TSX:RMX / NYSE Amex:RBY
- high-grade intercepts include 2.01 oz/ton gold over 13.1 feet (68.8
g/t gold over 4.0 metres)-
- includes 10.76 oz/ton gold over 1.6 feet (368.9 g/t gold over 0.5
metres)-VANCOUVER, March 23 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE AMEX) is pleased to announce new results from ongoing drilling at its
100%-controlled Phoenix Gold Project, located in the heart of the prolific Red
Lake gold district of Ontario. The Company is conducting drilling to expand
the F2 Gold Zone from which significant high-grade and bonanza-grade gold
intercepts have been reported laterally over 580 metres and to depths of up to
1101 metres below surface (see news releases from March 12, 2008, onwards).F2 Zone northeast extension drilling
-------------------------------------New drilling in this area has returned 2.01 oz/ton gold over 13.1 feet
(68.8 g/t gold over 4.0 metres) including 10.76 oz/ton gold over 1.6 feet
(368.9 g/t gold over 0.5 metres) plus 1.01 oz/ton gold over 3.3 feet (34.6 g/t
gold over 1.0 metres). See Table 1 for tabulated recent results and Figures 1
to 3 for drill hole locations. High-grade gold mineralization is hosted within
sulphide-rich basalts which are similar to those at the core of the F2 Zone,
located approximately 200 metres to the southwest. In the core of the F2 Zone,
over 35,000 metres of drilling completed to date has identified numerous
high-grade gold bearing zones extending from surface to 1101 metres below
surface. For a complete tabulation of all significant results from the F2 Zone
to date, please refer to the compilation table posted on the Company's website
at www.rubiconminerals.com.These new intercepts are significant because:
1) They confirm that the F2 system continues to grow and is developed
some 200 metres northeast of the core of the F2 Zone
(see Figures 1-3).
2) Host basalts near surface in the northeast extension area are
interpreted to extend to depth where three previous holes have
intersected gold-bearing basalts between 653 metres and 782 metres
below surface (see news releases dated July 8, 2008 and October 21,
2008). This sparsely-drilled area outlines a large, highly
prospective target area immediately adjacent to the core of the F2
Zone where over 35,000 metres of drilling confirms gold
mineralization extends from surface to 1101 metres below surface.
Additional drilling is required to confirm if the northeastern area
and the F2 Zone are part of the same gold system.
F2 Zone southwest extension drilling
-------------------------------------New high-grade results immediately southwest of the core F2 Zone continue
to confirm the presence of high grade gold in this area. Results include 1.24
oz/ton gold over 1.6 feet (42.44 g/t gold over 0.5 metres), 1.09 oz/ton over
3.3 feet (37.3 g/t gold over 1.0 metres) 0.91 oz/ton gold over 2.5 feet (31.03
g/t gold over 0.75 metres). Mineralization is closely associated with
gold-bearing sulphide-rich intervals and is also developed within felsic
intrusive rocks (Table 1).
"These new results continue to build on our previous twelve news releases
detailing impressive gold intercepts at the F2 Zone since its discovery.
Extensive drilling will be required to determine the extent of the F2 gold
system which remains open in all directions. Following the closing of our
recent $40 million financing, we are evaluating how best to achieve this goal
and we expect to be announcing an expanded exploration program in the near
term." stated David Adamson, President and CEO.
Rubicon is currently dewatering the Phoenix shaft and workings which are
approximately 450 metres northwest of the F2 Zone. Dewatering is anticipated
to be completed by the end of March and once complete, rehabilitation of the
shaft will take place, followed by the initiation of the shaft extension to a
depth of 350 metres below surface. Although the Company estimates it will take
approximately three to four months to complete the shaft extension, a more
accurate evaluation will be made once work is underway. Rubicon views the
underground drilling to be a more effective method to explore and expand the
F2 Zone as underground drilling is cost effective, flexible in terms of
drilling direction and not subject to seasonal delays compared to surface
drilling. In addition, access to underground exposures will provide valuable
geological and structural information to better understand the F2 Zone.
