Red Pine Exploration (RPX.V) is a gold exploration company which holds the 100% owned Wawa Gold Project in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years.

Today, the company announced results from its fully funded and continuing exploration program. Hole SD-22-396 intersected a significant mineralization in the Surluga North Vein Network above the Jubilee Shear Zone of the current resources of the Wawa Gold Project.

Here are the key highlights:

• High-grade mineralization in the Surluga North Vein Network extended laterally to the north by 115 m
  • Gold mineralization is associated with a network of multidirectional quartz-tourmaline veins
  • The vein network is in the hanging wall of the Jubilee Shear Zone and was intersected at 165 m vertical depth
  • Contains 5.13 g/t gold over 37.47 m, including 25.20 g/t gold over 3.41 m in SD-22-396
  • Other intersections of significance in the Surluga North Vein Network includes that have previously been released includes:
    • 8.46 g/t gold over 6.42 m in SD-22-321 located approximately 200 m SW of SD-22-396
    • 11.19 g/t gold over 2.61 m in SD-22-326 located approximately 200 WSW of SD-22-396
  • Possibility that Surluga North Vein Network is related to a comparable quartz-tourmaline vein network intersected 610 m north in 2016 in SD-16-43.

Quentin Yarie, President and CEO of Red Pine Exploration commented: “These results from the Surluga North Vein Network demonstrate that significant mineralization exists in the hanging wall of the Jubilee Shear Zone and validates the potential for a hybrid pit and underground project (Figure 2). The hanging wall of the Jubilee Shear Zone remains unexplored to the north of the intersection in SD-22-396, leaving the Surluga North Vein Network open for further extension toward the intersection of a comparable network of quartz-tourmaline veins 610 m north in SD-16-43.”

The stock is currently up over 20% with over 677,000 shares traded at time of writing on this news.

Red Pine Exploration has plenty of bullish signs. The stock bottomed and bounced at a major support zone at $0.19. Since bouncing, the stock also closed above a major downtrend line which I have drawn out above for readers. The trendline even saw a pullback and retest which held.

Today’s news has caused recent highs at $0.32 to be taken out and the stock is breaking out above a major resistance zone. Not only do we have a new uptrend, but we have a breakout which will continue the higher highs and higher lows in this new uptrend.

I have my next target at $0.50, being an important psychological level. I would watch the $0.425 zone as there appears to be some resistance there as well and the stock could react. We remain bullish as long as the stock remains above $0.325. With gold prices also breaking out post NFP data in the US, the juniors can build on this momentum.