Red Pine Exploration Inc. is starting a surface drilling program to assess open-pit production potential.
From GlobeNewswire: 2025-05-08 07:00:00
Red Pine Exploration Inc. is considering developing an early-stage open pit operation at its Wawa Gold Project in Ontario. This decision comes as the company reviews the potential for near-term production in the current high-gold price environment. Red Pine aims to capitalize on gold mineralization extending to the surface and infrastructure in the region.
The company plans to refocus its drilling program to evaluate potential open pit operations in two areas of the Jubilee Shear. With approximately 8,500 meters of drilling planned over three months, Red Pine aims to increase confidence in the 2024 Mineral Resource Estimate. This initiative aligns with a gold price of US$2,200/oz to support an open-pit operation.
Red Pine will also engage with Indigenous communities, conduct technical studies, and establish environmental baseline work for future permitting and environmental approvals in Ontario. The company’s phased approach aims to generate near-term cash flow while advancing its long-term vision of a larger open pit and underground operation. Red Pine expects to complete a preliminary economic assessment in the first half of 2026.
President and CEO Michael Michaud emphasizes the importance of outlining a path to near-term production while delineating a larger resource. Red Pine’s integrated drilling program aims to unlock value for shareholders and reinforce the company’s commitment to responsible resource development. The company plans to leverage existing infrastructure and proximity to support toll milling.
Red Pine has completed approximately 65% of its 25,000 meters exploration program and is currently drilling with two rigs. The company plans to conduct near-surface drilling to increase confidence in the 2024 MRE and extend gold mineralization in former mine areas. Additional drilling will test the deeper extension of the Jubilee Shear.
Jean-Francois Montreuil, P.Geo. and Vice President of Exploration at Red Pine, serves as the Qualified Person for the company. Red Pine Exploration Inc. is a gold exploration company with shares trading on the TSX Venture Exchange and OTCQB Markets. The Wawa Gold Project in Ontario forms a key part of Red Pine’s mineral exploration and development strategy in the Michipicoten region.
Read more at GlobeNewswire: Red Pine Commences Focused Surface Drilling Program to