Rubicon Minerals Provides Drilling Update F2 Gold System, Phoenix Gold Project, Red Lake,
Ontario
Highlights include:
- 156.9 g/t gold over 1.7 metres (4.58 oz/ton gold over 5.6 feet) from
the WLB2 Zone -
- 152.4 g/t gold over 1.5 metres (4.45 oz/ton gold over 4.9 feet) from the WLB2 Zone
-
- 33.6 g/t gold over 3.0 metres (0.98 oz/ton gold over 9.8 feet) from the 122-10 Zone -
Rubicon
Minerals Corporation (Frankfurt: RU7 | TSX:RMX | NYSE-AMEX:RBY) (“Rubicon”) is pleased to provide an
update of its exploration activities at its 100%-owned F2 Gold System, Phoenix Gold Project, located in
the heart of the prolific Red Lake gold district. Rubicon is carrying out a 12-month, $82.8 million
program designed to optimize certain aspects of its Preliminary Economic Assessment (“PEA”)1, accelerate
site infrastructure and expand on current engineering studies. Currently, there are 32,000 metres
planned to be drilled by the end of Q3, 2012 with room to expand this amount should results warrant.
The drill program has two objectives: infill drilling designed to confirm and potentially extend
existing gold zones and expansion drilling designed to test for further extensions of known gold
mineralization. The majority of drilling to date has been focused on infill drilling from ice-based
drill pads, surface and underground. The latest drilling results are tabulated in Table 1, along with a
plan and section depicting these results in Figures 1, and 2. Previous drill results from the WLB2 Zone,
Crown Zone, 122-10 Zone and Sub 1200 metre area, as released on March 29, 2012, are presented for
completeness in Table 1 in italics.
Drilling Highlights
West Limb Basalt 2 (WLB2)
On March 29,
2012, Rubicon announced results from most of its winter drilling from the WLB2 Zone with further new
results presented here. Continued infill and down dip expansion drilling of the WLB2 area has resulted
in increased confidence in the interpretation and continuity of this mineralized zone. Highlights
include: 152.4 g/t gold over 1.5 metres (4.45 oz/ton gold over 4.9 feet) including 437.8 g/t gold over
0.5 metres (12.77 oz/t gold over 1.6 feet) in hole 305-03-167 (when a 270 g/t gold top cut is applied to
the extreme grade in this interval the result would be 96.5 g/t gold over 1.5 metres), 156.9 g/t gold
over 1.7 metres (4.58 oz/ton gold over 5.6 feet), including 221.6 g/t gold over 1.2 metres (6.46 oz/ton
gold over 3.9 feet) in CZD-2012-33, and 8.0 g/t gold over 5.5 metres (0.23 oz/ton gold over 18.0 feet)
including 44.7 g/t gold over 0.5 metres (1.3 oz/ton gold over 1.6 feet), and 8.2 g/t gold over 12.8
metres (0.24 oz/ton gold over 42.0 feet) including 30.6 g/t gold over 2.0 metres (0.89 oz/ton gold over
6.6 feet) in hole 305-03-170 with vertical depths of 1112 metres and 1176 metres, respectively.
Final
results from the winter drilling campaign complemented and extended previously reported drill results
from CZD-2012-15 with new results including 28.8 g/t gold over 5.0 metres (0.84 oz/ton gold over 16.4
feet) including 134.97 g/t gold over 0.9 metres (3.94 oz/ton gold over 3.0 feet) and CZD-2012-26 which
returned new intercepts of 4.1 g/t gold over 17.4 metres (0.12 oz/ton gold over 57.1 feet) including
21.4 g/t gold over 1.0 metre (0.62 oz/ton gold over 3.3 feet). Follow up drilling in this area has shown
continuous WLB2 style mineralization at the northern extents of the F2 Gold System. Additional
highlights from recent drilling include 4.9 g/t gold over 6.3 metres (0.14 oz/ton gold over 20.7 feet)
in CZD-2012-34. This program was successful in discovering a shallow zone of strong gold mineralization
in the northeastern portion of the 9X block which is an area that previously had been the subject of
limited drilling (Figures 1, 2).
Continued follow-up infill drilling will be conducted in this area.
Crown Zone
Results from the Crown Zone winter drill program were reported in Rubicon’s March 29,
2012 news release. Remaining results from this drilling, carried out on nominal 40-50 metre spacing,
continue to demonstrate the continuity of mineralization along an interpreted strike length of at least
350 metres and a dip length of up to approximately 200 metres. New assay highlights from the Crown Zone
include 4.7 g/t gold over 16.4 metres (0.14 oz/ton gold over 53.8 feet) in CZD-2012-04 (see Table 1 for
all results). Grades and thicknesses reported in Table 1 are generally in line with those previously
intersected and reported from the Crown Zone area. