Red Pine Successfully Expands Gold Mineralization Beyond 2024 Mineral Resource Estimate and Discovers Parallel Shoot at Depth

TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to announce the results of three (3) holes for 2,793.0 metres of drilling completed as part of its fully funded 25,000 metres (“m”) drill program at its Wawa Gold Project.

Michael Michaud, President and CEO of Red Pine commented: “We are excited that our deep drilling of the Jubilee Shear has intersected what is interpreted to be a new zone of higher-grade mineralization parallel to the known high-grade shoots existing closer to surface. The initial drilling has already intersected mineralization over 500 m along the plunge of this new shoot, returning 14.90 grams per tonne (“g/t”) of gold (“Au”) over 0.92 m approximately 220 m up plunge from previous drilling that intersected 120.90 g/t Au over 0.30 m.

The Jubilee Shear consists of an envelope of lower-grade gold mineralization that is host to shallow plunging shoots of higher-grade gold. Our theory is that the high-grade shoots are related to areas of the shear zone that bend and form shallow dipping zones with greater thickness and higher grades. The recent drilling results support this theory and are being used to vector towards the center of the higher-grade shoots, as we interpret the new results to represent the edges of one these higher-grade shoots.

We are pleased that the initial drilling has already defined gold mineralization well outside of the 2024 mineral resource estimate (“MRE”) in the faulted southern extension of the Jubilee Shear, down-plunge and now in a parallel shoot at depth. We are continuing to test this newly discovered shoot up-plunge in the area beneath the mineral resource pit shell where no previous drilling has ever been completed.”

Highlights

• Drilling results confirm extension of gold mineralization in both the Jubilee & Minto Shear considering large step out drilling of over 100 m
• Discovery of a new parallel shoot at depth in the Jubilee South area
• The drilling is part of an ongoing 25,000 m drill program, expected to be completed in Q3 2025
  

Jubilee Shear (Figures 1 and 2)

• Intersection of 8.41 g/t Au over 1.67 m, including 14.90 g/t Au over 0.92 m in the Jubilee Shear, approximately 100 m up-plunge off the nearest drilling intersection (see Figure 1)
• Identification of a probable roll or shallowing in the dip of the Jubilee Shear (see Figure 2)
• Significant quartz veining observed 180 m down-dip of the intersection in SD-25-532 in SD-25-533, assays pending (see Figure 4)
  

Minto Shear (Figure 3)

• Intersection of 4.77 g/t Au over 1.00 m approximately 370 m down-dip from the boundaries of the MRE in the Minto Deposit (Figure 4)
  • Opens a new and untested area in the Minto Mine Shear
• Shallow intersection of 2.77 g/t Au over 1.34 m down-plunge of the southernmost extension of the Minto Deposit opening the zone for additional exploration toward the historical Parkhill Mine
  

Discussion of Results (Table 1 and Figures 1 to 4):

• High-grade gold mineralization intersected at depth at the southern extent of the Jubilee Shear approximately 350 m down-dip of the conceptual pit bottom
  • Red Pine’s re-interpretation of the geology in the area identified a probable roll in the dip of the Jubilee Shear
  • Similar to the shallower parts of the Jubilee Shear, the roll is interpreted to control the lateral extension of high-grade gold mineralization and suggests the presence of a new ore shoot parallel to the existing shoots in the shallower parts of the Jubilee Shear
  • This opens the Jubilee Shear below the pit-constrained mineral resource for additional drill testing and possible mineral resource expansion
• Indications of significant gold mineralization in the Minto Shear more than 350 m down-dip of the MRE and that mineralization continues beyond the southernmost extension of the Minto Deposit
  

The MRE is described in the National Instrument 43-101 Technical Report dated September 30, 2024 (with a mineral resource effective date of August 28, 2024) entitled “National Instrument 43-101 Technical Report for the Wawa Gold Project” (the “2024 Technical Report”).

Table 1 Drilling results from the 2024-2025 drilling program

*Intercepts are calculated using a 0.40 g/t Au cut-off and a maximum of 6.0 m of internal dilution with no capping applied and are reported over core lengths. True widths are estimated to vary between 50 to 95% of the reported core length. The reported assays results represent 1,825,47 m of assayed core from the 2024-2025 drilling program.

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

Drill core samples are transported in security sealed bags for analyses to 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 shipped. NQ and HQ core assays were obtained by 50-gram fire-assaying-AA finish or by 1-kilogram screen fire assay. The 1-kilogram screen assay method is selected for samples anticipated to contain coarse gold and when the fire-assay-AA finish return results greater or equal to 2.25 g/t Au. The residual coarse reject portions of the samples remain in storage for a minimum 90-day period if further work or verification is needed.

As part of its QA/QC program, Red Pine inserts external gold standards (low- to high-grade) and blanks every 20 samples and routinely insert blanks immediately after samples with visible gold. Quarter core duplicates are routinely inserted to evaluate the natural variability of gold mineralization. Assay certificates are sent to at least three members of the senior management team, and they are directly accessible from the WebLIMS portal of Actlabs. Approximately 5% of the pulps and coarse rejects analyzed at Actlabs are sent to Bureau Veritas in Vancouver for umpire testing.

Table 2 – Drill hole location

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. The Company’s land package hosts numerous historic gold mines and is over 7,000 hectares in size. Red Pine is building a strong 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:

Michael Michaud, President and Chief Executive Officer, at (416) 364-7024 or mmichaud@redpineexp.com
Or

Manish Grigo, Director of Corporate Development, at (416) 569-3292 or mgrigo@redpineexp.com

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.

Cautionary Note Regarding Forward-Looking Information

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance.

Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information contained in this news release includes, but may not be limited to, statements regarding the theory that the Jubilee Shear’s shallow plunging shoots of higher-grade gold are related to areas of the shear zone that bend and form shallow dipping zones with greater thickness and higher grades; the Company continuing to test the newly discovered shoot up-plunge in the area beneath the mineral resource pit shell; the Company completing the 25,000 m drill program in Q3 2025; the potential presence of a new ore shoot parallel to the existing shoots in the shallower parts of the Jubilee Shear; and the possible mineral resource expansion of the Jubilee Shear below the pit-constrained mineral resource. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Such opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are: the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and weather, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance.

This information contained in this news release is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including the Company’s financial statements and related MD&A for the year ended July 31, 2024, and the interim financial reports and related MD&A for the period ended January 31, 2024, April 30, 2024 and October 31, 2024, filed with the securities’ regulatory authorities in certain provinces of Canada and available at www.sedar.com. 

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Figure 1 - 3D view of Jubilee and Minto deposits
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02b85436-1fe3-475d-b5dd-12eb3a79d0c3.

Figure 2 – Cross section of Jubilee shear showing higher-grade shoots related to shallow dips
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7e85b4b-df82-4bf6-8976-675f1025999c.

Figure 3 - Longitudinal section of Minto deposit
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5e40e36-3a58-49e2-8237-c05ae552ff08.

Figure 4 – Photograph of section of hole SD-25-533 showing significant quartz veining observed 180 m down-dip of the intersection in SD-25-532, assays pending.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45f72922-1e32-4a2d-9371-b7250aa39b9f.