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Wednesday, February 08, 2017 Derek Macpherson

RPX Continues to Deliver Exploration Success

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Yesterday, Red Pine Exploration Inc. (TSXV:RPX) provided another positive exploration update, including surface sampling results and the second set of results from its ongoing 6km drill program at the Wawa gold project (60% interest). The drill results were highlighted by 2.00 g/t Au over 8.96m, within a wider interval of 25.76m at 0.79 g/t Au (SD-16-43). This hole is 525m to the north of the existing inferred resource (Figure 1). The surface sample results were highlighted by 143 g/t Au, in an underexplored area ~2km south of the existing resource. These exploration results continue to suggest that meaningful resource growth is possible for the Wawa Gold project, which in our view is not reflected in the company’s modestly discounted valuation of C$44/oz versus peers at C$56/oz. We expect continued exploration success, along with the recently completed ownership consolidation of the Wawa gold project should help close the valuation gap to peers.  read more


Sunday, February 05, 2017 Derek Macpherson

Red Pine Completes Merger with Augustine

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Red Pine Exploration Inc. (TSXV:RPX) announced that the acquisition of Augustine Ventures Inc. (CNX:WAW) has been completed. By way of the transaction, Augustine became a wholly-owned subsidiary of Red Pine, and Red Pine’s interest in the Wawa gold project increased from 30% to 60%. The project’s remaining 40% interest will continue to be held by Citabar LLP. Each common share of Augustine has been exchanged for 0.76 Red Pine shares and Red Pine issued 100,668,733 shares to former Augustine shareholders. In our view, the completion of this merger is an important catalyst for the company and should help close the valuation gap to peers. At C$45/oz Red Pine currently trades at a modest discount to peers that trade at C$53/oz. As well, we expect the ongoing exploration and resampling programs to benefit the share price. read more


Thursday, January 26, 2017 Derek Macpherson

Augustine Shareholders Approve Merger with RPX

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Earlier this week, Red Pine Exploration Inc. (TSXV:RPX) and Augustine Ventures Inc. (CNX:WAW) announced that Augustine’s shareholders have approved the proposed business combination with Red Pine. As we discussed in a previous post, the two companies entered into an arrangement agreement on November 14, 2016. Upon completion of the transaction, Augustine will become a wholly-owned subsidiary of Red Pine. The transaction is expected to be completed on or about February 1st, 2017. Once completed, Red Pine plans to rename the company Wawa Gold Inc., and will hold a 60% interest in the Wawa Gold Project. The project’s remaining 40% interest will continue to be held by Citabar Ltd. In our view, the completion of this merger is an important catalyst for the company and should help close the valuation gap to peers. Red Pine currently trades at C$41/oz a discount to peers that trade at C$51/oz. As well, we expect the ongoing exploration and resampling programs to benefit the share price. read more


Tuesday, January 24, 2017 Derek Macpherson

RPX's Drill Results Point to Resource Expansion

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Red Pine Exploration Inc. (TSXV:RPX) released results from SD-16-40, the first hole of its 6km drill program that is currently underway at the Wawa gold project in Ontario. The hole intersected six separate gold shear zones, including a newly discovered zone, an extension of the Hornblende Shear Zone and the William Gold Zone. In our view, these results support Wawa’s resource growth potential while it appears that the likely resource growth from the ongoing drill and resampling programs are not fully incorporated into Red Pine’s share price. This likely growth, along with the planned ownership consolidation of the Wawa gold project, should allow Red Pine to close the valuation gap to peers. Red Pine currently trades at C$42/oz vs. peers at C$53/oz.  read more


Thursday, January 19, 2017 Derek Macpherson

RPX's Resampling Program Continues to Bear Fruit

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Red Pine Exploration Inc. (TSXV:RPX) released further results from its ongoing core resampling program which returned a weighted average grade of 1.43 g/t Au over 19.6m, representing a 10% increase in average intersection length from the previous sampling of the same drill holes. Although the average grade of today’s samples decreased by 4.7%, the overall metal factor (grade x intersection length) increased supporting our view that the resampling program is likely to grow the existing resource. In addition, assays are pending from the ongoing 6km drill which is focused on expanding the current resource to the North. In our view, the likely resource growth from the ongoing drill and resampling programs are not incorporated into Red Pine’s share price. This likely growth, along with the planned ownership consolidation of the Wawa Gold project should allow Red Pine to close the valuation gap to peers. Red Pine currently trades at C$41/oz versus peers at C$51/oz.  read more


Tuesday, January 10, 2017 Derek Macpherson

RPX's Resampling Continues to Suggest Resource Growth

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Red Pine Exploration Inc. (TSXV:RPX) released further results from its ongoing core resampling program at the Wawa gold project in Ontario. Results continue to improve the metal factor (grade x intersection length) in known zones while identifying new areas of mineralization. In addition, the company announced that it intersected visible gold in hole SD-16-45 as part of its ongoing drilling program, assays are pending. These results along with recent exploration success continues to suggest that the current resource is likely to grow. At $44/oz Au, Red Pine continues to trade at a slight discount to peers ($47/oz), suggesting that the resource growth potential and planned ownership consolidation is not yet fully factored in by the market.  read more


Tuesday, December 20, 2016 Derek Macpherson

RPX's Preliminary Drill Results Point to Growth

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Red Pine Exploration Inc. (TSXV:RPX) released preliminary findings from two drill holes and additional results from its ongoing core resampling program at the Wawa gold project in Ontario. The company reported encouraging preliminary findings from two exploration holes that suggest the deposit may be expanded to the North. In addition, Red Pine reported an update from its ongoing resampling program which continues to see the metal factor (grade x intersection length) of holes expand, suggesting the resource may be larger than currently reported. At $39/oz Au, Red Pine continues to trade at a discount to peers ($48/oz), suggesting that the potential for resource growth and planned ownership consolidation is not fully factored into the current share price.  read more


Wednesday, December 07, 2016 Derek Macpherson

RPX's Resampling Continues to Return Positive Results

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Red Pine Exploration Inc. (TSXV:RPX) released further results from its ongoing core resampling program at the Wawa gold project in Ontario which continues to see the metal factor (grade x intersection length) of holes improve. In addition, Red Pine reported preliminary findings from two holes that have been drilled as part of its ongoing 6km drill campaign that is focused on expanding the current resource to the North. We view the results from the resampling program favorably and along with the ongoing drill program we expect the current resource to grow. At $28/oz Au, Red Pine continues to trade at a discount to peers ($57/oz), suggesting that the potential for resource growth and planned ownership consolidation are not factored into the current share price.  read more


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