Red Pine Exploration (TSXV: RPX) is reporting a substantial improvement in mineral resources at its flagship Wawa Gold project in Ontario. The new estimate follows the company being forced to conduct an independent review of its assay results following the discovery that assay results had been tampered with.
The new mineral resource estimate is said to build up on an estimate released in 2019. The estimate contains both underground and open pit resources.
Highlights from the revised estimate include:
- 842,000 indicated gold ounces at a grade of 1.8 g/t
- Of which 794,000 ounces are attributed to open pit resources, and 48,000 are attributed to underground resources
- 843,000 inferred gold ounces at a grade of 1.6 g/t
- Of which 665,000 ounces are attributed to open pit resources, and 179,000 are attributed to underground resources
Mineralization within the deposit is said to be continuous to 1,200 metres down dip starting from surface, which provides for optionality between open pit and underground development scenarios.
“We are thrilled to see this increase of approximately 150% in total ounces of gold in the updated MRE. This significant increase validates the approximately 65,000 metres of strategic exploration drilling completed over the past several years,” commented CEO Michael Michaud on the results.
Red Pine Exploration last traded at $0.125 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.
