RCKS Talk

23-Apr-2019

Red Pine Exploration Inc

New Zones Bode Well for Growth

Impact: Mildly Positive

Drill results from Red Pine reveal additional gold zones in the vicinity of its Surluga deposit within its Wawa Gold Project. This bodes well for the growth potential of the deposit beyond the upcoming resource estimate. We continue to believe the Wawa Gold Corridor hosts a large gold system and that Red Pine is positioned to deliver multiple gold discoveries.

Highlights:
  • Infill drilling continues to validate geological model. Much of Red Pine’s 2018 drilling program was focused on testing gaps within the Surluga deposit where the current model suggests additional mineralization could exist. The most recent set of results continue to validate Red Pine’s model with infill hole SD-18-236 returning 5.8m at 4.8 g/t Au (Figure 1).
  • Updated Surluga resource imminent. Following the completion of their 2018 drilling program, Red Pine is on track to deliver an updated resource estimate for Surluga in Q2 2019. This upcoming resource will likely see a change in scope from the low-grade pit constrained resource (1.09Moz at 1.71 g/t Au) defined in 2015 to a higher-grade, but potentially smaller resource amenable to mechanized underground mining methods such as long hole open stoping. We note that much of the Surluga deposit is proximal to historic workings which could help reduce future development costs of an underground operation.
  • New zones continue to be discovered. Red Pine continues to discover new zones outside of its modeled envelope with additional drilling. Hole SD-18-256 returned 6.5m at 3.2 g/t Au from a newly discovered near-surface structure and Hole SD-18-253 returned 3.2m @ 3.5 g/t Au at depth beneath the Jubilee Shear Zone which hosts the Surluga deposit. These results speak to the exploration upside and growth potential of the deposit.
 
Valuation:
Red Pine continues to trade at a discount to peers (US$13/oz AuEq versus peers at US$38/oz AuEq). We note that the company is well funded, and we expect the coming resource update should help close Red Pine’s valuation gap to peers. Upcoming catalysts include 1) Updated Surluga Resource estimate in Q2 2019

05-Mar-2019

Red Pine Exploration Inc

Results Point to Third Ore Shoot

Impact: Positive

Red Pine has announced some of the best drill intercepts we have seen from its Wawa Gold Project, which point to the emergence of a potential third ore shoot on the fringes of the current resource envelope. We continue to believe the Wawa Gold Corridor hosts a large gold system and that Red Pine is positioned to deliver multiple gold discoveries.

Highlights:
  • Potential third ore shoot. Hole SD-18-255 returned 10.6g/t Au over 12.7m on the margins of the Surluga resource envelope. This intercept occurs in the vicinity of a high-grade interval reported on September 13th from previously unsampled historic core which returned 1.74m grading 22.8g/t Au. Overall, results point to a possible third ore shoot emerging above (or up dip) the two main shoots defined to date which should be additive for the upcoming resource estimate expected in Q2 2019.
  • High grade shoots appear to be coalescing and growing. Holes SD-18-251 (2.9m grading 4.0 g/t), SD-18-254 (6.3m grading 2.1 g/t) and SD-18-258 (3.1m grading 5.2 g/t) targeted gaps within or down plunge extensions of the high grade (3 g/t Au cut-off) resource envelope at Surluga. These holes returned grades and widths amenable to bulk underground mining methods and further validate the company’s structural model.
  • Surluga resource update on the way. The upcoming Surluga resource update expected in Q2 2019 will be designed with a bulk underground mining operation in mind, given vein thickness have ranged between 3m to 30m at grades above 3 g/t Au. We note that much of the Surluga deposit is proximal to historic workings which should help reduce future development costs of an underground mining project at Surluga.
Valuation:

Despite ongoing exploration success Red Pine trades at US$17/oz AuEq versus peers at US$39/oz AuEq . We note that the company is well funded with roughly C$5M – continued exploration success should close the valuation gap to peers. Additionally, we view the eventual consolidation of the projects ownership structure to likely be a major catalyst for Red Pine. Upcoming catalysts include 1) Pending assay results for 23 holes completed at Surluga 2) Updated Surluga Resource estimate in Q2 2019 

 

04-Mar-2019

Red Pine Exploration Inc

Results Point to Resource Expansion

Impact: Mildly Positive

Drilling results announced by Red Pine at Surluga continue to validate the company’s geological model and bode well for the Surluga resource update expected in Q2 2019. We continue to believe the Wawa Gold Corridor hosts a large gold system and that Red Pine is positioned to deliver multiple gold discoveries.
Highlights: 

