TORONTO, ONTARIO -- (Marketwired) -- 07/12/13 -- Red Pine Exploration Inc. (TSX VENTURE: RPX) ("Red Pine") has recently completed a bedrock sampling program of it Cayenne-Chili Property. The Cayenne-Chili Property consists of 57 contiguous mining claims for 8,704 hectares. The property has been subject to two major tectonic events: an earlier event generating N-S trending folds and a later event generating E-W folding. These have been interpreted as the western extension from the Larder-Cadillac deformation zone and the second a western extension from the Porcupine-Destor deformation zone to the north.
Historical exploration focused on the "Jefferson Deposit". In 1950 additional drilling tested the continuity of the mineralized zone to a depth of 85 metres. The results of this effort intersected 4.43% Zn and 1.25% Pb over 22.9 metres and 9.1% Zn and 11.5% Pb over 6.9 metres. In the 1980's work by Falconbridge at the Jefferson deposit concluded that the mineralization is associated with cross-cutting fractures and not strictly of the VMS type. The best hole encountered 2.7% Zn over 9.12 metres and 1.6% Zn over 13.83 metres. Another hole had 1.7% Zn over 17.2 metres.
The historical estimates are not current and do not meet the standards prescribed by NI 43-101. They provide an indication of the potential of the properties and are relevant to ongoing exploration and evaluation.
An extensive review of the existing data led the company to conclude that the most favorable targets remain untested. The review included but was not limited to interpretation of an extensive geophysical database that included:
-- Airborne EM-- Airborne Magnetics-- Ground Gravity-- Ground EM-- Ground IP-- Ground Magnetics
Based on the historical intersections and the revised interpretation a field program consisting of over 1,500 rock sample locations was conducted. The purpose of this recently completed field program was to both build a geochemical signature as well as confirm the structural setting of the mineralization. Under the direction of Rogerio Noal Monteiro, Ph. D. (vektore Exploration and Consulting) orientated surface sample were taken. Additionally the historic core was recovered and is currently being reviewed for mineralization-related structural features.
A limited amount of mechanized trenching was completed during the sampling program and the VenCan (the prior name of Red Pine) Zinc showing (press release January 16, 2007) was exposed. Grab samples from this area during the summer of 2006 yielded assay values ranging from 11.2% to 17.96% zinc (Zn). The exposure of the zinc showing confirmed the geophysical model - that the major surface expression of the mineralization was not intersected during the previous drill programs. Additional grab samples and structural measurements were obtained.
Within the coming weeks the Company expects to have the geochemical results and combine them with the geophysical and structural models that will direct a drill program to be completed later this year.
Effective July 11, 2013 a total of 2,000,000 stock options were granted to directors, officers, employees and consultants of the Company in accordance with the terms of the Company's incentive stock option plan filed with the Toronto Venture Stock Exchange and approved by shareholders on January 29, 2013. These options are exercisable at a price of $0.10 per share for a period of five years and are subject to a four month and one day hold period as required by the rules of the TSX-V.
More detailed information about the Company is available on the website: www.redpineexp.com
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Cautionary Statement: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Red Pine Exploration Inc.
Senior Vice President, Corporate Development
(416) 364-2753 (FAX)
Red Pine Exploration Inc.
President & COO
(416) 364-2753 (FAX)