Red Pine’s 600-metre Step out Drilling at Wawa Yields Best Intersection of the Year

TORONTO, March 20, 2025 (GLOBE NEWSWIRE) — Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to announce gold (“Au”) assay results from four (3) drill holes for 1,487 metres (“m”) of assayed drill core completed as part of its ongoing, fully funded 25,000 m drill program at its Wawa Gold Project, Ontario.

Highlights

• Step-out drilling at the Jubilee Shear intersected 5.68 g/t Au over 10.72 m, including 19.05 grams per tonne (“g/t”) Au over 2.00 m, which is 600 m down plunge from previous drilling
• Drilling at the Jubilee Shear indicates that newly discovered high-grade shoot could extend over more than 940 m
• Near surface drilling at the past producing Parkhill Mine, located in the Hanging Wall of the Jubilee Shear, intersected 6.49 g/t Au over 1.11 m more than 300 m distance from the historical workings and confirms continuity of gold mineralization for future drilling

Michael Michaud, President and CEO of Red Pine commented: “We are excited that our drilling returned the highest grade and widest intersection from the current program and that it comes from a hole that can extend the high-grade core of the Jubilee Shear at depth by more than 600 metres. Our recent drilling indicates that this new shoot could extend over almost 1 kilometre along its plunge and that it remains open up- and down-plunge.

We are also excited that alteration related to gold mineralization in the new shoot appears to transition from white mica-dominated to chloritized biotite-dominated. As seen at other gold deposits in the Michipicoten Greenstone Belt, including the neighboring Island Gold Mine, this mineralogical change is often associated with higher grades. (Figure 3)

In addition, the deep holes targeting the Jubilee Shear were designed to test the upper extensions of the Minto Mine and the Parkhill #4 Shears that were historically mined. A drill hole commenced near the Parkhill Mine intersected high-grade mineralization over 300 metres away from this historic mining area.”

Discussion of Results (Table 1 and Figures 1 – 3):

Our current exploration strategy has been validated by finding new zones of high-grade gold mineralization in historically untested areas of the Wawa Gold Project. Deep drilling consisting of bold step-outs in the Jubilee Shear uncovered a zone of high-grade gold mineralization confirming that the high-grade core of the Jubilee Shear extends much beyond the 2024 mineral resource estimate (“2024 MRE”) that was filed on Sedar on Sept. 30, 2024 titled “43-101 Technical Report for the Wawa Gold Project” and Authored by WSP Canada Inc.

Based on structural observations, we believe that this intersection is located along a linear array of deformed quartz veins that are concentrated in rolls in the Jubilee Shear. This roll is interpreted to extend to a zone of the 2024 MRE located 600 m up-plunge. This new shoot, open at both ends, could extend over more than 940 m. The gold enrichment observed in SD-25-534A is probably related to a cross-plunge in the Jubilee Shear that is typical of the more strongly mineralized areas of the 2024 MRE. (Figure 2)

Jubilee Shear (Figure 1)

• Intersection of 5.68 g/t Au over 10.72 m, including 19.05 g/t Au over 2.00 m in a new area of the Jubilee Shear (see Figure 1)
• The locations of the Jubilee Shear intersections in SD-25-534A and SD-25-536A indicate the presence of a roll in the shear between the two intersections intersecting the interpreted cross-plunge.
  • Visible gold associated with strong quartz veining observed in the Jubilee Shear intersection in SD-25-536A, located more than 100 m down-dip of the intersection in SD-25-534A (see Figure 1 & 2).
• Mineralogical transition from white-mica dominated to chloritized-biotite alteration haloes around the strongly deformed veins in the Jubilee Shear. In other deposits of the Michipicoten Greenstone Belt, that mineralogical transition is an indicator that the gold system is changing and that this can result in positive changes in the nature of the gold mineralization zones.