  • Results additive to existing mineralized footprint. Delineation drilling has intersected high grade zones highlighted by 42.2g/t Au over 2 m (true width) within a wider interval running 3.7g/t Au over 34.6m (true width). These drill holes targeted previously unexplored gaps within the deposit and confirm the company’s understanding of structural controls. As these latest results occur outside the current high grade (3 g/t cut-off) resource envelope at Surluga, they should be additive to the resource update expected in Q2 2019E.
  • Gap zones proximal to existing infrastructure. The reported high-grade intervals are proximal to the existing underground infrastructure of the historic Surluga and Jubilee mines. This should help mitigate future capital costs for an underground operation at Surluga. Moreover, with ore zones typically the range of thicknesses from 3m to 30m, we envision cost effective bulk underground mining methods being applied.
  • Upside Above and Below. This last batch of drilling results included 1.2m @ 8.3 g g/t Au returned from the hanging wall of the Surluga deposit. This intercept is believed to represent the extension of the Minto B Shear and hints at the potential for discovering additional structures both in the hanging wall and footwall of the Surluga Deposit. We note that Red Pine has barely begun to test for such additional structures at Surluga but we favor their chances of discovering and growing new ore zones given their improved understanding of this gold system.
Valuation:
Despite ongoing exploration success Red Pine trades at US$12/oz AuEq versus peers at US$40/oz AuEq . We note that the company is well funded with roughly C$5M – continued exploration success should close the valuation gap to peers. Additionally, we view the eventual consolidation of the projects ownership structure to likely be a major catalyst for Red Pine. Upcoming catalysts include 1) Pending assay results for 23 holes completed at Surluga 2) Updated Surluga Resource estimate in Q2 2019 

 

13-Feb-2019

Red Pine Exploration Inc

Surluga Results Bode Well for Update

Impact: Positive

Drilling results announced today by Red Pine at Surluga validate the company’s geological model and suggest the company is on track for Surluga resource update in Q2 2019. We continue to believe the Wawa Gold Corridor hosts a large gold system and that Red Pine is positioned to deliver multiple gold discoveries.

Highlights:
  • More good grades/widths from Surluga. Red Pine continues to demonstrate drilling success at Surluga – this bodes well for the upcoming resource update. Hole SD-18-241 targeted gaps within the resource envelope and returned 4.9g/t Au over 16.3m and so should be additive. Infill Hole SD-18-235 was confirmatory, returning 1.9g/t Au over 38.5m where expected within the deposit.
  • Results validate model. Continued drilling success at Surluga and Minto South suggests Red Pine’s improved understanding of controls on mineralization is paying dividends. Importantly, these insights could be applied in the future to more efficiently grow resources both at Surluga and Minto South and at other emerging high-grade structures, such as the Hornblende Zone or the recently identified Cooper Structure.
  • Surluga resource update on the way. We expect the upcoming Surluga resource update expected in Q2 2019 to be designed with a bulk underground mining operation in mind, given vein thicknesses have ranged between 3m to 30m at grades above 3 g/t Au. We note that much of the Surluga deposit is proximal to historic workings which should help reduce future development costs of an underground mining project at Surluga.
Valuation:
Red Pine trades at US$11/oz AuEq versus peers at US$38/oz AuEq, despite ongoing exploration success. We note that the company is well funded with roughly  C$5M in cash to fund its ongoing drill program and we expect ongoing exploration success to close the valuation gap to peers. Additionally, we view the eventual consolidation of the projects ownership structure to likely be a major catalyst for Red Pine. Upcoming catalysts include 1) Results from ongoing drilling in addition to results expected for 40 holes with assays pending at Surluga 2) Updated Surluga Resource estimate in Q2 2019 

 

07-Feb-2019

Red Pine Exploration Inc

Another High-Grade Structure

Impact: Positive

Today Red Pine announced that it has identified a new high-grade structure – the Cooper Structure – 1km east of its Surluga Deposit. These results continue to support our view that the Wawa Gold Corridor hosts a large gold system which encompasses multiple gold deposits.

