Red Pine Confirms Independent Sampling and Assaying  Validating Corrected Assay Database for Updated Resource  Estimation  

Toronto, Ontario (July 24, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF)  (“Red Pine” or the “Company”) reports the results of the expanded independent verification sampling and assaying of drill core performed by WSP Canada Inc. (“WSP”) as part of the ongoing resource estimation for the Wawa Gold Project, Ontario. 

Michael Michaud, President and CEO of Red Pine commented: “I am pleased to see that the  independent verification sampling completed by WSP is in good agreement with the corrected  database assay values ensuring that we have a project database that is accurate to support the  upcoming resource estimate. The independent verification sampling of core was the final stage  of assay verification, and we now have full confidence in the database and the resource  estimation, which remains on schedule to be completed in August. 

In addition, the independent verification sampling also re-confirmed the presence of significant  gold mineralization on the Wawa Gold Project and we continue to see the untested exploration  potential of the property.”  

Independent verification sampling methodology 

Independent sample verification of the drill core was completed between May 21 and May 23,  2024 by Brian Thomas, P.Geo. of WSP Canada Inc. (“WSP”), a Qualified Person as defined by  National Instrument 43-101. The verification sampling and assaying included core that was drilled  since 2014 to present and included historic drill core collected by previous operators.  

The sample verification program considered 50 samples from Red Pine drilling intersections from  2014 to 2024. Each verification sample consisted of either individual or composited samples selected from intersections distributed in 21 drill holes. A total of 33 verification samples covered the main zone of the Jubilee Shear, 1 sample covered the lower segments of the Jubilee Shear,  4 covered the Minto B Shear Zone and 12 covered the Minto Mine Shear. The verification samples consisted of quartered NQ-sized drill core for the drill holes completed between December 2014  and April 2015, and quartered HQ-sized drill core for the holes completed after May 2015. 

The verification sampling of historical core (drilled prior to 2014 by previous operators) considered  15 composite samples all covering the main segment of the Jubilee Shear and distributed in 11  underground historical drill holes and 1 historical surface drill hole. Each sample of historical drill core consisted of a composite sample taken from the entire box of mechanically split A-sized to  B-sized drill core. All the remaining half core that was present in each box was included in the samples. The drill holes and the intersections for the historical samples were selected based on the ability to establish precise boundaries for the previously sampled intervals, the composite grade of the intersections contained in the boxes and their location.  

The verification samples were transported in sealed rice bags by WSP from the Wawa Gold  Project to ALS Canada Ltd. in Sudbury. Sample preparation was done at ALS Sudbury and gold analyses were done at ALS Vancouver. Quartered HQ and NQ drill cores were crushed, and 250 gram (“g”) fractions were pulverized to 85% passing 75 microns. Historical drill cores, because of the larger sample volume, were crushed and then a 1000 g fraction was pulverized to 85%  passing 75 microns. Gold was analyzed for most of the verification samples by 50-g fire assaying  with a gravimetric finish, with some larger, higher-grade samples analyzed by 1-kilogram (“kg”) screen metallic assay methods. Metallic screening considered 1 kg pulp screened to 100 microns,  duplicate 50-g fire assay on screen undersize and complete assaying of the oversize fraction. Blanks and certified reference materials were included in the analyses of the verification samples. 

Although there exists higher variability on an individual sample comparison as is typical of most gold deposits, the sampling completed by WSP on the Company’s drill holes, and the historical drilling which occurred prior to Red Pine acquiring the property, are in good agreement with the assay values in Red Pine’s corrected assay database. Based on the combined historical and Red  Pine verified samples, the assay results from the verification sampling are on average within 13%  of the original assay value. 

The complete results of the verification sampling are presented at Appendix 1 and Appendix 2. The full reporting of the verification assays will be included in the Company’s updated National  Instrument 43-101 Technical Report.  

Qualified Person 

Jean-Francois Montreuil, P.Geo. and Vice President, Exploration of Red Pine and the Qualified  Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.  

About Red Pine Exploration Inc. 

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario,  Canada. The Company’s shares trade on the TSX Venture Exchange under the symbol “RPX”  and on the OTCQB Markets under the symbol “RDEXF”. 

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 7000 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region. 

For more information about the Company, visit www.redpineexp.com 

Or contact:  

Michael Michaud, President and CEO, at (416) 364-7024 or mmichaud@redpineexp.com Or 

Carrie Howes, Director Corporate Communications, at (416) 644-7375 or  chowes@redpineexp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in  policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this  release. 

Cautionary Note Regarding Forward-Looking Information  

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance.  

