Completion Of Three Non-Brokered Private Placements. Assays Of Up To 39 G/T Gold From The Trout Lake Program.

Red Pony Exploration Limited (“Red Pony” or the “Company”) is pleased to announce results from the 2021 exploration program on its Trout Lake Project located in southeast British Columbia, Canada.  The results from the 2021 field program provide further support for the occurrence of high-grade precious and base metal mineralization along property to regional-scale northwest trending linear features.
Since the Company’s news release dated December 21, 2020, the Company is also pleased to announce it has completed three additional non-brokered private placements (the “Offerings”), the most recent closing on June 1, 2022. An aggregate of 4,580,830 common shares in the capital of the Company (each, “a Share”) were issued at prices between $0.09 and $0.12 per Share for gross proceeds of $445,400 in the Offerings. The Offerings included 2,437,500 Shares issued on a flow-through basis, the proceeds of which will be used to incur Canadian Exploration Expenses, will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), and be renounced to the purchasers of such Shares. To date, including the Offerings, the Company has raised an aggregate of approximately $1.4 million by way of private placement.

Program Details:
Field work was completed on the Trout Lake Project from July to September 2021 with the aim to further define and extend known mineralization along the apparent northwest trending linear features. The four main tenure groups explored include Red Pony, Gus, Fidelity and Moly-Winslow resulting in a total collection of 100 rock grab samples and 139 soil samples. Work completed on Red Pony included the collection of 64 rock samples along the Black Warrior, Revelstoke, and Ophir Lade trends with assays showing anomalous gold, silver, lead, and zinc within quartz-sulphide veins and mineralized breccias. Work completed on Gus included 13 rock samples, and 18 soil samples which identified a silver-lead-zinc-in-soil anomaly along a northwest trend of the Gus #3 and #4 showings. The Fidelity sampling included the collection of 10 rock samples, however significant mineralization was not encountered. The Moly-Winslow sampling included the collection of 121 soils, and 13 rock samples surrounding the Moly showing which shows a downslope gold-silver-lead-zinc-in-soil anomaly.
Overall, the field program provides further evidence for downtrend mineralization surrounding known zones and the potential for further discovery on the Project.

Program Highlights:

  • Rock sampling along the Black Warrior Trend showed anomalous gold, silver, zinc, and lead values within quartz-sulphide veins including: sample B836568 with 1.31 g/t gold, 1535 g/t silver, >20% lead, and 12.5% zinc, as well as sample B836670 with 0.62 g/t gold and >30% zinc.
  • Rock sampling of quartz veins over the Old Gold Zone returned results including: sample B836572 with 0.72 g/t gold, 458 g/t silver, 17.15% lead, and 8.31% zinc.
  • Rock sampling over the Ophir Lade Zone returned results including: B836578 with 39 g/t gold, B836690 with 4.6 g/t gold, B836692 with 3.84 g/t gold, and B836687 with 0.42 g/t gold and 12.85% zinc.
  • Rock sampling over the Revelstoke Trend returned values over the Silver Chief zone including: sample B836585 with 370 g/t silver and >20% lead within a massive sulphide, and sample B836584 with 66.9 g/t silver and 14% lead within a mineralized breccia.
  • Soil sampling over the Moly Zone showed anomalous zones of gold, silver, lead, and zinc downslope of a potential mineralized trend.
  • Soil sampling over the Gus Zone showed anomalous silver, lead, zinc along trend of the known GUS showing.
Sample ID Zone Au g/t Ag g/t Pb % Zn %
B836568 Black Warrior 1.31 1535.00 >20.00 12.50
B836569 Black Warrior 0.13 99.90 2.20 12.25
B836668 Black Warrior 0.51 1665.00 0.65 21.70
B836670 Black Warrior 0.62 91.20 0.08 >30.00
B836572 Old Gold 0.72 458.00 17.15 8.31
B836573 Old Gold 0.44 17.60 0.02 6.37
B836574 Old Gold 0.09 96.40 2.68 9.07
B836678 Old Gold 0.01 62.90 0.27 3.55
B836666 Fidelity 0.13 2.80 0.10 0.41
B836578 Ophir Lade 39.00 2.80 0.02 0.00
B836687 Ophir Lade 0.41 17.90 1.01 12.85
B836690 Ophir Lade 4.60 0.50 0.00 0.01
B836692 Ophir Lade 3.84 0.50 0.00 0.00
B836694 Ophir Lade 1.09 0.70 0.00 0.00
B836695 Ophir Lade 0.47 29.00 1.62 0.01
B836503 Mollie Mac 0.01 14.10 1.48 1.51
B836583 Silver Chief 0.01 20.70 1.89 0.01
B836584 Silver Chief 0.02 66.90 14.00 0.01
B836585 Silver Chief 0.04 370.00 >20.00 0.05

Quality Control & Quality Assurance. All rock and soil sample assay results have been monitored through a quality assurance / quality control (QA/QC) program.
Rock samples were sampled and shipped in sealed and secure bags to the ALS Global laboratory in North Vancouver, BC. Rock samples were crushed to 70% less than 2mm, rotary split off 250 grams, pulverized split to better than 85% passing 75 microns. Rock samples were analyzed via multi-element methods combining a four-acid digestion with ICP-AES instrumentation. A four-acid digest is performed on 0.25 gram of sample to quantitatively dissolve most geological materials (ALS method ME-ICP61). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (ALS method Au-AA23).
Soil samples were shipped in sealed and secure bags to the ALS Global laboratory in North Vancouver, BC. Soil samples were dried and sieved to -180 microns. Soil samples were assayed by four-acid digestion with ICP finish on a 0.25 gram sample (ALS method ME-ICP61). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (ALS method Au-AA23). In addition to the ALS Global laboratory QA/QC protocols, Red Pony Exploration implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the rock sample stream.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Robert A. (Bob) Lane, P.Geo., who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.