Highlights:
  • New target identified at the Cooper Structure.
    Red Pine’s channel sampling across the Cooper Structure returned 27 g/t Au over 0.31 metres within 8 g/t Au over 2.2m. Importantly, historic drilling in the 1980s returned 10.90 g/t Au over 4.39m down-dip of the channel sample. Furthermore, small scale mining of the structure in the 1930s yielded 4400 tonnes at 11.4 g/t Au. While early days, the Cooper structure appears to present yet another compelling drill target within the Wawa Gold Corridor.
  • Wawa Gold Corridor – More to Come.
    The Cooper Structure occurs 1 kilometer east of the northernmost extension of the Surluga Deposit (resource update expected in Q2 2019) and 2.8 kilometers northeast of the Minto South Deposit (Inferred & Indicated Resource 100Koz at 6.8 g/t Au). While these two deposits remain open for expansion several prospective structures remain to be drill-tested in footwall and hanging wall zones (i.e. Hornblende Structure, the William Shatner, etc.). Today’s high-grade channel sample results from the Cooper Structure underline the potential for further discoveries within the Wawa Gold Corridor.
  • Decoding structural controls. We note that Red Pine has identified geological/structural similarities between the Cooper Structure and the Minto Mine South Structure. We believe that as Red Pine’s understanding of structural controls at play within the Wawa Gold Corridor have improved, future drilling should become more efficient and effective at delineating resources across the various structures/prospects defined within the property to date.
Valuation:
Red Pine continues to trade at a discount to peers (US$9/oz AuEq versus peers at US$39/oz AuEq). We note that the company is well funded with over C$5M in cash to fund its ongoing drill program. Upcoming catalysts include 1) Results from drilling in addition to results expected for 23 holes drilled at Surluga 2) Updated Surluga Resource estimate in Q2 2019 

 

18-Jan-2019

Red Pine Exploration

Beefing up Resources at Wawa

Impact: Mildly Positive

With promising deposits at both Minto South and Surluga, Red Pine’s drilling continues to de-risk Surluga while also pointing to growth beyond current resources. Today’s results support our view that the Wawa corridor hosts a large gold system which may encompass multiple gold deposits.


Highlights:
  • Surlaga deposit model holding up under scrutiny. Red Pine infill Hole SD-238 encountered thicker mineralization than predicted by the current resource model and returned 12.6m (true width) at 4.33 g/t Au. Similarly, holes SD-237 and SD-239 encountered mineralization as predicted by the Surluga model at grades and widths in line with expectations: 2.41m @ 6.26 g/t Au and 3.76m @ 1.69 g/t Au, respectively. Assay results for 42 infill holes are pending at Surluga and we expect them to validatie the current model in addition to identifying zones with growth potential.
  • Upside within the Jubilee Shear Zone. Hole SD 18-238 intercepted mineralization in the footwall of the Jubilee Shear Zone returning 1.74m @ 5.31 g/t Au within the Surluga Road Shear Zone plus 5.9m @ 0.67 g/t Au from a newly discovered structure at 293m downhole. Although not economic, this latter intercept highlights potential for discovery of new structures at depth, where further drilling may well vector to better grades.
  • Let’s not forget Minto South. Following the Minto South maiden resource (100 koz at 6.8 g/t), hole SD-18-219 has identified a new high grade zone in the Minto South hanging wall which returned 1.2m @ 17.66 g/t Au. We note that the current Minto South resource accounts for only 20% of the mineralized structure at Minto South and we expect further drilling to shed light on additional upside at this emerging deposit.
Valuation:
Red Pine continues to trade at a discount to peers (US$9/oz versus peers at US$32/oz). We note that the company is well funded and is undertaking a 23km drill program in 2019. We believe ongoing exploration success and a resolution to projects ownership should drive a re-rating. Upcoming catalysts include 1) Pending assay results (Q1/19) and 2) Updated Surluga Resource estimate (Q2/19).

03-Jan-2019

Red Pine Exploration Inc

Moving Forward at Wawa

Impact: Mildly Positive

Following its maiden resource of 100 koz at 6.8 g/t at its Minto South project, Red Pine is now filling in the gaps at its larger Surluga project alongside high grade discoveries at Minto South demonstrating its potential for future growth across its projects. The results support our view that the Wawa corridor hosts a large gold system which may encompass multiple gold deposits.

