Red Pine Updates on its 2022 Phase 1 Drill Program – Expands Drill Program

Red Pine Exploration Inc. plans to significantly expand its exploration program into 2022. Highlights of the 2022 Phase 1 exploration program include:

  • Expansion of the contractor drill fleet from 2 to 4 on-site operators.
  • Approximately 60% of the program will focus on areas which have the potential to expand the current Surluga and Minto South resources.
  • Approximately 40% of the program will focus on our priority greenfield targets which were not tested in 2021: Grace-Darwin, Hornblende Shear Zone and the Sadowski Zone.
  • The Phase 1 drill program is targeted to be complete by the third quarter 2022 and span up to 25,000 metres of anticipated drilling.
  • Phase 1 of Red Pine’s exploration program is fully funded.

“Our 2021 drill program has positively set the table for an expansion of the drilling program into 2022,” said Quentin Yarie, CEO and President of Red Pine Exploration. “As always, we take a holistic approach to our exploration programs and results will dictate and adjust this dynamic program. We also expect that this program, and the expected follow-on Phase 2 program, should put the Company in a position to consider an update of the resource in the future. The current NI 43-101(1) compliant resource contains 1,307,000 tonnes at 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes at 5.39 g/t gold for 471,000 ounces in the inferred category, with 90% contained in the upper 300 metres.”

Figure 1: Property Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/44f2836a-3059-446f-b2da-945e0b4fb0fd

The 2021 highlights below include systematic drill results proving gold mineralization extension beyond the footprint of Red Pine’s current resources:

  • 3.08 g/t gold over 55.66 metres true width (TW) extending gold mineralization more than 500 metres down-dip from the boundary of the current mineral resource of the Surluga Deposit.
  • 25.73 g/t gold over 4.78 metres true-width (TW) including 41.73 g/t gold over 1.93 metres (TW) in the Jubilee Shear Zone.
  • Intersected grade gold 400 metres down-plunge of the Surluga Deposit (>550 metres vertical depth), 4.66 g/t gold over 12.24 metres (TW) in the including 24.10 g/t gold over 0.68 metres (TW) and 14.68 g/t gold over 1.94 metres (TW).
  • Intersected high-grade gold in the Minto Vein, 109.37 g/t gold over 2.68 metres (un-cut and TW) including 314 g/t gold over 0.84 metres.
  • Discovered near surface high-grade Sadowski Gold Zone, with the intersection of 13.95 g/t gold over 4.48 metres core length (CL) including 29.29 g/t gold over 2.02 metres (CL).

Figure 2: Long Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/2c415452-fd67-4c50-a16f-fb88d4d07518

Warrant Exercise Update

Further to the Company’s press release of January 4, 2022, the Company has been notified by its transfer agent that an additional 517,135 warrants had been exercised prior to their expiry on December 31, 2021 for proceeds of an additional $0.26 million.