Rubicon Minerals Corporation is a well-funded exploration company,
focusing on exploring for gold in politically safe jurisdictions with high
geological potential. Rubicon controls over 65,000 acres of prime exploration
ground in the prolific Red Lake gold district of Ontario which hosts
Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake
holdings, Rubicon controls over 380,000 acres surrounding the Pogo Mine in
Alaska as well as 225,000 acres in northeast Nevada. Rob McEwen, President and
CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 25% of the
issued shares of the Company.RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO
Table 1: Assay Results
-------------------------------------------------------------------------
Hole Depth to Gold Gold
Number Centre (m) (g/t) Metres (oz/ton) Feet
-------------------------------------------------------------------------
Northeast Extension Drilling
-------------------------------------------------------------------------
F2-41 43 43.0 0.5 1.25 1.6
-------------------------------------------------------------------------
F2-41 74 5.1 48.0 0.15 157.4
-------------------------------------------------------------------------
Incl. 53 260.5 0.5 7.60 1.6
-------------------------------------------------------------------------
F2-41+ 114 4.9 3.0 0.14 9.8
-------------------------------------------------------------------------
F2-42 74 5.7 7.8 0.17 25.7
-------------------------------------------------------------------------
Incl. 75 6.2 7.0 0.18 23.0
-------------------------------------------------------------------------
Incl. 76 15.7 1.1 0.46 3.6
-------------------------------------------------------------------------
F2-42 91 6.1 6.0 0.18 19.7
-------------------------------------------------------------------------
Incl. 93 18.5 1.0 0.54 3.3
-------------------------------------------------------------------------
F2-42 170 4.8 14.7 0.14 48.2
-------------------------------------------------------------------------
Incl. 164 20.1 0.7 0.59 2.3
-------------------------------------------------------------------------
F2-44+ 32 9.2 2.5 0.27 8.2
-------------------------------------------------------------------------
F2-44 39 173.7 2.5 5.07 8.2
-------------------------------------------------------------------------
Incl. 38 854.1 0.5 24.91 1.6
-------------------------------------------------------------------------
F2-47+ 137 34.6 1.0 1.01 3.3
-------------------------------------------------------------------------
F2-50+ 185 4.2 3.0 0.12 9.8
-------------------------------------------------------------------------
F2-57(*)+ 109 68.8 4.0 2.01 13.1
-------------------------------------------------------------------------
incl. 109 368.9 0.5 10.76 1.6
-------------------------------------------------------------------------
Southwest Extension Drilling
-------------------------------------------------------------------------
F2-42+ 663 15.5 4.0 0.45 13.1
-------------------------------------------------------------------------
Incl.+ 663 19.7 3.0 0.57 9.8
-------------------------------------------------------------------------
Incl.+ 663 37.4 1.2 1.09 3.9
-------------------------------------------------------------------------
F2-42 672 119.6 0.5 3.49 1.6
-------------------------------------------------------------------------
F2-40 74 26.9 1.0 0.79 3.3
-------------------------------------------------------------------------
F2-40 592 7.0 3.5 0.20 11.5
-------------------------------------------------------------------------
Incl. 592 8.0 3.0 0.23 9.8
-------------------------------------------------------------------------
F2-40 598 3.7 6.0 0.11 19.7
-------------------------------------------------------------------------
F2-40 721 16.7 1.0 0.49 3.3
-------------------------------------------------------------------------
F2-43 699 6.8 3.5 0.20 11.5
-------------------------------------------------------------------------
Incl. 698 8.7 2.5 0.25 8.2
-------------------------------------------------------------------------
F2-43+ 965 10.8 1.0 0.32 3.3
-------------------------------------------------------------------------
F2-48+ 114 5.3 4.0 0.16 13.1
-------------------------------------------------------------------------
F2-49+ 164 4.5 8.7 0.13 28.4
-------------------------------------------------------------------------
F2-51+ 447 31.0 0.8 0.91 2.5
-------------------------------------------------------------------------
F2-54(*)+ 56 4.3 13.0 0.13 42.7
-------------------------------------------------------------------------
incl.+ 53 37.3 1.0 1.09 3.3
-------------------------------------------------------------------------
F2-54(*)+ 84 4.2 6.0 0.12 19.7
-------------------------------------------------------------------------
incl.+ 86 9.5 2.0 0.28 6.6
-------------------------------------------------------------------------
incl.+ 86 12.8 1.0 0.37 3.3
-------------------------------------------------------------------------
F2-56(*)+ 51 12.1 2.0 0.35 6.6
-------------------------------------------------------------------------
incl.+ 51 42.4 0.5 1.24 1.6
-------------------------------------------------------------------------
†New assay results this release - all assays uncut
(*)Assay pending for portions of the hole
Please visit: http://files.newswire.ca/617/RubiconMaps0323.pdf to view
Figure 1: Plan Map of the F2 Zone, Figure 2: Composite Cross Section Looking
Northeast and Figure 3: Composite Long Section Looking Northwest.
Assaying and Qualified Person
------------------------------Assays were conducted on sawn NQ-sized half core sections. Further
drilling is required before the true widths of reported intercepts can be
determined. Assays are uncut as is standard practice in Red Lake. The saw
blade is routinely cleaned between samples when visible gold is noted during
logging and sampling of the drill core. Assays were conducted by SGS Minerals
Services using standard fire assay on a 30 gram (1 assay ton) sample with a
gravimetric finish procedure. Assays are uncut as is standard practice in Red
Lake. Standards, blanks and check assays were included at regular intervals in
each sample batch. Gold standards were prepared by CDN Resource Laboratories
Ltd. Work programs are supervised by Terry Bursey, P.Geo. the project
Qualified Person under the definition of NI 43-101.Forward Looking Statements
---------------------------This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential", "suggest" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Forward-looking statements in this document include
statements regarding the timing and nature of future exploration programs
which are dependant on projections which will need to be confirmed when
underground work is commenced. In addition, areas of exploration potential are
identified which will require substantial drilling to determine whether or not
they contain similar mineralization to areas which have been explored in more
detail. The description of mineralized zones is not intended to imply that any
economically mineable estimate of reserves or resources exists on the Phoenix
project. Similarly, although geological features of the F2 Zone are
interpreted to show similarities to nearby gold producing mines owned by third
parties, this should not be interpreted to mean that the F2 zone has, or that
it will, generate similar reserves or resources. Significant additional
drilling is required at F2 to fully understand system size before a meaningful
resource calculation can be completed. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Factors that could cause the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, inability to
obtain required shareholder or regulatory approvals, and general economic,
market or business conditions. Forward looking statements are based on the
beliefs, estimates and opinions of the Company's management on the date the
statements are made. Except as required by applicable securities laws, the
Company undertakes no obligation to update these forward-looking statements in
the event that management's beliefs, estimates or opinions, or other factors,
should change. These statements are based on a number of assumptions,
including, among others, assumptions regarding general business and economic
conditions, and the ability of third-party service providers to deliver
services in a timely manner. The foregoing list of assumptions is not
exhaustive. Events or circumstances could cause results to differ materially.The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: Bill Cavalluzzo, VP-Investor Relations, Toll
free: 1 (866) 365-4706, E-mail: bcavalluzzo@rubiconminerals.com;
www.rubiconminerals.com, Rubicon Minerals Corporation, Suite 1540-800, West
Pender Street, Vancouver BC, CANADA, V6C 2V6