Highlights:
  • Continued success of Surluga infill drilling bodes well. RPX announced 2.9m at 32 g/t Au and 1.9m at 6.5 g/t Au from ongoing infill drill program at Surluga targeting gaps within the existing Surluga resource envelope (Figure 1). The results validate Red Pine's structural model and suggest drilling is increasingly becoming more predictive. This should bode well for future drilling results and may cause incremental expansion of the Surluga deposit.
  • Surluga's future increasingly underground.
    As new drill data is incorporated, it looks increasingly like the Surluga deposit may be amenable to bulk underground mining given vein thicknesses of 3m to 30m and grades above 3 g/t Au. We note that the Surluga deposit occurs in the vicinity to historic underground workings, which could lessen capital costs for future mining operations.
  • Plenty of Upside left. Drilling within the Minto Stockwork at Minto South has led to discovery of two high grade quartz veins returning 1.0m at 16.5 g/t Au and 1.1m at 14.1 g/t Au. We note that Red Pine announced a maiden resource at Minto South in Q4 2018 (Figure 2) which only covered 20% of the Minto South structure. These results highlight the potential for expansion of the Minto South resource and potential for discovery of new zones at Minto South and on the numerous other structures within the Wawa Gold Corridor which have seen limited drilling.
Valuation:
Red Pine continues to trade at a discount to peers (US$8/oz versus peers at US$33/oz) due to ongoing uncertainty regarding ownership structure. We note that the company is well funded with over C$5M in cash and continues to drill. Upcoming catalysts include (i) Results from ongoing drilling program in addition to results expected for 23 holes drilled at Surluga (ii) Updated Surluga Resource estimate in Q2 2019 

 

16-Nov-2018

Red Pine Exploration Inc.

A Step in the Right Direction

Impact: Positive

Red Pine has announced a maiden resource estimate of 100Koz gold grading 6.8 g/t at their Minto South project. The size of the resource is modest, however, the likelihood of resource expansion with more drilling at Minto South is good given that it is open in all directions. Moreover, we believe that Red Pine’s efforts to better understand structural controls on mineralization within the Wawa Gold Corridor are beginning to pay dividends. As a result, we expect future drilling may more effectively target high grade shoots both at Minto South and Surluga. The results support our view that the Wawa corridor hosts a large gold system which may encompass multiple gold deposits.

Highlights:
  • Maiden high-grade resource at Minto South. The maiden resource includes 25Koz Au (105Kt grading 7.5 g/t) in the Indicated category and 75Koz Au (354Kt at 6.6 g/t) in Inferred (Figure 1). Mineralization at Minto South occurs within narrow, high-grade veins and shears which occur outside of the Surluga resource envelope.
  • Minto South resource just the beginning. Exploration to date suggests that mineralization remains open along strike and down plunge. In addition, additional mineralized zones, both within the Minto South shear and in parallel footwall structures to the west have been identified which require follow up drilling. Potential exists to expand resources five-fold at Minto South - the company is guiding to a conceptual resource target of 250-750koz Au (1.5-2.4Mt) grading 5-10g/t.
  • Minto South, starter kit for larger mine? Red Pine hints that it may evaluate a bulk sampling or small-scale mining scenario at Minto South. Presumably, cash flows generated by mining high grade zones within the Minto South deposit could potentially assist in funding a larger mining operation at Surluga. 
Valuation:
We continue to believe ongoing uncertainty regarding Red Pine’s ownership structure is causing the company to trade at a steep discount to peers (US$13/oz vs. peers at US
$33/oz). We also believe that the market fails to recognize the exploration upside demonstrated by drill results to date
Upcoming catalysts are expected to include, 1) Ongoing exploration results and 2) Updated Surluga Resource (H1/19)

 

30-Oct-2018

Red Pine Exploration Inc.

Impressive Results Validate Geological Model

Impact: Positive

We continue to believe that the market fails to appreciate the potential size, scope and strategic value of this land package. Red Pine Exploration announced the intersection of additional wide zones of high-grade gold at the Surluga deposit, which follows recent high-grade intercepts announced last week . These holes targeted the Jubilee Shear and intersected underground ore grade gold mineralization over significant widths, which continues to support our thesis that the Wawa corridor hosts a large gold system which may encompass multiple gold deposits.

