Red Pine Commences Focused Surface Drilling Program to Assess Potential for Near-Term, Open Pit Production

About this update from Rpx Gold Inc.

[{"type":"text","content":"Red Pine Commences Focused Surface Drilling Program to Assess Potential for Near-Term, Open Pit Production\n\n\n\n TORONTO, May 08, 2025 (GLOBE NEWSWIRE) --\n \n Red Pine Exploration Inc.\n \n (\n \n TSXV: RPX, OTCQB: RDEXF\n \n ) (“\n \n Red Pine\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it is evaluating the potential of developing an early-stage open pit operation at its Wawa Gold Project, Ontario.\n \n\n Management has initiated a review to assess the viability of near-term, open pit production in the current high-gold price environment, in parallel with its exploration program testing the Jubilee Shear at depth beyond the 2024 Mineral Resource Estimate (the “\n \n 2024 MRE\n \n ”). The Wawa Gold Project offers the opportunity to capitalize on the gold mineralization which extends to the surface, on a historic mining property and within a region having considerable infrastructure including excess mill capacity. The concepts under consideration include contract open pit mining with an off-site toll milling arrangement at one of the existing plants within the greater Michipicoten mining camp, allowing the Company to potentially benefit from early-stage cash flow to advance the long-term vision of developing a larger, open pit and underground operation.\n \n\n\n Highlights\n \n\n\n\n Red Pine is refocusing a component of its drilling program to evaluate a potential open pit operation in two areas of the Jubilee Shear with approximately 8,500 m of drilling planned over a 3-month period (Figure 1). Scope for this shallow drilling is within the 2025 exploration budget.\n \n\n Drilling also continues to test the Jubilee Shear at depth beyond the 2024 MRE.\n \n\n Red Pine will initiate Indigenous community engagement, technical studies and environmental baseline work to allow for the future permitting and environmental approvals through the Ontario provincial processes.\n \n\n Internal assessments guiding the change in strategy were made based on a gold price of US$2,200/oz, which supports an open-pit operation and potentially allows for a faster ramp-up to production to enable the Company to self-fund the assessment of the project's larger open pit and underground potential.\n \n\n The early open pits scenario would potentially generate free cash with a very small need...

More updates from Rpx Gold Inc.