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Red Pine Exploration Inc (3)
Symbol RPX
Shares Issued 190,711,334
Close 2024-04-02 C$ 0.235
Market Cap C$ 44,817,163
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Red Pine drills 11.53 m of 4.53 g/t Au at Wawa

2024-04-03 11:50 ET - News Release

Mr. Paul Martin reports


Red Pine Exploration Inc. has released assay results from 14 drill holes representing 5,390 metres (m) of diamond drilling from the 2023 to 2024 resource expansion program at the Wawa gold project. The drilling continues the program commenced in 2021 with a total of ("121") drill holes for ~54,800 m having now been completed and released from the current targeted program of approximately 65,000 to 70,000 metres of resource expansion drilling leading to an updated resource estimate.

Drilling Highlights:

Contained within the Jubilee Shear System (Table 1)

4.53 grams per tonne ("g/t") gold over 11.53 m, including 15.00 g/t gold over 1.14 m in SD-24-495

4.96 g/t gold over 7.87 m, including 16.50 g/t gold over 0.97 m in SD-24-490 (partial result)

3.40 g/t gold over 7.27 m, including 9.71 g/t gold over 2.04 m in SD-23-486

2.08 g/t gold over 6.32 m, including 8.16 g/t gold over 1.08 m in SD-23-481

2.19 g/t gold over 17.12 m, including 7.86 g/t gold over 2.10 m in SD-23-480

3.42 g/t gold over 10.11 m, including 9.22 g/t gold over 2.14 m in SD-23-479

Contained within the Hanging Wall of the Jubilee Shear (Table 2)

13.3 g/t over 1.22 m in SD-23-478

2.05 g/t over 6.01 m, including 5.61 g/t gold over 0.99 m in SD-24-490

Jean-Francois Montreuil, Vice President, Exploration of Red Pine commented:

"Our focused drilling campaign continues to yield positive results. The program continues to intersect gold mineralization within and away from the Jubilee Shear, the host of the current underground Surluga mineral resource Superscript 1. The latest drill results have intersected significant gold mineralization in the hanging wall of the Jubilee Shear and could contribute to reducing the stripping ratio under a proposed open pit scenario. The intersection of significant gold mineralization below the Jubilee Shear will potentially expand the resource to the north-west. Any possible open pit resource would also include gold mineralization at lower grades than the cut-off of the 2019 underground resource Superscript 1. The drill program also continues to expand the footprints of significant mineralization in the Jubilee Shear, which is expected to have a positive impact on a future resource."

Discussion of Drill Results

In the hanging wall of the Jubilee Shear, the new results:

extend the footprints of gold mineralization in the Minto B Shear;

confirm the presence multiple mineralized shear zones above the Jubilee Shear; and

confirm the presence of extensional vein network(s) spatially above the 2019 resource in the Jubilee Shear and between the new shear zones.

The on-going drilling program and the new assay results also improve the understanding of the geometry and continuity of the zones of gold mineralization located above the Jubilee Shear for their inclusion in the resource update.

In the Jubilee Shear System, the new results:

increase the size and improve the continuity of gold mineralization >= 2 g/t gold in the main segment of the Jubilee Shear and between the new shear zones; and

confirm the presence of gold-mineralized shear zones that are parallel and located below the main zone of the Jubilee Shear that is hosting the 2019 resource.

The on-going drilling program continues to widen the footprints of the mineralized system centered on the Jubilee Shear System beyond the footprints of the 2019 resource Superscript 1. It shows that mineralization of significance and with indications of continuity is present in shear zones below the Jubilee Shear.

Quality Assurance/Quality Control ("QA/QC") Measures

Drill core samples were transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.

Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.

Qualified Person

Jean-Francois Montreuil, P.Geo. and Vice President, Exploration of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region.

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