Highlights:  

  • Fill the gaps. Red Pine drilled 5.13 g/t over 13.4m (true width), within a wider interval of 3.53g/t Au over 24.4m (SD-18-229). These results should have a positive impact on the upcoming resource estimate for Surluga as the company fills gaps in the existing resource. With a second rig currently being mobilized on the property, we can expect more results from the company as it drills untested portions of the existing resource model.
  • Drilling validates geological model at Surluga. These most recent results at Surluga validate Red Pine’s geological model, and demonstrate the company’s understanding of the controls on the mineralization. We believe potential exists (i) to convert waste to ore as additional gaps are drilled and (ii) to expand resources at Surluga as down-plunge extensions are drilled.
  • Wawa Corridor coming together. Consistent ore grade drill intercepts reported for Minto South and Surluga suggest the company is on track to deliver its maiden Minto Mine South Zone resource estimate in Q4/18 and updated Surluga Deposit resource estimate in H1/19. We note that a number of other zones and structures have been identified within the Wawa Corridor and that resources are likely to continue to grow.
Valuation:
Discounted valuation reflects ownership structure and not the significant exploration potential that we see.  Red Pine trades at a steep discount to peers (US$14/oz vs. peers at US$41/oz), due to uncertainty surrounding its ownership structure. It would appear that the market fails to recognize the exploration upside and we believe the pending resource updates could provide the company renewed momentum. Upcoming Catalysts include 1) Minto South maiden resource (Q4/18) and 2) Surluga resource update (H1/19).
24-Oct-2018

Red Pine Exploration Inc.

Wawa Wows with Grade and Thickness

Impact: Positive

Red Pine Exploration announced wide high-grade intercepts from the Surluga Deposit, which follows recent positive results from the nearby Minto South Zone . These results continue to support our thesis that the Wawa corridor (Figure 1) hosts a large gold system which may encompass multiple gold deposits. We continue to believe that the market fails to appreciate the potential size, scope and strategic value of this land package.

Highlights:
  • Mind the gaps. Red Pine drilled 3.5 g/t over 32.8m (true width), including 4.99 g/t over 17.6m (SD-18-228) and 27.3m (true width) over 1.0 g/t (SD-18-230). These holes targeted gaps within the existing resource model that were previously untested and assigned zero grade. These results should have a material positive impact on the upcoming resource estimate for Surluga, as waste blocks are converted to ore. 
  • Drilling validates Red Pine’s structural model at Surluga. While previous operators were focused on down-dip extensions of stacked shear zones at Surluga, Red Pine has shifted focus to high grade shoots plunging to the southeast within the shears. These most recent results at Surluga validate Red Pine’s structural model and demonstrate potential (i) to convert waste to ore as additional gaps are drilled and (ii) to expand resources at Surluga as down-plunge extensions are drilled.
  • Wawa Corridor slowly coming together. Consistent ore grade drill intercepts reported for Minto South and Surluga suggest the company is on track to deliver its maiden Minto Mine South Zone resource estimate in Q4/18 and updated Surluga Deposit resource estimate in H1/19. We note that a number of other zones and structures have been identified within the Wawa Corridor and that resources are likely to continue to grow.
Valuation:
Discounted valuation reflects ownership structure and not the significant exploration potential that we see.  Red Pine trades at a steep discount to peers (US$14/oz vs. peers at US$41/oz), due to uncertainty surrounding its ownership structure. It would appear that the market fails to recognize the exploration upside demonstrated by ongoing drill results. We believe that the pending resource updates could provide the company renewed momentum. Upcoming Catalysts include 1) Minto South maiden resource (Q4/18) and 2) Surluga resource update (H1/19). 

10-Oct-2018

Red Pine Exploration Inc.

Minto South Resource Incoming

Impact: Mildly Positive

Red Pine Exploration announced results from 19 holes at its Wawa Gold Project, 2 km west of Wawa, Ontario. Drilling continues to test the southern extension of the Minto Mine South Zone ahead of the resource update for the zone, which is expected Q4 2018. The high-grade drill results continue to support our thesis that the Wawa corridor hosts a large gold system where we see the company building a high-grade underground resource.

Highlights:
  • Results validate structural interpretation. The company highlighted 3.3g/t Au over 15m including 9.93g/t Au over 2.9m (SD-18-223), testing extensions of Minto South. Continued drilling success at Minto Mine South Zone continues to validate Red Pine’s structural interpretation of this zone. We note that the Minto Mine Shear Zone remains open down plunge to the south and has potential to host a second shoot up-dip of the existing mineralized zone. 
  • The pieces are coming together. Results continue to reflect our view that the multiple mineralized zones at Wawa are part of a larger gold system, where the company is slowly building a high-grade resource within the prospective Wawa Gold Corridor. 
  • Maiden resource expected shortly. The company is continuing its 30,000m drilling campaign leading up to its Q4/18 maiden NI 43-101 resource on the Minto Mine South Zone.We expect a PEA and revised NI 43-101 resource on the Surluga Deposit in H1/19. 
Valuation:
We continue to believe that the current uncertainty regarding Red Pine’s ownership structure is causing the company to trade at a steep discount to its peers (US$15/oz vs. peers at US$39/oz). We also believe that the market fails to recognize the exploration upside demonstrated by ongoing drill results. While ongoing drilling is likely to be a positive for the stock, we view the pending resource update as a catalyst that could provide the stock renewed momentum.Upcoming catalysts are expected to include, 1) Minto Mine South Zone Maiden Resource (Q4/18), 2) Updated Surluga Resource (H1/19) and 3) Ongoing Exploration results.  

24-Sep-2018

Precious Metals Commentary

Is it 2015 Again? Precious Metals Appear Poised for a Rally

This summer has not been pleasant for mining company share prices or for those of us that are invested in them. Falling commodity prices combined with excitement in other sectors has resulted in apathy towards mining companies in general. Recently, there has been a glimmer of hope with significant exploration results from GT Gold (TSXV:GTT) and RNC Minerals (TSX:RNX) that has driven each company’s share price significantly higher. One of the indicators that we follow, that we consider to be a reasonable indicator of bearish/bullish sentiment is the Gold/Silver Ratio, which is currently at a 2-year high.

  • Gold/Silver Ratio is at 83.6, levels not seen since early 2016, which was a precursor to a rally in precious metal prices and a significant rally for precious metals equities (Figure 1)
  • The last rally started in large cap names, but migrated quickly down cap, with the largest returns coming from the smallest names (Figure 2 & 3)
  • We think companies that have continued to deliver good results over the last few months without a corresponding rally in the share price are likely poised to outperform. Names that we think fit this profile:
    • Brixton Metals (TSXV:BBB)
    • NxGold (TSXV:NXN)
    • Red Pine Exploration (TSXV:RPX)
    • Amarillo Gold (TSXV:AGC)
    • Lupaka Gold (TSXV:LPK)
    • Orford Mining (TSXV:ORM)
    • Lion One Metals (TSXV:LIO, ASX:LLO)
It is always important to highlight, that while we believe a rally is likely coming, the timing of that rally is always uncertain. However, mining is a cyclical business and we believe we are very close to the bottom, suggesting now is a good time to get positioned for the pending rally.

13-Sep-2018

Red Pine Exploration Inc.

More High-Grades from Historic Assays

Impact: Mildly Positive

Red Pine Exploration announced additional results for historic holes sampled as part of its 2018 Historic Core Sampling Program at its Wawa Gold Project, located in Wawa, Ontario. The goal of the historic program is to convert gaps in the historic resource, where drilling exists but the core was not assayed.

  • This set of results were highlighted 22.8g/t Au over 1.74m (S287) in the Surluga Deposit, which continues to highlight the high-grade nature of the shear zones and aligns well with the company’s revised plan of operating a higher-grade underground mine. Figure 1 shows the holes released in this update and the grade x meter increase for the holes
  • Historic core sampling now totals 42,000m since December 2014 and continues to add gold to both the Jubilee Shear Zone and Surluga Deposit, which we expect is likely to have positive impacts to the projects resource base to be defined in the planned resource update for Surluga
  • We note that since April 2018, ~15.5M share purchase warrants have expired with only ~375k expiring in the money. We view this positively as it improves the company’s capital structure. We note that the next significant set of warrants expire in February 2019 with 9.25M at C$0.066 and 5.3M at C$0.132 and 3.4M at C$0.135
Red Pine currently trades at a steep discount to peers (C$19/oz vs. peers at C$49/oz), valuation does not reflect the exploration upside that continues to be demonstrated by ongoing drill results. While ongoing drilling is likely to be a positive for the stock, we view the pending resource update positively and is likely to provide investors clarity on the path forward.

14-Aug-2018

Red Pine Exploration Inc.

