Red Pine Completes 2024–25 Drilling Program & Initiates Preliminary Economic Assessment Work at Wawa Gold Project
The 2024-25 drilling program achieved its two primary goals:
Strengthen geological database to evaluate potential starter open pits in two near-surface areas of the Jubilee Shear with 9,000 m of the 25,000 m program of infill drill holes (see Figure 1)
45.38 grams per tonne of gold ('g/t Au') over 3.13 m core length, including 141.00 g/t Au over 0.88 m (see press release of June 18, 2025)
1.86 g/t Au over 19.09 m, including 4.28 g/t Au over 4.88 m (see press release of June 18, 2025)
14.51 g/t Au over 4.81 m, including 90.40 g/t Au over 0.67 m (see press release of May 12, 2025)
Test the overall size potential of the gold system of the Wawa Gold Project beyond the 2024 Mineral Resource Estimate ('2024 MRE') with significant step-outs, over 600 m, from known areas of mineralization (see Figure 1)
5.68 g/t Au over 10.72 m, including 19.05 g/t Au over 2.00 m (see press release of March 20, 2025)
8.41 g/t Au over 1.67 m, including 14.9 g/t Au over 0.92 m (see press release of February 19, 2025)
The newly discovered gold zone at depth that could extend over 940 m
Preliminary Economic Assessment ('PEA') work has commenced on the Wawa Gold Project:
An environmental and permitting consultant with over 25 years of experience has been engaged.
Baseline studies, to support operational design and permitting, have commenced.
As a result of the financing completed on July 9, 2025, Red Pine is fully funded to complete PEA in early H1 2026 and commence the baseline studies.
Michael Michaud, President and CEO of Red Pine commented: 'We are pleased with the completion of our planned 25,000 m drilling program; it has not only significantly expanded the size potential of the Wawa gold deposit, but it has also better defined the near surface mineralization providing confidence for our review of the starter pit development scenario that is ongoing.
This drilling is the first step in assessing the potential of a starter open pit operation that would provide an incremental approach towards a larger open pit or underground operation. We anticipate the completion of a PEA in early H1 2026 that will outline a development scenario for the project and ultimately highlight the value of the deposit.
With the successful completion of the recent financing, we are now fully funded to complete the PEA and commence the baseline studies required for the permitting process.'
Ongoing Activities
The Company is now working on technical and baseline studies to support operation design and permitting. This work includes metallurgical testing and geotechnical work, mine design work, updating the 2024 MRE, as well as studies covering surface water and ground water, terrestrial and aquatic life, and the geochemical characterization of the mineralized and of the waste rocks from the deposits. For guidance and advice during the permitting process, the Company has retained an environmental and permitting consultant with over 25 years of experience in environmental assessments, permitting, compliance, training, and education.
Quality Assurance/Quality Control ("QA/QC") Measures
Individual drill core samples are labelled and split in half along a pre-marked cutting line using a diamond saw. A consistent half-core sample is then placed in an individual plastic sample bag that is sealed. The remaining half-core samples are kept at the core storage facility of the Company located on the Wawa Gold project. Quarter-core duplicates are taken from certain samples to define the variability of gold distribution. Groups of samples are then placed into durable rice bags sealed with security seals to be transported using a commercial carrier for analysis to Actlabs in Ancaster, Ontario. NQ 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 Agat Laboratories in Thunder Bay for umpire testing.
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.comOr
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 potential of the newly discovered high-grade shoot to extend over more than 940 m; the potential of a starter open pit operation that would provide an incremental approach towards a larger operation; the completion of a PEA in early H1 2026 that will outline a development scenario for the project and ultimately highlight the value of the deposit; and technical and baseline studies being conducted to support operation design and permitting. . 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, October 31, 2024, January 31, 2025 and April 30, 2025, filed with the securities' regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.
