- Gold intersected on Main Block-Red Lake North Project - McCuaig
drilling ongoing - Alaskan drilling completed -
TORONTO STOCK EXCHANGE SYMBOL: RMX
AMEX SYMBOL: RBY
VANCOUVER, Oct. 16 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.AMEX), is pleased to provide an update of its ongoing exploration
programs, focused in the prolific Red Lake gold district of Ontario.
Currently, Rubicon is drilling on two of its eight key project areas in Red
Lake, the McCuaig Project and the DMC Project (see www.rubiconminerals.com for
At the Red Lake North Project, Hole RLN-07-07 intersected a 500-metre
thick section of moderate to strong biotite and sericite alteration within the
stratigraphy. This altered section is interpreted to be the southwest
extension of the Sidace Lake area stratigraphy, located five kilometres to the
northeast of the Main Block claims, which in that area is host to an
extensively drilled gold discovery (the 'MDZ') controlled by Goldcorp
Inc./Planet Exploration Inc. Visible gold in hole RLN-07-07 is observed at 387
metres down the hole within the altered section. The interval returned 9.70
g/t gold over 1.4 metres (including 19.95 g/t gold over 0.65 metres). A second
occurrence of visible gold (one speck) occurs at 628 metres downhole. Current
assays received from altered wall rocks (11 samples) do not indicate elevated
levels of gold.
"This is our first drill program in this area and it is very early days
for exploration of the Main Block-Red Lake North property but the presence of
visible gold indicates that the geological setting warrants further
exploration", said David Adamson, President and CEO.
The Red Lake North property is under option to Solitaire Minerals Corp.
Under the terms of the option agreement, Solitaire can earn a 55% interest in
the project by spending a total of $2.5 million prior to May 1, 2010. Rubicon
is the operator.
Elsewhere, at the Company's 60%-owned McCuaig Project (Golden Tag
Resources 40%), the final hole of the current drill program is in progress.
At the adjacent DMC project, under option to Agnico-Eagle Mines Limited,
the Company has commenced a $300,000 drill program designed to follow up on
encouraging results in the Dorion Island area.
In addition to the currently active projects, Rubicon plans to carry out
drilling on its key 100%-controlled projects beginning about late October and
continuing well into 2008. These plans will be outlined in a news release in
the near term.
"Red Lake is home to one of the world's giant gold deposits and Rubicon
controls a large, strategic position with multiple targets in the core of this
gold camp. Armed with a strong treasury, we are about to embark on our most
aggressive and ambitious drill programs to date in this prolific gold camp,
details of which we will be outlining in the near future." said David Adamson.
In Alaska, Rubicon has completed its initial exploration program on its
extensive land holdings, acquired in May, 2007, that are contiguous to and
surround the 5.6 million ounce Pogo Mine. The program included 1,105 metres of
drilling in four holes on the 100%-owned Maple Leaf area and 1,750 metres in
seven holes on claims under option from Rimfire Minerals Corporation. In the
Maple Leaf area, a drilled section beneath surface showings intersected weakly
anomalous (up to 0.25 g/t gold/ 0.8 metres) but did not intersect vein style
mineralization similar to that observed on the surface.
On the Cal-Surf optioned property, previously reported intercept of 2.24
g/t gold over 2.5 metres intersected in early summer drilling was followed up
with three additional drill holes. One of these intersected a 40-foot section
of quartz-arsenopyrite mineralization which was anomalous in gold (maximum 70
ppb gold/1.2 meters).
Drilling has confirmed significant intrusive-related hydrothermal
alteration in both areas but additional work will be required to develop new
drill targets in both areas. Rubicon is currently compiling information before
formulating its plans for 2008 on its Alaska holdings.
For the information of investors, Rubicon notes that, in common with
other companies, it is experiencing long assay turnaround times. As well,
please note that the exact timing of drill programs is dependant on several
factors including drill availability and reliability, weather conditions,
results from ongoing drilling, etc.
Rubicon has approximately $23 million in cash as of Sept 1, 2007, which
is invested only in accounts guaranteed by major Canadian banks.
For the Red Lake projects, 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 NI 43-101.
For the Alaskan projects, all samples were analyzed by ALS Chemex, North
Vancouver, BC, using ICP-MS and AES analyses for trace element geochemistry
and fire assay for gold. Curt Freeman of Avalon Development is the Qualified
Person under NI 43-101.
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: