12 Aug Red Pine Exploration stock surges on TSXV following drill results announcement
Red Pine Exploration has announced the discovery of high-grade gold mineralisation in two zones at its Wawa gold project in Ontario, Canada.
The TSXV-listed company’s 100% owned property has hosted numerous gold mines with historic production of over 120,000 ounces, along with Wawa’s two mineral deposits, Surluga and Minto Mine South.
The current estimated NI 43-101 resource is 1.3 million tonnes at 5.47 g/t gold for 230,000 ounces in the indicated category and 2.7 million tonnes at 5.39 g/t gold for 471,000 ounces in the inferred category.
Highlights from Red Pine’s 2021 drill programme include the intersection of 4.66 g/t gold over 12.24 metres true width (TW) in the Jubilee Shear Zone, including 24.1 g/t gold over 0.68 metres TW and 14.68 g/t gold over 1.94 metres TW, 440 metres down plunge of the boundary of the Surluga resource.
The company also announced the discovery of high-grade gold mineralisation in the newly identified Sadowski gold zone with the intersection of 13.95 g/t gold over 4.48 metres core length, including 29.29 g/t gold over 2.02 metres.
“The confirmation of gold mineralisation in the Jubilee Shear Zone, indicated across two drill holes located 400 meters down plunge of the existing Surluga resource, further validates the company’s belief that the Jubilee Shear Zone extends to depth and hosts high-grade gold mineralisation,” Red Pine’s CEO Quentin Yarie said.
Red Pine’s stock surged as much as 10% following the Thursday drilling announcement. By midday shares had been traded over 240,000 times on the TSX, more than double the average daily volume. The company has a C$45.2 million market capitalisation.