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: Longitudinal section (looking west) showing the gold mineralization in red grading greater than 1.6 g/t Au, several select assay results from recent drilling, and the 2024 MRE open pit shell and potential starter pit shells.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7cc897be-4eee-4ea0-aaec-1e9fed6e1731
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
3 hours ago
- CNN
Trump's trade war victory is already under siege
The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that happened – at least, not yet. President Donald Trump has pulled off what few outside the White House predicted: A trade war victory of sorts that sets America's taxes on imported goods higher than the infamous Smoot-Hawley era, without any of the damaging fallout so far. Customs revenue has increased sharply while inflation remains reasonably low. And America's trading partners, for the most part, have been willing to accept the higher tariffs without significant retaliation. Multiple framework agreements between the United States and other trading partners have jacked up tariffs on foreign goods imported to America while setting levies on US exports at or near zero. Overseas trading partners have agreed to open previously closed markets to some US goods, pledged increased investments in the United States and dropped some of what the Trump administration has lambasted as non-trade barriers, like taxes on digital services. But Trump's early trade victory may be short-lived. In fact, it is already showing signs that it may not last. The European Union, fresh off its 11th-hour compromise to get a trade agreement done before Trump's self-imposed August 1 deadline, is already in revolt. French Prime Minister François Bayrou called Sunday a 'dark day.' Hungarian Prime Minister and Trump ally Viktor Orban said Trump steamrolled the EU. Belgium's Prime Minister Bart De Wever lambasted the Trump administration's 'delusion of protectionism.' And Bernd Lange, chair of the European Parliament's trade committee, said the deal is 'not satisfactory.' The 27-member bloc has to hammer out key aspects of its framework, and the fragile trade truce between two of the world's largest economies could quickly break apart if sentiment turns against the arrangement. The Trump administration's trade talks with its northern neighbor and one of its largest trading partners have been effectively shut down. Despite Canada relenting on its digital services tax that the president has lambasted, Trump continued to threaten higher tariffs on some Canadian goods, including lumber. Although many goods imported from Canada continue to be tariff-free because of the US-Mexico-Canada free trade agreement, the USMCA only covers just about half of Canadian goods. So higher tariffs on Canada could raise some costs for American consumers down the road. And the fact that America is even embroiled in a trade spat with Canada in the first place is a sign that the recent cooling off in the trade war may not last: Trump negotiated and signed the United States' current trade agreement with Canada during his first term. At any time, even after an agreement is inked, Trump could turn around and decide to raise tariffs again. A third round of talks between China and the United States' trade negotiators is expected to result in a continued pause of their historically high tariffs on one another. But it's unclear what else might come from the discussions, and the Trump administration has grown frustrated by what it has described as China's slow-walking of its previous agreements. Both sides have aimed to reduce more regulatory barriers on shipments of key technologies. China has sought more access to critical semiconductors, and the United States wants the flow of rare earth magnets to increase further. But the Trump administration has tried repeatedly to speed up China's slow progress, claiming the country has failed to live up to its agreement to approve the critical materials for crucial electronics. Trump has also said he wants China to open up its market to more US goods – a desire that Chinese Premier Xi Jinping is unlikely to give in to significantly. Trump's rhetoric against China has cooled in recent months, but the truce appears to be on a knife's edge. A crucial appeals court hearing Thursday could determine whether most of Trump's tariffs are legal at all. For most of his tariffs, Trump has cited powers listed in the International Emergency Economic Powers Act. But a federal court in May ruled that Trump overstepped his authority to levy tariffs on that basis. An appeals court paused that ruling from taking effect and will hear oral arguments Thursday. It's not clear when the court will rule, and the White House would likely appeal to the Supreme Court if it loses. If Trump ultimately loses his ability to levy tariffs using emergency powers, he has plenty of other options – but legal experts have said those alternatives could limit his ability to set tariffs without Congress. For example, Trump may be able to impose some tariffs as high as just 15% but only for 150 days, potentially taking some of the bite out of his tariff regime. Although the US economy remains strong, with rebounding retail sales, a still-robust labor market and rising consumer confidence, there is some evidence that inflation in key areas is starting to creep higher – slowly – because of tariffs. That's a potential warning sign as the tariffs take full effect. The Bureau of Labor Statistics' Consumer Price Index earlier this month showed that some tariff-affected goods have started to gain in price. Clothing, appliances, computers, sporting goods, toys, video equipment, hardware and tools prices have been on the rise. And it's starting to become a trend – in many of those categories, the rise has been happening for a few months. Many major retailers, including Walmart, have said they will raise prices because of tariffs. And GM, Volkswagen and Stellantis all reported tariff charges of $1 billion or more over the past quarter. Economists widely expect inflation to pick up in the late summer and throughout the rest of the year as retailers work through the inventories of goods they had stockpiled before tariffs went into effect. No one expects anything close to the inflation crisis of a few years ago. But with consumers still dealing with price-hike PTSD, that won't be a welcome change from the return to healthy inflation levels over the past year.
