As you know, Red Pine Exploration (RPX.V) has completed its drill program at the Wawa gold project in Ontario, and this has resulted in an updated resource estimate on the property. The total inferred resource now contains almost 1.1 million ounces of gold at an average grade of 1.71 g/t. That’s okay-ish, but what’s more important is the pit-constrained resource containing 676,000 ounces of gold at an average grade of just over 2 g/t (using a cutoff grade of 0.4g/t). On top of that, Wawa also contains an underground resource of 114,000 ounces at 3.73 g/t.
In its review, Red Pine’s independent consultant said there’s more gold in the hanging wall of the project and the total in-pit resources could be increased by an additional round of drilling. The company is also conducting a private placement to raise C$1M to continue its activities at the Wawa gold project.
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Disclosure: The author holds no position in Red Pine Exploration. Please see our disclaimer for current positions.
