-16,500 metres (54,000 feet) of drilling planned for strategic
Red Lake projects -
TORONTO STOCK EXCHANGE SYMBOL: RMX
AMEX SYMBOL: RBY
VANCOUVER, Oct. 18 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.AMEX), is pleased to provide a review of its drill plans for Red Lake
Ontario to be carried out between now and the first half of 2008. A total of
16,500 metres of confirmed drilling is planned on five strategic projects.
- Phoenix Project: A 4000-metre drill program, to commence in
late October/ early November is planned to follow up at the
North Peninsula Zone and the Deep Footwall Target (see news
release dated July 30, 2007). The North Peninsula Zone,
discovered during Q1/Q2 of 2007 is characterized by two
distinct, gold-bearing intervals. The Lower Zone is currently
intersected between 230 and 380 metres below surface. Gold
mineralization is developed within a package of mafic rocks
that are strongly silicified and have pervasive arsenopyrite
throughout. The Upper Zone is situated less than 120 metres
below surface. The North Peninsula has been intersected over
a strike length of 100 metres and is open along strike and
down dip. An additional 5,600 metres of drilling is currently
planned for Q1/Q2 2008 to test additional targets on the
Phoenix Gold Project including deep drill targets.
- Adams Lake Project: A drill test (estimated 2,500 metres) for
'Mine Sequence' rocks at this 100%-owned project located five
kilometres east of the Red Lake Gold Mines and occupying a
similar structural position, is planned for Q1/2008. Rubicon
interprets Mine Sequence rocks being present in the core of a
major fold which underlies the Adams Lake claims. Currently
Rubicon is completing a synthesis of available geological
data and carrying out geochemical surveys prior to drilling.
Goldcorp, in a September 2007 presentation posted on its
website, also highlights the potential significance of the
general Adams Lake area (see www.goldcorp.com for
- East Bay Project: An estimated 1,500-metre drill program at
this 100%-owned project is planned for late Q1 early Q2 of
2008. The project occupies four-kilometres of strike length
of the East Bay Trend, immediately adjacent to and on strike
of the GAZ zone (an inferred resource of 1.4 million tonnes
grading 8.0 g/t gold controlled by Goldcorp/Premier Gold).
The East Bay claims are underlain by the East Bay ultramafic
body, an important unit associated with gold elsewhere along
the trend, including at Rubicon's Phoenix Gold Project.
- Red Lake North Project-Sidace Lake Area: The fall program at
the Main Block-Red Lake North Project has been completed.
Rubicon has recommended further work to partner Solitaire
which will advise on a decision following receipt of
- Humlin Project: Partner Solitaire is required to spend
$400,000 before May 1, 2008 in order to fulfill the
requirements of the second year of its option. Solitaire is
required to spend $2.5 million over four years to earn 55%
interest in the property. Rubicon will complete a
geochemical survey at Humlin prior to recommending a minimum
1,500-metre drill program for this coming winter.
- DMC Project: Partner Agnico-Eagle Mines Limited is currently
funding a $300,000 program on the DMC project designed to
follow up on encouraging alteration and mineralization
encountered in previous programs.
"In Red Lake, Rubicon is in the rare position of controlling large and
strategic land positions in a producing gold camp which is home to one of the
world's great gold deposits ((greater than)20 million ounces gold). Armed with
a strong treasury, we are now able to carry out an expanded exploration
campaign on our strategic Red Lake targets".
Rubicon's business plan is to provide exposure to high exploration
potential and to review new growth opportunities in areas of low political
risk in North America.
It should be noted that the exact timing of drill programs is dependant
on a number of factors. These include drill and drill-crew availability,
weather and ice conditions and ongoing results from programs necessitating
additional or reduced drilling. It should also be noted that the industry as a
whole is facing labour shortages and long assay turnaround times.
True widths are estimated to be approximately 70% to 90% of reported
lengths. All assays were conducted on sawn NQ2 and NQ-sized half core
sections. Program assays were completed by ALS Chemex using the metallic
screen fire assay procedure or fire assay gravimetric finish. Standards and
blanks 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
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" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements in this document include statements
with respect to the Company's exploration programs, its expenditures on such
exploration programs and the anticipated results of such exploration programs.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in the forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include uncertainty with respect to findings under
exploration programs and general economic, market or business conditions.
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. Forward looking statements
are based on the beliefs, estimates and opinions of the Company's management
on the date the statements are made. 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 management to successfully implement the planned exploration. 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:
For further information: Bill Cavalluzzo, Vice President-Investor
Relations, Toll free: 1-866-365-4706 or by E-mail at:
firstname.lastname@example.org; Rubicon Minerals Corporation, Suite 1540-800
West Pender Street, Vancouver, BC, CANADA V6C 2V6