Haywood Capital Markets targets C$1.40 per share for Red Pine Exploration Inc as company bids to expand Surluga resources

A hole hit a mineralized envelope spanning 27.26 meters (m) 140m down-dip from the resource boundary in the northern part of the Surluga deposit in the Jubilee Shear Zone, potentially increasing the current resource of the deposit

Haywood Capital Markets repeated a “Buy” rating to junior explorer Red Pine Exploration Inc (TSX-V:RPX, OTCQB:RDEXF) after the company announced 2021 drilling results from its Wawa gold project in Ontario.

“We expect 2022 to be significantly more productive than 2021 now that four rigs are running. Cash flow of approximately $10.5 million is sufficient to fund the program at this time,” analysts said. of Haywood in a footnote.

The broker is targeting CA$1.40 per share, which is a far cry from Red Pine’s current price of CA$0.47 each.

As reported by Red Pine January 21, 2022, a hole struck a mineralized envelope covering 140m 27.26 meters (m) down dip of the limited resources in the northern part of Surluga deposit in the shear zone Jubilee potentially expanding the current resource of the deposit.

READ: Red Pine Exploration reaches new gold zone at Wawa Project’s Surluga deposit, which could increase current resources

The latest results included assays from three holes at Surluga North and two from Surluga South, broker analysts noted.

At the southern end of the Surluga deposit, results were generally more modest, but two holes intersected the Jubilee shear zone 500m from the boundary of the existing Surluga resource, Haywood analysts said.

Visible gold was observed in four holes with trials, in veins and shear zones next to the shear zone Jubilee, they added.

As part of the ongoing drilling at Wawa Red Pine testing the northern and southern extensions of the Surluga deposit and the extension of the mining deposit Minto beyond the footprint of their respective resources.

One drill rig is active on the north end of the Surluga deposit and two are turning on the south end. The southern drill pads are also being tested concurrently with the Minto Mine shear zone. A fourth drill rig is testing the Grace-Nyman shear system near the former Darwin-Grace mine.

Toronto-headquartered Red Pine Exploration focuses on its wholly-owned subsidiary Wawa gold asset in Ontario’s Michipicoten greenstone belt, a Tier 1 region. Its land package covers more than 6,900 hectares (ha ) and hosts many gold mines.

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