gold in 2015, to 5.31 grams per tonne indicated and 5.22 grams per tonne inferred in the updated estimate. The new NI 43-101 also states that 95% of the contained gold ounces of both the Surluga and the adjacent Minto Mine South deposits are located from surface to 350 meters depth and both are open at depth and all directions.
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The Wawa gold project comprises a large, 6,519-hectare property located 2 kilometers outside the town of Wawa in the prolific gold mining area in Northern Ontario, home to several of Canada's largest current and past producing gold mines.
The new resource estimate for the Surluga Deposit now stands at 205,000 ounces gold Indicated - from 1,202,000 tonnes at 5.31 grams per tonne, and 396,000 ounces Inferred - from 2,362,000 tonnes at 5.22 grams per tonne. Both reported at a 2.7 grams per tonne cut-off. The previous 43-101 from 2015 was an Inferred Resource of 19,820,000 tonnes at 1.71 grams per tonne at a 0.4 grams per tonne cut-off.
The new resource model represents a significant increase in grade, quality and continuity of the gold zones at Surluga as high-grade, underground mining model. The new 43-101 technical report conducted by Golder Associates includes both resource estimates identified to date on the Wawa Gold Project, the updated Surluga and the previously announced Minto Mine South resource estimates. The two deposits together are estimated to contain approximately 230,000 ounces Indicated and 471,000 ounces Inferred at grades exceeding 5 grams per tonne.
Quentin Yarie, President and Chief Executive Officer of Red Pine stated, "One year ago, we began a strategic optimization of the gold assets at our Wawa Gold Project. This new resource estimate speaks to the un-tapped potential of the gold deposits on the property. With our 59,000 metres of diamond drilling and the development of a robust geological model, we have significantly improved the quality, grade and the continuity of the high-grade gold zones identified so far, at the Wawa Gold Project. The new resource also highlights the fact that we've only 'scratched the surface' at Wawa. The Surluga and Minto Mine South deposits are estimated to contain approximately 230,00 ounces of Indicated and 471,000 ounces Inferred Mineral Resources at grades over 5 g/t, between surface and 350 metres depth."
"Other gold deposits in Canada and around the world typically extend to vertical depths exceeding 2 kilometres. The down-dip extensions of the Minto Mine South and Surluga deposits, below 350 metres vertical depth, remain open for expansion. Additionally, the numerous gold-bearing structures identified on the property, some of them hosting historic gold mines, are under-explored. The underground workings of the historic Surluga and Jubilee mines access most of the Surluga Deposit resource. This will facilitate any potential underground development plan, and the short distance between the Minto Mine South Deposit and the Surluga Deposit, outlines the potential synergies for the future development of those gold deposits."
For more information, please visit the company's website www.redpineexp.com, or contact Quentin Yarie, President & CEO at 416-364-7024, or email firstname.lastname@example.org. Investor relations is handled by Mia Boiridy, who can be contacted at 416-364-7024, or by email at email@example.com.
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