LOL Red Pine says former CEO "manipulated" Wawa assays
2024-05-10 09:46 ET - News Release
Mr. Paul Martin reports
RED PINE PROVIDES FURTHER UPDATE ON ASSAY RESULTS FOR WAWA GOLD PROJECT
Further to its press releases of May 1, 2024, and May 6, 2024, Red Pine Exploration Inc. has provides a further update on the company's progress on its investigations into the reporting inconsistencies of certain assay results from the Wawa gold project.
While the investigations are ongoing, based on the findings made to date, Red Pine believes that the reporting inconsistencies disclosed in the Prior Press Releases resulted from the unauthorized manipulation of certain assay results received from Activation Laboratories Ltd. ("Actlabs") by the Company's former Chief Executive Officer (the "Former CEO").
Based on a review of, among other things, the chain of custody of the drill core assay results, the Company has determined that:
- the correct assay results were sent via email by Actlabs to the Company, addressed only to the Former CEO;
- manipulated drill core assay results from the spring of 2015 to January 30, 2024 were sent by the Former CEO to staff for download into the Company's database and were then used for a variety of purposes, including in-house resource modelling, the National Instrument 43-101 Technical Report dated June 21, 2023 (with a resource effective date of May 31, 2019) entitled "National Instrument 43-101 Technical Report for the Wawa Gold Project"" (the "Technical Report"), and other public disclosure; and
- 532 out of approximately 98,000 drill core assay results in the overall database appear to have been manipulated since Red Pine acquired the Wawa Gold Project in 2014.
The Company is in the process of reporting these matters to the Ontario Securities Commission and is evaluating its options with respect to other legal remedies available to it.