New York, NY / ACCESSWIRE / April 21, 2014 /
Red Pine Exploration Inc. (TSX VENTURE:RPX) (Pink Sheets: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.
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.
The full Mining Journal article may be found at
http://miningmarketwatch.net/rpx.htm online.
This release may contain forward-looking statements regarding future events that
involve risk and uncertainties. Readers are cautioned that these forward-looking
statements are only predictions and may differ materially from actual events or
results. Articles, excerpts, commentary and reviews herein are for information
purposes and are not solicitations to buy or sell any of the securities
mentioned. Readers are referred to the terms of use, disclaimer and disclosure
located at the above referenced URL(s).
Contact information:
James O'Rourke, Editor
Mining MarketWatch Journal
[email protected]
SOURCE: Red Pine Exploration Inc.