During the investigation, the Canadian gold explorer found that while the correct drill core assays were sent via email by Actlabs from the spring of 2015 to January 30, 2024, they were only addressed to its former CEO, who the company believes tampered with some of the results and sent them to company staff.
The results were subsequently downloaded into Red Pine’s database and later used for a variety of purposes, including in-house resource modelling and the NI 43-101 technical report dated June 21, 2023 (with a resource effective date of May 31, 2019), the company claimed.
In total, 532 out of approximately 98,000 drill core assay results in the overall database appear to have been manipulated since Red Pine acquired the Wawa gold project in 2014.
Shares of Red Pine plunged again on the latest twist, dropping 26.1% to C$0.085 by 11:50 a.m. ET Friday, for a market capitalization of C$15.5 million ($11.3m).
The company divided…