Minto Mine and Parkhill # 4 Shears (Figure 1)

• Continuing to extend mineralization in the Minto Mine Shear beyond the 2024 MRE (Figure 1)
• Intersection of significant gold mineralization in the Parkhill # 4 Shear returning 6.49 g/t Au over 1.11 m more than 300 m away from the historical workings of the Parkhill Mine

Table 1 Drilling results from the 2024-2025 drilling program

*Intercepts are calculated using a 0.40 g/t Au cut-off and a maximum of 6.0 m of internal dilution with no capping applied and are reported over core lengths. True widths are estimated to vary between 50 to 95% of the reported core length. The reported assays results represent 1,486.42 m of assayed core from the 2024-2025 drilling program.

Quality Assurance/Quality Control (“QA/QC”) Measures

Individual drill core samples are labelled and split in half along a pre-marked cutting line using a diamond saw. A consistent half-core sample is then placed in an individual plastic sample bag that is sealed. The remaining half-core samples are kept at the core storage facility of the Company located on the Wawa Gold project. Quarter-core duplicates are taken from certain samples to define the variability of gold distribution. Groups of samples are then placed into durable rice bags sealed with security seals to be transported using a commercial carrier for analysis to Actlabs in Ancaster, Ontario. NQ and HQ core assays were obtained by 50-gram fire-assaying-AA finish or by 1-kilogram screen fire assay. The 1-kilogram screen assay method is selected for samples anticipated to contain coarse gold and when the fire-assay-AA finish return results greater or equal to 2.25 g/t Au. The residual coarse reject portions of the samples remain in storage for a minimum 90-day period if further work or verification is needed.

As part of its QA/QC program, Red Pine inserts external gold standards (low- to high-grade) and blanks every 20 samples and routinely insert blanks immediately after samples with visible gold. Quarter core duplicates are routinely inserted to evaluate the natural variability of gold mineralization. Assay certificates are sent to at least three members of the senior management team, and they are directly accessible from the WebLIMS portal of Actlabs. Approximately 5% of the pulps and coarse rejects analyzed at Actlabs are sent to Bureau Veritas in Vancouver for umpire testing.

Table 2 – Drill hole location

Qualified Person

Jean-Francois Montreuil, P.Geo. and Vice President, Exploration of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company’s shares trade on the TSX Venture Exchange under the symbol “RPX” and on the OTCQB Markets under the symbol “RDEXF”.

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. The Company’s land package hosts numerous historic gold mines and is over 7,000 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com

Or contact:

Michael Michaud, President and Chief Executive Officer, at (416) 364-7024 or [email protected]

Or

Manish Grigo, Director of Corporate Development, at (416) 569-3292 or [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance.

Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information contained in this news release includes, but may not be limited to, statements regarding the possibility that the high-grade core of the Jubilee Shear at depth extends by more than 600 metres; that alteration related to gold mineralization in the new shoot appears to transition from white mica-dominated to chloritized biotite-dominated which is often associated with higher grades; the Company focusing on the open pit potential for future development; and the Company’s belief that the intersection is located along a linear array of deformed quartz veins that are concentrated in rolls in the Jubilee Shear that could extend over more than 940 m. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Such opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are: the Company’s expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the Company’s mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and weather, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance.

This information contained in this news release is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including the Company’s financial statements and related MD&A for the year ended July 31, 2024, and the interim financial reports and related MD&A for the period ended January 31, 2024, April 30, 2024, October 31, 2024 and January 31 2025, filed with the securities’ regulatory authorities in certain provinces of Canada and available at www.sedar.com. 

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Figure 1 – 3D view of Jubilee and Minto deposits with selected gold grades from drilling.

Figure 2 – Longitudinal view of Jubilee and Minto deposits showing the interpreted trend of the higher grade shoot at depth in the Jubilee Shear and the steeper plunging zones of overlying quartz veins that have enriched the shallow, south plunging shoot. 

Figure 3 – Biotite Haloes around the early-syn deformation veins in the Jubilee Shear

Photos accompanying this announcement are available at
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