Forward-looking information is often identified by the words “may”, “would”, “could”, “should”,  “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward looking information contained in this news release includes, but may not be limited to, statements regarding the timing of its updated resource estimate release and the presence of significant gold mineralization on the Wawa Gold Project continuing to see the untested exploration potential of the property. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Such opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to  differ materially from those projected in the forward-looking information are: the Company’s  expectations in connection with the projects and exploration programs being met, the impact of  general business and economic conditions, global liquidity and credit availability on the timing of  cash flows and the values of assets and liabilities based on projected future conditions, fluctuating  gold prices, currency exchange rates (such as the Canadian dollar versus the United States  Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the  Company’s mineral reserves and resources, changes in project parameters as plans continue to  be refined, changes in project development, construction, production and commissioning time  frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices  for fuel, power, labour and other consumables contributing to higher costs and general risks of  the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected  changes in mine life, seasonality and weather, costs and timing of the development of new  deposits, success of exploration activities, permitting time lines, government regulation of mining  operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and  limitations on insurance.  

This information contained in this news release is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including the Company’s financial statements and related MD&A for the year ended July 31, 2023, and the interim financial reports and related MD&A for the periods ended October 31, 2023, January 31, 2024 and April  30, 2024, filed with the securities’ regulatory authorities in certain provinces of Canada and available at www.sedar.com. 

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Appendix 1 – Drill core assay results from the independent verification sampling of Red  Pine drill core samples by WSP 

