Red Pine Exploration (TSX-V:RPX, StockForum), a Toronto-based exploration stage company engaged in the acquisition and exploration of gold properties in Northern Ontario, announced today results from their December 2013 drilling program at their Cayenne-Chili property in northeastern Quebec.
An occurrence of volcanogenic-massive-sulfide (“VMS”) that was uncovered during mechanized trenching in July 2013 was intersected with three holes, CC13-01, CC13-02 and CC13-03, to further define the deposit.
According to the news release, “The significant assay results included Hole 1, which intersected 27.47 metres of 8.02% zinc and Hole 2, which intersected 16.44 metres of 3.63% zinc.”
Drilling has already commenced for the company's January 2014 program and Red Pine expects to drill another 10 to 15 holes by late February with results being published as soon as they are available.
The company also received an amended exploration permit from the Ministry of Northern Development and Mines to further explore the Cayenne-Chili property for three years with diamond drilling, mechanized stripping and trenching.
Red Pine was in the news recently when the company signed an exploration agreement with the Flying Post First Nation.
Shares fell 19.05% on the news to $0.085 per share.
Currently there are 193.7m outstanding shares with a market cap of $16.5 million.