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Red Pine Exploration Inc (RPX:TSXV) - News Alert
Red Pine Exploration Completes Third Round of Drilling at Cayenne
Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") has completed its spring drilling program at its Cayenne Property located 110 kilometres southwest of Timmins, Ontario. A total of 11 exploration holes (CC14-14 through CC14-24) were completed in May and June 2014. With the exception of one drill hole, no significant zones of mineralization were intersected and consequently, the Company has paused exploration on the Cayenne property pending a full review of all available data. Red Pine is currently evaluating several properties that present the opportunity to add value for our shareholders. An update on the remaining 2014 exploration activities will be provided shortly.
Cayenne Spring Drilling Program Update
Eleven exploration holes were drilled to test high priority geochemical and geophysical targets. All drill holes intersected sulphide rich materials with anomalous zinc ("Zn") and lead ("Pb") values. Highlights from the drill program are presented below.
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Silver Copper Lead Zinc
From To Length(i) (Ag) (Cu) (Pb) (Zn)
Drill Hole (m) (m) (m) g/t % % %
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CC14-19 172 178 6 4.51 0.22 2.34 2.84
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CC14-20 45.53 55.1 9.57 3.85 0.10 1.83 2.74
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CC14-24 81 100 19 9.12 0.21 1.66 2.91
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Including 81 86 5 13.29 0.36 2.02 4.30
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Including 91 100 9 10.74 0.21 2.13 3.51
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(i)Lengths reported above in metres ("m") are drill intersected core and do not represent true widths.
While zones of higher-grade mineralization were previously intersected, the current exploration work seems to indicate that a volumetric significant mineralized zone likely does not exist and further drilling and expenditure of funds on the property cannot be justified at this time. Based on this information the Company has paused exploration on the Cayenne property pending a complete and comprehensive review of all available data, which will include review by external consultants with specific expertise in VMS deposits. The results of this review will determine what further exploration, if any, will be conducted on this property.
Exploration & Potential Property Acquisition Update
The Company is continually engaged in looking for and evaluating mineral properties that could potentially add value for our shareholders. Since it appears the Cayenne property does not have the potential to yield economic tonnages and grades, the Company has developed a short-list of target properties and is currently evaluating several opportunities with the potential to host economic mineralization.