Haywood Capital Markets Repeats “Buy” on Red Pine Exploration Inc Following Darwin-Grace Drilling Results at Wawa Project

Haywood Capital Markets has reiterated a “Buy” rating for Red Pine Exploration Inc (TSX-V: RPX, OTCQB: RDEXF) following the release of encouraging drill results in the Darwin-Grace mine area on its flagship property Wawa in Ontario, Canada.

As noted, a hole returned a high grade of 11.47 grams per tonne (g/t) gold over a strike length of 2.73 meters (m) from a depth of 76.67 m at the edge of the drilling in the Nyman shear zone.

“This hole opens up an exploration target in the structure between surface and lower levels of the Darwin-Grace mine,” Haywood analysts said. “The intersection in this hole is at the edge of drilling in the Nyman area and suggests that gold mined in the lower levels of the Darwin-Grace mine may extend near surface, and that this intersection may be a Upward plunge extension of Darwin. -Through mineralization.”

“The potential for the Darwin-Grace area to host additional gold mineralization is strong, with historical operations averaging over 11 g/t in 1934 (40 tpd). We believe that with further success, mineralization around Darwin Grace could provide satellite areas to the existing resource at Surluga and Minto,” they added.

READ: Red Pine Exploration says drilling in Darwin-Grace area on Wawa property highlights gold potential at former mine

Analysts also noted that the company’s Phase 1 drilling program in 2022 is “progressing much faster and more efficiently than in 2021” and that work is focused on resource expansion targets in the Surluga North and South (three platforms), while one platform began spinning at Grace-Darwin – the company’s first “blue sky” target under the defined program.

“Now that drilling is progressing, we are optimistic that future results will add definition and help better understand the mineralized system, ultimately leading to increased resources on the property,” the analysts concluded.

Haywood has a target price of C$1.40 on Red Pine shares, which are currently changing hands at C$0.42 each, up 2.44% on the day.

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