An updated resource for Red Pine Exploration’s (TSXV: RPX; US-OTC: RDEXF) Wawa project in northern Ontario boosts the total gold resources more than 15-fold over the previous 2019 estimate. Its shares rose.
The update outlines 14.7 million indicated tonnes grading 1.8 grams gold per tonne for 842,000 oz. gold, inclusive of open pit and underground, Red Pine reported Wednesday. That represents a 1,030% increase over the 2019 resource.
Inferred resources now total 16.2 million tonnes at 1.6 grams gold for 843,000 oz. of gold, a 500% increase over the previous estimate.
“This significant increase validates the approximately 65,000 metres of strategic exploration drilling completed over the past several years,” Michael Michaud, Red Pine president and CEO, said in a release. “The updated (resource) not only shows a material increase in the size of the deposit, but it also significantly increases our confidence in the data and the quality of the deposit and reinforces our vision for a potential high-quality open pit and sizeable higher-grade underground mine.”
Red Pine shares gained 44% to 13¢ apiece on Wednesday morning, valuing the company at $24.7 million. Its shares traded in a 52-week range of 7¢ to 25¢.
October 31, 2024
October 31, 2024
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