Shares of Red Pine Exploration (OTCMKTS:RDEXF) (CVE:RPX) have been moving within a narrow range over the past couple of months.
Market Reaction
On Friday , RDEXF stock ended flat at $0.4226 with 3K shares, compared to its average volume of 17.8K shares. The stock has moved within a range of $0.4226 – 0.4226 after opening trade at $0.4290.
Red Pine Extends Mineralization 140 m Down-Dip of the Current Surluga Resource
Gold exploration company headquartered in Toronto, Ontario, Canada, Red Pine Exploration (OTCMKTS:RDEXF) (CVE:RPX) on January 21, 2022, confirmed the drilling results from the 2021 drilling program.
Hole SD-21-308 discovered much mineralization 140 m in the resource boundary in the northern part of Surluga deposit in Jubilee Shear Zone.
The new zone, commencing at about 240 meters vertical depth with nomenclature Surluga North Discovery, has the potential to increase current resources at the Wawa Gold Project.
Quentin Yarie, President and CEO of Red Pine Exploration said that four drills turning on-site enables the exploration program test in parallel the North discoveries as well as Surluga South besides Darwin-Grace-Nyman target.
The company said that its ongoing exploration program testing Northern and Southern extensions of the Jubilee Shear Zone can indicate important zones of gold.
Hole SD-21-308 has shown potential extension of gold mineralization beyond the current boundary.
One drill rig is active at the northern end of the Surluga Deposit as well as two drill rigs are active at the southern end. The southern drill rigs are concurrently testing Minto Mine Shear Zone and the fourth drill rig is testing the Grace-Nyman shear system near the historic Darwin-Grace Mine.
While the northern end drilling demonstrated extension of gold mineralization in the Jubilee Shear Zone, drilling in the southern zone successfully intersected the Jubilee shear over 500 meters away from the boundary.
Key Quote
“Our on-going exploration program testing the southern and northern extensions of the Jubilee Shear Zone continue to indicate that significant zones of gold mineralization remain to be discovered down-dip and beyond the footprint of the existing resources. Hole SD-21-308 opened a potential extension of gold mineralization beyond the current boundary of the Surluga Deposit resource which is less than 250 metres below surface.
