Red Pine Intersects 3.08 g/t Gold over 55.66 metres at its New Discovery on the Wawa Project

TORONTO, Nov. 08, 2023 (GLOBE NEWSWIRE) — Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine” or the “Company”) is pleased to report a significant gold intersection from its 2023 drilling program in the Surluga South discovery area of its Wawa project in Ontario.

The Surluga South discovery is now extending up to 500 metres down-dip from the boundary of the current mineral resource of the Surluga Deposit. The mineralized gold intersection in SD-21-302 is located at a vertical depth of 590 meters, approximately 30 metres up-dip from 25.73 g/t Au over 4.78 metres (estimated true width) intersected in hole SD-21-298A (announced on September 20, 2023).

Highlights of the 2023 Drilling Program (Tables 1 and 2, Figures 1 and 2)

• 3.08 g/t Au over 55.66 metres estimated true width (TW) in the Jubilee Shear Zone includes three higher grade intervals of:
  • 27.21 g/t Au over 3.81 metres (TW), including 95.36 g/t over 0.92 metre (TW).
  • 4.31 g/t Au over 10.10 metres (TW), including 26.64 g/t over 0.93 metre (TW) and 7.78 g/t over 0.93 metre (TW).
  • 5.98 g/t Au over 2.30 metres (TW) including 13.54 g/t over 0.75 metre.
• Visible gold observed in several holes (assays pending) completed in the Surluga South discovery, Surluga North extension and the Sadowski vein.

“The on-going drilling in our Surluga South discovery within the Jubilee Shear Zone continues to produce impressive results. The mineralized intersection in SD-21-302 indicates that thick zones of gold mineralization exist in our Surluga South discovery, and that these zones can reach an overall grade and thickness comparable to those forming the core of the current mineral resource of the Surluga Deposit.” – Quentin Yarie, President and CEO.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e180839-85a0-4d1d-9875-435bfb37a797

Current Drilling Program

As part of its on-going 2023 drilling program, Red Pine is testing the northern and southern extensions of the Surluga Deposit, and the extension of the Minto Mine Deposit beyond the footprints of their respective mineral resources. One rig is drilling at the northern end of the Surluga Deposit and the second rig is drilling at the southern end of the Surluga Deposit, testing the Minto Mine Shear Zone and the newly identified Sadowski Gold Zone. Drill production is also continuing to improve on the project and the third drill, which will initially be positioned in the Darwin-Grace-Nyman greenfield target, is scheduled to start next week.

At the southern end of the Surluga Deposit, holes SD-21-296A, 297A, 298A (respectively announced on August 12, 2023 and September 20, 2023), 302 and 305A (assays pending) have successfully intersected the Jubilee Shear Zone, up to 500 metres away from the boundary of the Surluga Deposit mineral resource. Visible gold has been observed in hole SD-21-305A (assays pending) in one quartz vein in the Jubilee Shear Zone.

Significant mineralization was intersected in hole SD-21-298A in the Minto Vein, down-dip of the Minto Mine deposit (announced on September 2, 2023). Drilling is expected to start shortly to define the size and extent of this new zone of gold mineralization.

In the Sadowski zone, visible gold was observed in a quartz vein in hole SD-21-305A (assays are pending), approximately 65 metres along strike of the Sadowski vein intersections in SD-21-296A, 297A and 298A (announced on July 19, 2023, September 2, 2023 and September 20, 2023).

At the northern end of the Surluga Deposit, the on-going drilling program indicated that the Jubilee Shear Zone extends down-dip of the current limit of the inferred resource. This is supported by the results from holes SD-21-299 and SD-21-301 (announced on September 20, 2023) that confirm the extension of gold mineralization in the Jubilee Shear Zone beyond the current inferred resource of the Surluga deposit. The Jubilee Shear Zone was also successfully intersected in holes SD-21-304, 306 and 308 (assay pending for these holes), with visible gold observed in hole SD-21-308 in two quartz veins, SD-21-303 intersected with 2.27 g/t Au over 2.73m. Assays are pending for the balance of hole SD-21-303.

Table 1 – Significant Drilling Intersections from the 2023 Drilling Program in the Surluga South discovery (includes Jubilee Shear Zone results from SD-21-298A)

* Results in zones labelled Quartz vein and Disseminated sulfides are presented as core length as they represent new mineralized zones discovered in the Jubilee Stock with an unknown geometry and exploration potential. Additional drilling is necessary to estimate the true width of those zones of mineralization.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09e7da92-c520-4fea-94fc-e8ac1c09f3cd

Table 2 – Coordinates of the Reported Holes

Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f3cd51ed-9da9-4da3-a065-24aa679e8ca7

Figure 4 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38c6622-8882-4d77-9803-533bda6b992c

On-site Quality Assurance/Quality Control (“QA/QC”) Measures

Drill core samples are transported in security sealed bags for analyses at Actlabs in Ancaster, Ontario. Individual samples are labelled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then 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

Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release’s technical information.

COVID-19 Precautions

Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees’ and contractors’ safety, thereby reducing the potential for community contact and spreading of the virus.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol “RPX”.

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. The Company’s Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com 

Or contact:

Quentin Yarie, President and CEO, (416) 364-7024, [email protected]

Or

Tara Asfour, Investor Relations Manager, (514) 833-1957, [email protected]

¹National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2023

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

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