Red Pine Exploration’s share price nearly halved on the latest development, trading at C$0.12 by by 11:30 a.m. ET in Toronto. Earlier in the session, the stock fell to a 52-week low of C$0.10, dropping its market capitalization to C$23 million ($17m).
Red Pine management is now conducting a “detailed review and comparison” of the assay results from the Wawa project with its disclosure documents in order to identify and quantify the extent of any incongruities, it said.
The company is also in the process of retaining a qualified independent firm to assist with and to supervise the this review, and to provide an assessment on how any potential findings can impact its project.
Located 2 km southeast of Wawa, northern Ontario, the 70-sq.km. project is host to several former mines that together produced 120,000 oz. of gold. Two deposits on the property are estimated to have an NI 43-101-compliant resource of 1.3 million indicated…
