Red Pine Exploration - Former CEO of Red Pine Exploration, Quentin Yarie.
Former CEO of Red Pine Exploration, Quentin Yarie.
(Source: Red Pine Exploration)
  • 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.

Join the discussion: Find out what everybody’s saying about this junior gold stock on the Red Pine Exploration Inc. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top photo of former CEO Quentin Yarie is sourced from Red Pine Exploration.)


More From The Market Online
Dryden Gold logo against a natural background

Dryden Gold secures major investment from global miner

Junior miner Dryden Gold (TSXV:DRY) announces a C$3.38M non-brokered private placement with global miner and explorer Centerra Gold (TSX:CG).
MDA Space

Canadian space stocks blast off after reaching satellite milestone

Telesat (TSX:TSAT) and MDA Space (TSX:MDA) completed the preliminary design review for the Lightspeed low Earth orbit constellation program.
BlackBerry logo under a magnifying glass

BlackBerry and TTTech Auto unveil MotionWise Schedule for QNX SDP 8.0

BlackBerry (TSX:BB) and TTTech Auto have a solution for automotive developers as industry focus intensifies its on Software Defined Vehicles.
An uncertain investor atop conflicting stock charts

@ the Bell: TSX drops and commodities rise ahead of key macro data

Canada’s TSX index gave back some of last week's gains on Monday because of pessimism in utility, industrial and technology stocks.