Yahoo
5 hours ago
- Yahoo
Torex Gold Resources to acquire Prime Mining
Torex Gold Resources has sealed a definitive agreement to acquire all issued and outstanding common shares of Prime Mining. This transaction will grant Torex a 100% interest in the Los Reyes gold-silver project. The Los Reyes project in Mexico is an advanced exploration/development-stage asset. It contains a combined underground and open-pit mineral resource of around 1.5 million ounces (moz) of gold and 54moz of silver in the Indicated segment, as well as 538,000 ounces of gold and 21.6moz of silver in the Inferred segment. Prime Mining shareholders are set to receive 0.060 of a Torex share for each share held. This exchange ratio implies a 32.4% premium to Prime Mining's 30-day volume-weighted average price as of 25 July 2025. Torex president and CEO Jody Kuzenko said: 'The Los Reyes project represents a unique opportunity for the Torex team to develop a high-quality asset with the potential for a high-margin, low-capital and long-life operation in a jurisdiction that we know very well. 'The acquisition of Prime Mining, and the previously announced all-cash acquisition of Reyna Silver, support our strategy to systematically build a diversified, Americas-focused precious metals producer with a portfolio of producing, development and exploration stage assets.' The transaction values Prime Mining at approximately $449m (C$617.37m), with Torex issuing around 10.5 million new shares. Post-transaction, Prime Mining shareholders will own roughly 10.7% of Torex. Notably, the transaction does not require a vote from Torex shareholders. However, Prime Mining's major stakeholders, including Pierre Lassonde and senior officers, have agreed to vote in favour of the transaction. The deal is subject to customary closing conditions including court and regulatory approvals. A termination fee of $12.5m is stipulated if the transaction is not completed under certain conditions. The arrangement will also see the settlement of Prime Mining's restricted stock units (RSUs) and deferred share units (DSUs), with an adjustment of outstanding options and warrants to Torex's terms. Subject to regulatory approvals, the transaction is expected to close in the second half of 2025 (H2 2025), with the delisting of Prime Mining shares from the Toronto Stock Exchange to follow. CIBC World Markets and Cassels Brock & Blackwell are advising Torex, while Trinity Advisors Corporation, BMO Nesbitt Burns, and Blake, Cassels & Graydon are advising Prime Mining. Prime Mining director and CEO Scott Hicks said: 'The addition of Prime Mining's high-quality Los Reyes project to the Torex pipeline as its next development asset presents both Prime Mining and Torex shareholders with substantial value enhancement through this share-based acquisition. 'In addition to gaining exposure to Torex's free-cash flowing Morelos Complex, Prime Mining shareholders can continue to realise significant value creation as Los Reyes is developed with the benefit of Torex's operational and development experience in Mexico.' Additionally, Torex has announced the planned acquisition of Reyna Silver for C$36m, further consolidating its position in the mining sector. "Torex Gold Resources to acquire Prime Mining" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
5 hours ago
- Yahoo
iA Financial to buy wealth management firm RF Capital
Canadian company iA Financial has agreed to acquire RF Capital Group, a wealth management-focused company, in a deal valued at around C$597m ($435.1m). The deal will see iA purchase all outstanding common shares of RF Capital for C$20 each. The purchase price includes a C$370m valuation for RF Capital's fully diluted equity and C$227m in financial obligations, such as revolving debt and preferred shares. The acquisition will be financed through iA's existing cash reserves. iA Financial Group president and CEO Denis Ricard said: 'This acquisition aligns with iA's unique model, the iA way – highlighting our strategic approach to sustainable growth – by expanding our reach in target segments and enhancing our scalable distribution model. 'We strongly affirm our commitment to the value of advice by empowering advisors with best-in-class tools and preserving their independence so they can assist clients feel secure about their financial future.' RF Capital, operating under the Richardson Wealth brand, is an independent wealth management firm in Canada, managing over C$40bn in assets. The firm focuses on providing tailored financial advisory services to high-net-worth clients and has 23 offices across Canada. RF Capital president and CEO Dave Kelly said: 'This milestone marks an exciting new chapter for RF Capital. By joining forces with iA, we unlock powerful opportunities across technology, product innovation, and operational scale—enhancing the advisor value proposition through expanded capabilities and support.' 'Our advisors will continue to operate independently under the Richardson Wealth brand, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalised advice to their clients.' The completion of the acquisition is anticipated in the fourth quarter of 2025. CIBC Capital Markets is serving as the exclusive financial advisor to RF Capital, with Goodmans LLP providing legal counsel. National Bank Financial is advising iA, with McCarthy Tétrault LLP acting as its legal counsel. "iA Financial to buy wealth management firm RF Capital" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
