- Red Pine Exploration (TSXV:RPX) has accused Quentin Yarie, its former chief executive officer, of tampering with gold assay data going back a decade
- The company alleges that Yarie increased gold grades on hundreds of assay results, orchestrating a 12 per cent inflation of the company’s Wawa gold resource
- Red Pine Exploration is a gold exploration company developing its Wawa gold project, which houses a modest but prospective indicated and inferred resource of more than 500,000 ounces
- Red Pine Exploration stock has given back 50 per cent year-over-year and 76.25 per cent since 2019
Red Pine Exploration (TSXV:RPX) has accused Quentin Yarie, its former chief executive officer, of tampering with gold assay data going back a decade.
The junior gold stock initially reported inconsistencies with select drilling results at its Wawa gold project in Ontario on May 1, after a geologist discovered an anomaly in drilling results, causing Red Pine stock to fall by 61.9 per cent.
This was followed by the public accusation of Yarie on May 10 detailing 532 assay reporting inconsistencies dating back to 2014, including data from the initial 2014-2019 period resulting in Wawa’s mineral resource estimates set out in its technical report.
Accounting for data from the subsequent 2019-2024 period released Wednesday, the tampering represents a 12 per cent inflation of Wawa’s approximately 700,000 ounces of indicated and inferred gold.
The company is alleging that Yarie was the only party to receive the correct assay results in question, which allowed him to increase the grades and upload them to Red Pine’s database. He left his post in February because of long-term underperformance, as reported in The Globe and Mail, and had served at the junior gold miner since 2015. Michael Michaud, the current senior vice president of exploration at Wesdome Gold Mines (TSX:WDO), will replace become Red Pine’s CEO in July.
Red Pine is preparing a new resource update for Wawa with verified assays from between 65,000-70,000 metres of drilling since the last update.
About Red Pine Exploration
Red Pine is a gold exploration company based in Toronto. Its flagship Wawa gold project in Ontario boasts a more than 7,000-hectare land package that is host to numerous historic gold mines that produced about 120,000 ounces of gold.
Red Pine Exploration Inc. stock (TSXV:RPX) is unchanged, trading at C$0.095 per share as of 10:20 am ET. The stock has given back 50 per cent year-over-year and 76.25 per cent since 2019.
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(Top photo of former CEO Quentin Yarie is sourced from Red Pine Exploration.)
