Inferred resources now total 16.2 million tonnes at 1.6 grams gold for 843,000 oz. of gold, a 500% increase over the previous estimate.
“This significant increase validates the approximately 65,000 metres of strategic exploration drilling completed over the past several years,” Michael Michaud, Red Pine president and CEO, said in a release. “The updated (resource) not only shows a material increase in the size of the deposit, but it also significantly increases our confidence in the data and the quality of the deposit and reinforces our vision for a potential high-quality open pit and sizeable higher-grade underground mine.”
Red Pine shares gained 44% to C$0.13 apiece on Wednesday morning, valuing the company at C$24.7 million. Its shares traded in a 52-week range of C$0.07 to C$0.25.
Doctored grades
The update comes almost four months after Red Pine faced a scandal when assay results were allegedly doctored to…
