Red Pine Exploration (TSXV: RPX) is set to have a rough day of trading after announcing this morning that it is withdrawing previously released assay results for its Wawa Gold project in Ontario.
Rather than withdraw recent results, it appears that the company is withdrawing results from the project in their entirety, stating that the technical report released for the project back in June 2023 cannot be relied upon, nor can any drill results released to date from the project.
Red Pine as a result is in the process of conducting a detailed review and comparison of assay results from the project to identify and quantify the amount of any incongruities. The company however has not indicated what specifically led to the withdrawal of the data.
An independent third part entity is said to be in the process of being retained to assist and supervise the review of technical information, and ultimately to identify and independently review the overall impact of the inconsistencies.
The Wawa Gold project is Red Pine’s flagship asset. Recent drill results released by the company had included 5.34 g/t gold over 13.39 metres, 4.53 g/t gold over 11.53 metres, and 10.43 g/t gold over 12.95 metres, among other results.
Red Pine Exploration last closed at $0.205 on the TSX Venture.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