Hole ID Zone From  (m) To (m)Length (m)RPX  Sample  NumberRed Pine verified  database WSP  Sample  NumberWSP Au  (g/t)
Sampl esCompos itesAu (g/t)  samplesAu (g/t)  composites
SD-14-03 Jubilee – Main  Shear268.50269.651.151.15 147154613.90 13.90 P44920112.70 
SD-14-03 269.65270.701.051.05 147154714.60 14.60 P44920211.25 
SD-14-04Jubilee – Main  Shear267.00267.770.77 3.00147157311.60 6.02P4492106.02
267.77268.901.13 14715756.42 
268.90270.001.10 14715761.69 
SD-14-04270.00271.121.12 3.64147157813.10 6.05P4492115.38
271.12272.371.25 14715793.72 
272.37273.641.27 14715802.12 
SD-14-04273.64274.600.96 2.9614715818.87 10.16 P44921212.80
274.60275.601.00 14715829.77 
275.60276.601.00 147158311.80 
SD-14-05Jubilee – Main  Shear155.00156.001.00 3.0014716525.79 9.23 P44921312.65
156.00157.001.00 147165310.30 
157.00158.001.00 147165411.60 
SD-14-05158.00159.001.00 3.00147165522.60 21.43 P44921420.10
159.00160.001.00 147165618.30 
160.00161.001.00 147165823.40 
SD-18-234 Jubilee – Main  Shear272.77273.700.930.93 70886519.80 19.80 P44920617.40 
SD-18-234 273.70274.701.001.00 70886660.20 60.20 P44920719.00 
SD-18-234 274.70275.680.980.98 7088673.83 3.83 P4492082.03 
SD-18-255 Jubilee – Main  Shear189.79190.410.620.62 92320311.30 11.30 P44920317.95 
SD-18-255 190.41 191.200.790.79 92320476.40 76.40 P44920440.90 
SD-18-255 191.20191.940.740.74 9232066.81 6.81 P449205132.00 
SD-20-291Jubilee – Main  Shear546.45547.631.18 2.157717262.62 3.86 P4492198.12
547.63548.600.97 7717275.36 
SD-20-291554.77555.931.16 2.257717353.48 2.11P4492201.44
555.93557.021.09 7717360.66 
SD-22-414 Jubilee – Main Shear318.57319.651.08 2.161228152.30 2.05 P4492294.92
319.65320.731.08 1228161.81 
SD-22-414 320.73321.841.111.11 1228176.96 6.96 P4492302.42 
Hole ID Zone From  (m) To (m)Length (m) RPX  Sample  NumberRed Pine verified  database WSP  Sample  NumberWSP Au  (g/t)
Sampl esCompos itesAu (g/t)  samplesAu (g/t)  composites
SD-23-451Jubilee – Main  Shear298.36299.180.82 1.648087225.74 15.87 P44921512.65
299.18300.000.82 80872326.00 
SD-23-451303.00304.001.00 3.258087286.76 4.12 P4492163.84
304.00305.141.14 8087292.76 
305.14306.251.11 8087303.14 
SD-23-451 355.38356.541.161.16 80877923.50 23.50 P44921727.50 
SD-23-451356.54357.701.16 2.328087815.01 4.39 P4492182.03
357.70358.861.16 8087823.77 
SD-23-455 Jubilee – Main  Shear682.41683.761.351.35 9921453.64 3.64 P4492274.02 
SD-23-455 683.76684.901.141.14 99214621.60 21.60 P44922827.40 
SD-23-456 Jubilee – Main  Shear251.85252.800.950.95 9903625.58 5.58 P4492244.70 
SD-23-456 252.80253.560.760.76 99036423.00 23.00 P44922521.70 
SD-23-456257.45258.521.07 3.309903683.75 3.30P4492264.19
258.52259.631.11 9903693.00 
259.63260.751.12 9903713.17 
SD-23-477 Jubilee – Main  Shear297.90298.520.620.62 9976195.05 5.05 P4492211.58 
SD-23-477 299.16300.110.950.95 99762317.10 17.10 P44922227.70 
SD-23-477 305.94306.460.520.52 99763093.20 93.20 P44922387.20 
SD-24-490Jubilee – Main  Shear201.00202.261.26 2.519998432.18 2.48 P4492462.59
202.26203.511.25 9998442.78 
SD-24-490203.51204.621.11 2.229998457.46 5.46 P4492475.82
204.62205.731.11 9998463.45 
SD-24-490205.73206.731.00 2.179998471.12 2.15 P4492481.89
206.73207.901.17 9998483.03 
SD-24-490211.29212.421.13 2.1399985314.70 13.62 P44924913.05
212.42213.421.00 99985412.40 
SD-17-107Jubilee –  Lower Shear 197.00198.001.001.00 49807149.20 49.20 P4492090.25 
SD-22-413 Minto B Shear250.76252.001.24 2.501256966.31 6.87 P4492505.87
252.00253.261.26 1256977.42 
SD-23-419Minto B Shear253.36254.521.16 3.826541771.65 1.22 P4492431.46
254.52255.731.21 6541780.78 
255.73257.181.45 6541791.25 
SD-23-419258.58259.470.89 1.766541821.63 2.16 P4492442.40
259.47260.340.87 6541832.70 
SD-23-419266.86267.840.98 2.936541910.68 1.95 P4492450.72
267.84268.820.98 6541924.00 
268.82269.790.97 6541931.17 
Hole IDZone From  (m) To (m)Length (m) RPX  Sample  NumberRed Pine verified  database WSP  Sample  NumberWSP Au  (g/t)
Sampl esCompos itesAu (g/t)  samplesAu (g/t)  composites
SD-22-373 Minto Mine  Shear161.15162.100.950.95 80424921.70 21.70 P4492396.99 
SD-22-373 162.10163.161.061.06 80415593.20 93.20 P449240116.00 
SD-22-373 163.16164.171.011.01 8041571.76 1.76 P4492410.52 
SD-18-222Minto Mine  Shear 257.88258.600.720.72 71378446.50 46.50 P4492428.18 
SD-17-171 Minto Mine  Shear200.38201.391.011.01 52405711.30 11.30 P44923212.55 
SD-17-171 201.39202.300.910.91 5240582.94 2.94 P4492332.82 
SD-17-115 Minto Mine  Shear108.93109.961.031.03 4981415.71 5.71 P4492343.26 
SD-17-115 109.96110.961.001.00 49814216.40 16.40 P44923521.00 
SD-17-105Minto Mine  Shear92.0092.970.970.97 37321411.50 11.50 P4492368.92 
SD-17-10594.0095.001.001.00 3732166.33 6.33 P4492372.67 
SD-17-10595.0096.001.00 2.003732172.72 2.38 P4492382.63
96.0097.001.00 3732182.04 
SD-17-86 Minto Mine  Shear152.93153.620.69 1.3837216619.80 20.00 P44923112.85
153.62154.310.69 37216720.20 

Appendix 2 – Drill core assay results from the independent verification sampling of  historical drill core samples by WSP 

