Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Red Pine Exploration (TSX-V: RPX) released new results from its 2021 drilling program at the Wawa gold project in Ontario on Thursday, announcing the discovery of high-grade gold mineralization in the Jubilee Shear Zone and the newly identified Sadowski Gold Zone.
Red Pine’s 100% owned property has hosted numerous gold mines with historic production of over 120,000 ounces, and Wawa’s two mineral deposits, Surluga and Minto Mine South. Current estimated NI 43-101 resource is 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category.
Highlights include the intersection of 4.66 g/t gold over 12.24 metres true width (TW) in the Jubilee Shear Zone, including 24.1 g/t gold over 0.68 metres (TW) and 14.68 g/t gold over 1.94 metres (TW), 440 metres down plunge of the boundary of the Surluga resource, and the discovery of high-grade gold mineralization in the newly identified 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.
“The discovery of a previously unknown network of quartz veins intersected adds credibility that the property continues to benefit from greenfield exploration”
Red Pine CEO Quentin Yarie
“The confirmation of gold mineralization in the Jubilee Shear Zone, indicated across two drill holes located 400 meters down plunge of the existing Surluga resource, further validates the company’s belief that the Jubilee Shear Zone extends to depth and hosts high-grade gold mineralization,” Red Pine CEO Quentin Yarie said in a media statement.
“The discovery of a previously unknown network of quartz veins intersected adds credibility that the property continues to benefit from greenfield exploration,” Yarie said.
Two drill rigs are active on site, concurrently drilling beneath the Surluga deposit to the north and south, and the company plans to test the property’s greenfield targets.
Red Pine stock surged as much as 10% on the news, and by midday shares had been traded over 240,000 times on the TSX, more than double the average daily volume. The company has a C$45.2 million market capitalization.
