Red Pine Commences Focused Surface Drilling Program to Assess Potential for Near-Term, Open Pit Production

Core Viewpoint - Red Pine Exploration Inc. is evaluating the potential for developing an early-stage open pit operation at its Wawa Gold Project in Ontario, driven by the current high gold price environment [1][2][4]. Group 1: Project Development - Management has initiated a review to assess the viability of near-term open pit production while continuing exploration of the Jubilee Shear at depth beyond the 2024 Mineral Resource Estimate (MRE) [2][4]. - The Wawa Gold Project is positioned to capitalize on gold mineralization that extends to the surface, leveraging existing infrastructure and excess mill capacity in the region [2][6]. - The company is considering contract open pit mining with an off-site toll milling arrangement, which could provide early-stage cash flow to support the development of a larger operation [2][4]. Group 2: Drilling and Exploration - Red Pine is currently drilling with two rigs and has completed approximately 65% of a fully funded 25,000-meter exploration program, with 8,000 to 9,000 meters allocated for evaluating near-term open-pit potential [6][8]. - The near-surface drilling program aims to increase confidence in the 2024 MRE and extend gold mineralization within the crown pillars of former mines [6][8]. - The company plans to update the 2024 MRE following the completion of the 8,500-meter surface drilling program and is working towards a preliminary economic assessment (PEA) anticipated for completion in the first half of 2026 [8]. Group 3: Strategic Approach - The company is integrating additional shallow drilling to outline a path to potential near-term production while progressing through the provincial permitting process and engaging with Indigenous communities [5][8]. - Internal assessments guiding the strategy were based on a gold price of US$2,200 per ounce, supporting the feasibility of an open-pit operation with minimal initial capital requirements [8]. - The phased approach aims to unlock significant value for shareholders while reinforcing the company's commitment to responsible and sustainable resource development [5][6].