Pine Exploration (Red Pine) has acquired an additional 194ha area near its Wawa Gold Project in Ontario, Canada.
This acquisition brings the company's total land package to 5,373 ha.
Red Pine president and CEO Quentin Yarie said: “We are pleased to have this additional area staked. We believe that the Golden Reed Mine is possibly located along a shear zone similar to the Wawa Gold Corridor.
“Our newly staked area may be located within its extension and there is potential for additional gold mineralisation in the area.”
The acquired ground is understood to to be an extension of the structure hosting the Golden Reed Mine, which operated in 1907 and 1908 with calculated grade of production of 2.3oz/t-78.66g/t gold.
An exploration campaign conducted in the 1990s also identified gold-bearing veins in the area. A grab sample taken from a 3ft-wide quartz vein had 31.12g/t gold, while a sample with 8.676g/t gold indicated that the precious metal is hosted in a shear zone.
Red Pine holds a 60% interest in the Wawa Gold Project, with the remaining 40% interest with Citabar.
Headquartered in Toronto, Red Pine is the operating manager of the project and intends to expand the existing gold resource.
The Wawa Gold Project property has hosted several gold mines with historic production of more than 120,000oz.
The largest gold deposit on the property is the Surluga Deposit.
Image: Area of newly staked claims. Photo: courtesy of Red Pine Exploration.