09:55 AM EDT, 05/12/2025 (MT Newswires) -- Red Pine Exploration ( RDEXF ) , which rose 13% on Friday, said the initial results of its near-surface drilling program focused on evaluating the potential of an open pit operation in two areas of the Jubilee Shear.

The drilling is a part of the ongoing, fully funded 25,000-meter drill program at the Wawa Gold Project, Ontario. The initial near-surface drilling intersected wide zone of alteration containing 14.51 grams per tonne (g/t) gold (Au) over 4.81 meters including 90.40 g/t Au over 0.67 meters, at the edge of the 2024 mineral resource estimate within an area for consideration for a potential open-pit operation.

A number of high-grade gold intersections exceeding 5.00 g/t Au at depth in the Jubilee Shear located hundreds of meters away from the 2024 MRE, suggest the potential for future growth to the mineral resource, the company said in a statement released on Monday.

"We are excited that our initial near-surface drilling has already intersected wide zones of alteration, quartz veining and significant gold grades," said Red Pine's Chief Executive Officer Michael Michaud. "This drilling is designed to not only improve our confidence in the gold distribution, but also to expand gold mineralization in this relatively underexplored area. This drilling is the first step in assessing the potential of a near-term open pit operation that would provide an incremental approach to move towards a larger operation to mine the existing open-pit and underground mineral resource base outlined in the 2024 MRE."

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