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Sector NewswireTM Sector: Mining - Metals and Minerals :
News Release - April 17, 2014 5:40 PM ET
Red Pine Exploration (RPX.V) advancing VMS deposit in Ontario toward resource -- Potential multi-million tonne Zn-Pb-Cu-Ag near-surface Mattabi-style deposit
NEW YORK, NY, April 17, 2014 /Sector Newswire/ - Red Pine Exploration Inc. (TSX-V: RPX) (US Listing: RDEXF) (Frankfurt: VG3) is the subject of a Mining MarketWatch Journal Review offering insight and opportunity afforded investors. RPX.V is focused on advancing to resource its 100% owned 4,096 hectares Cayenne VMS Property located ~110 Km southwest of Timmins, Ontario, in the Porcupine Mining District, along the Swayze greenstone belt (the southwestern extension of the prolific Abitibi greenstone belt). The property hosts a historic (non NI43-101 compliant) resource of 91,000 tonnes at 4.6% Zn, and 3.3% Pb, over 150 m from 1948 at the Jefferson VMS deposit (if a resource estimate were commissioned now, using updated information available since, it would be considerably larger and much higher-grade). The Jefferson deposit has since received considerable drilling from past operators and is now being advanced by RPX.V which has a new, and highly skilled, technical leadership exploration team that believe they have figured out the metallogenic model for this mineral-rich VMS property. RPX.V intends to intersect quality mineralization this 2014, and these results are expected to contribute to a first-pass higher-grading resource surrounding the Jefferson VMS deposit. The belief is that the Cayenne VMS Property will eventually develop into an even larger multi-million tonne Zn-Pb-Cu-Ag deposit. Material intersected to date is very high-grade VMS and project appears to be setting up well for a shallow open-pit mining situation, plus infrastructure is nearby; paved and logging roads lead to property, power is close, and rail is within 25 km.
The full Mining Journal article may be found at http://miningmarketwatch.net/rpx.htm online.
The Cayenne Property hosts a Mattabi-style VMS system associated with an adjacent branded iron formation. The iron formation, understood to be an exhalative, is a cap of a VMS system -- in its genesis, millions of years ago, the exhalative unit paused in the volcanism, giving the convection cells time to develop for a large deposit. RPX.V has discovered high-grade Zn-Cu-Pb mineralization across 5 km of its Cayenne VMS Property, with 3 equally-spaced mineralized zones (the Jefferson, Vencan, and a new VMS showing west of Vencan) all part of the same system. The Cayenne Property has many similarities to the Sturgeon Lake VMS camp, and the property has the potential to host a number of bodies (a VMS camp), rather than a singular deposit.
The new exploration team at RPX.V has drilled 13 holes so far this winter (in December & January; 10 assays are still pending) and altered the way it is tackling the Jefferson deposit in the process as the team has a dramatically improved understanding of matters. Previous explorers tackled the deposit looking for gold and Noranda-style VMS, in the process drilling every hole south to north -- while cumulative data (much not previously available for interpretation till recently) indicates the deposit is in fact is Mattabi-style geologically, plus the mineralized lenses are subvertical and angled south to north. This means every hole drilled previously was drilled parallel to the richly-mineralized bodies (easy to miss if drilling parallel), instead of drilling north to south and angling through. This new understanding alone is a game-changer in how the deposit will be explored -- we believe that drill hole #6 (from the latest drill program), which was the first to be turned around to come through, will reveal a thick intersection of over-limit VMS material that should be impressive -- complete assays are still pending.
RPX.V's exploration team has an improved understanding on numerous key facets not previously recognized. In short, the exploration team understands how to tackle the deposit holistically going forward and it appears the Cayenne VMS Property possesses world-class VMS potential -- based on the 2013 geochemistry, geophysics, results to date, evolving modeling and interpretation thereof, we believe RPX.V has the potential to readily expand the Jefferson VMS deposit north of 2 million tonnes while targeting a Zn equivalent >10% -- yielding rock >$200/T at today's prices, and that would be a stepping stone to 5 million tonnes potential of the larger area/camp.
We believe investors should be adding RPX.V to their watch list as the Company really only has 13 holes into Cayenne VMS Property with the new exploration team onboard, and the majority of the winter drill program assay results are still pending. The January 24, 2014 news release of the initial drill results from the new exploration team revealed 27 metres of 8% zinc including 12.7 metres of 13.6% zinc. More importantly is the what the exploration team has figured out and has planned as a result -- the next drill program will be ~4,000 m with holes being put into all 3 mineralized zone with a high level of confidence. Additionally, with the Jefferson deposit having received significant drilling since the last resource in 1948, RPX.V will look at having an independent resource estimate done -- to facilitate that RPX.V will need to punch some holes to confirm the historic (Stackpool Mining Company & Falconbridge) assay values, and that will be part of the next program as well.
The full Mining Journal article may be found at http://miningmarketwatch.net/rpx.htm online.
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SOURCE: Sector Newswire editorial
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RPX.V, with 193,708,795 shares outstanding (+ ~79M in options &
warrants predominantly 'far out-of-the-money' so no worry of
being dilutive), has a market cap under C$10 million -- there is
potential for the share price of RPX.V to increase several-fold as
accomplishments and inherent value of deposit are realized by
market.