Canada is, among other things, a resource-based, mining nation, so results from mining companies are anxiously awaited on a daily basis.
Toronto-based Red Pine Exploration Inc. (TSX-Venture:RPX) satisfied this curiosity for knowledge with word of results from its 2019 channel sampling program at the Grace Shear Zone at its Wawa Gold Project in northern Ontario.
The Grace Shear Zone, located three kilometres south of the southernmost extension of the Surluga resource, is host to the historical Darwin-Grace Mine. The mine was last in production in 1938 and milled just over 41,302 tonnes gold at an average grade of 17.63 g/t.
High-grade gold persists in the northern extension of the Grace Shear Zone One Trench contains 16.49 g/t gold over 0.6 metres; another, 7.56 g/t gold over 1.05 metres; still another, 2.98 g/t gold over 1.9 metres.
Said CEO Quentin Yarie, "Back in 2017, we intersected significant gold mineralization at the Grace Shear with 30.14 g/t gold over 4.32 metres in hole DG-17-56. We decided to return to this area … to show that there is more gold to be found on our property package.”
Investors perked up at the news, bidding the stock up half a cent, or 14.3%, to reach noon ET Wednesday at four cents, based on volume of 45,000 shares.
Related Stories
