Red Pine Exploration plunges as it retracts all assays for Wawa gold project – by Staff ( – May 1, 2024)

Red Pine Exploration (TSXV: RPX) said on Wednesday it has withdrawn all previously announced assays for the Wawa gold project in Ontario after discovering “inconsistencies” in certain results.

These include assay results announced by way of press releases and those referenced in past disclosure documents, such as the NI 43-101 report for the Wawa project dated June 2023, the company said.

Red Pine Exploration’s share price nearly halved on the latest development, trading at C$0.12 by by 11:30 a.m. ET in Toronto. Earlier in the session, the stock fell to a 52-week low of C$0.10, dropping its market capitalization to C$23 million ($17m).

Red Pine management is now conducting a “detailed review and comparison” of the assay results from the Wawa project with its disclosure documents in order to identify and quantify the extent of any incongruities, it said.

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