Surluga Drilling Intersects 27.9m of 3.13g/t Gold

Impact: Positive

Red Pine Exploration has announced the results of sixteen additional holes at its Wawa Gold Project as a part of its drill program designed to in fill gaps in the Surluga and Minto Mine South Zone.
  • Drilling in the near-surface extension of the historic Jubilee Mine at the Surluga Deposit returned results of: 3.13g/t Au over 27.9m, including 37.3g/t over 1.1m (SD-17-172), 1.77g/t Au over 32.6m (SD-17-170) and 2.12g/t over 14.1m (SD-18-176)
  • A new gold zone was discovered in the footwall of the Surluga Deposit with hole SD-17-172 returning 7.74g/t Au over 2.9m, which is a positive development for the company as high-grade gold mineralization has been primarily intersected in the hanging wall and shear zone
  • Drilling continues to fill gaps in the Surluga Deposit with high-grade mineralization and the company is working to target strategic gaps in the existing database in order to maximize the impact of the program on the upcoming resource
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$51/oz), valuation does not reflect the exploration upside we believe the property has, or the likely re-rating should the current project ownership structure be cleaned up.

08-Aug-2018

Red Pine Exploration Inc.

Resampling Results Suggest Current Resource May Be Understated

Impact: Mildly Positive

 

Red Pine Exploration has received partial assay results for 135 holes from historic drill core from the Wawa Gold Project, which the company is sampling as a part of its 2018 sampling program.
  • Red Pine has received assays for 7,600 of the 11,000m of core logged this year, where 51% of sampled holes returned grades greater than 0.1g/t Au
  • Sampling highlights include: 8.78g/t Au over 2.28m at the Surluga Deposit (U0728L5) 9.36g/t gold over 0.7m (S174W), 2.31g/t gold over 4.88m (U0645L5), 1.55g/t gold over 3.8m (U0683L5)
  • Previously, all unsampled cores were assigned a gold value of zero, removing any ability for extrapolation in those areas of the deposit; subsequently, the results of this sampling are likely to have a positive impact on any future resource model as 51% of holes in these unsampled areas have returned non-zero gold values
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$50/oz), valuation does not reflect the exploration upside we believe the property has, or the likely re-rating should the current project ownership structure be cleaned up.

 

12-Jul-2018

Red Pine Exploration Inc.

New Zone Discovered at Wawa Gold Project

Impact: Mildly Positive

Red Pine Exploration has announced results from 22 new holes drilled at its Wawa Gold Project as a part of its 30,000m 2017-2018 drill program and has discovered a new mineralized zone (Minto Lower Zone) parallel to the Minto Mine South Zone.
  • Highlights include: 4g/t Au over 2.2m (SD-18-213) and 76g/t Au over 1.6m (SD-18-212); another new gold zone was discovered in the footwall of the Surluga Deposit, including 2.54g/t Au over 5.4m (SD-17-153)
  • The new Minto Lower Zone extends for over 1.5km and 3D modeling suggests it may be associated with the historic Parkhill Mine, which had an average recovery grade of 8.57-10.28g/t Au
  • The Minto Lower Zone correlates with the company’s understanding of the mineralization of the project and reflects the exploration potential of the property
Red Pine currently trades at a discount to peers (C$26/oz vs. peers at C$49/oz), valuation does not reflect the exploration upside we believe the property has.

24-May-2018

Red Pine Exploration Inc.

Minto Mine South Zone Continues to Expand

Impact: Positive

Additional drill results highlight the exploration potential of the Wawa Gold Project, supported by further expansion of the Minto Mine South Zone.

  • Minto Mine South Zone continues to expand along strike and down-dip
  • Possible new high-grade zone intersected in Minto Mine South.
  • 30,000m drill program underway, working towards updating resources at Wawa
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$51/oz), valuation does not reflect the potential for exploration upside.

12-Apr-2018

Red Pine Exploration Inc.

New Discovery Expands Wawa Gold Project

Impact: Positive

With the discovery of a new zone outside current resources, drilling continues to support our view that resource expansion is likely.

  • New shear zone discovered 950m north of resource at Wawa
  • New zone demonstrates 5km strike of Wawa Corridor
  • Exploration continues to follow-up on results, to support expected resource expansion
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$49/oz), valuation does not reflect the potential for exploration upside.

01-Jan-2018

Red Pine Exploration Inc. (TSXV:RPX)

RCKS Talk Blog Archive

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for Red Pine Exploration Inc. (TSXV:RPX)


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