Hole ID From  (m) To (m)Length (m) Sample  Weight  (kg)RPX Sample  NumberRed Pine reconciled  databaseWSP Sample  Number WSP Au (g/t)
Samples Composi tesAu (g/t)  samplesAu (g/t)  composites
S235 174.80175.560.76 3.51 3.38 387470.001.43 P449162 0.87
175.56176.480.92 387482.19
176.48177.390.91 387492.47
177.39178.310.92 387500.82
U0644L5 0.761.520.76 6.86 5.90 275230.340.30 P449160 1.22
1.522.290.77 275240.00
2.293.050.76 275250.00
3.053.810.76 275261.03
3.814.570.76 275270.69
4.575.330.76 275280.34
5.336.100.77 275290.34
6.106.860.76 275300.00
6.867.620.76 275310.00
U0644L5 7.628.380.76 7.62 6.17 275320.001.27 P449159 1.17
8.389.140.76 275330.00
9.149.910.77 275340.00
9.9110.670.76 275350.00
10.6711.430.76 275360.34
11.4312.190.76 275370.34
12.1912.950.76 275380.00
12.9513.720.77 275391.37
13.7214.480.76 275407.20
14.4815.240.76 275413.43
U0658L5 0.000.760.76 5.33 4.41 281040.000.10 P449157 0.31
0.761.520.76 281050.00
1.522.290.77 281060.69
2.293.050.76 281070.00
3.053.810.76 281080.00
3.814.570.76 281090.00
4.575.330.76 281100.00
Hole ID From  (m) To (m)Length (m) Sample  Weight  (kg)RPX Sample  NumberRed Pine reconciled  databaseWSP Sample  NumberWSP Au (g/t) 
Samples Composi tesAu (g/t)  samplesAu (g/t)  composites
U0662L5 0.761.520.76 6.86 5.60 279720.000.15 P449158 0.19
1.522.290.77 279730.00
2.293.050.76 279740.00
3.053.810.76 279750.34
3.814.570.76 279760.00
4.575.330.76 279771.03
5.336.100.77 279780.00
6.106.860.76 279790.00
6.867.620.76 279800.00
U0663L5 0.611.220.61 7.62 6.80 281182.063.13 P449165 2.54
1.221.830.61 281191.37
1.832.590.76 281201.37
2.593.350.76 281211.03
3.354.110.76 281228.91
4.114.880.77 2812315.77
4.885.640.76 281241.37
5.646.400.76 281250.00
6.407.160.76 281260.00
7.168.231.07 281270.00
U0727L5 8.539.601.07 7.32 5.02 1.0322.20 P449154 22.70
9.6010.060.46 7.20
10.0610.820.76 0.69
10.8211.580.76 0.69
11.5812.340.76 0.34
12.3413.110.77 17.49
13.1113.870.76 93.60
13.8714.630.76 37.03
14.6315.390.76 37.37
15.3915.850.46 33.94
U0729L5 0.000.610.61 6.40 4.61 290750.342.28 P449152 1.35
1.833.051.22 290761.03
3.053.660.61 290778.23
3.664.570.91 290785.83
4.575.490.92 290790.34
5.496.100.61 290802.40
6.106.860.76 290811.03
6.867.620.76 290820.34
Hole ID From  (m) To (m)Length (m) Sample  Weight  (kg)RPX Sample  NumberRed Pine reconciled  database WSP Sample  NumberWSP Au (g/t) 
Samples Composi tesAu (g/t)  samplesAu (g/t)  composites
U0763L6 1.522.440.92 4.58 3.69 301897.2011.15 P449151 4.66
2.443.350.91 301902.40
3.354.110.76 3019127.43
4.114.720.61 3019215.43
4.725.490.77 3019310.97
5.496.100.61 301945.83
U0784L6 7.327.770.45 7.31 6.92 7.8910.01 P449156 9.65
7.778.230.46 7066960.04
8.238.840.61 31.54
8.849.540.70 3068011.31
9.5410.060.52 3068125.71
10.0610.670.61 306827.20
10.6711.280.61 306839.94
11.2811.890.61 3068410.63
11.8912.500.61 3068511.66
12.5012.950.45 3068610.63
12.9513.720.77 306870.34
13.7214.630.91 306880.00
U0798L6 8.539.450.92 4.27 4.74 312540.001.32 P449155 1.76
9.4510.360.91 312550.00
10.3611.280.92 312560.00
11.2811.890.61 312579.26
11.8912.800.91 312580.00
U0798L6 12.8013.110.31 2.44 1.84 7066940.012.77 P449153 3.56
13.1114.020.91 312595.14
14.0215.241.22 312601.71
U0927L6 0.000.790.79 7.83 6.74 325291.894.75 P449161 7.25
0.791.520.73 3253011.31
1.522.100.58 325319.43
2.102.870.77 325321.03
2.873.410.54 325332.57
3.414.020.61 325340.34
4.024.910.89 325351.03
4.915.210.30 325362.91
5.215.700.49 3253725.37
5.706.160.46 325386.00
6.166.610.45 325392.57
6.617.040.43 325402.06
7.047.830.79 325410.69
Hole ID From  (m) To (m)Length (m) Sample  Weight  (kg)RPX Sample  NumberRed Pine reconciled  database WSP Sample  Number WSP Au (g/t)
Samples Composi tesAu (g/t)  samplesAu (g/t)  composites
U1089L6 5.496.400.91 5.33 4.66 0.485.93 P449163 3.20
6.407.921.52 11.66
7.928.530.61 12.34
8.539.240.71 1.30
9.2410.821.58 3.15
U1089L6 10.8212.281.46 5.94 4.49 1.713.48 P449164 2.77
12.2813.661.38 1.71
13.6614.170.51 19.20
14.1715.241.07 4.18
15.2416.761.52 1.03
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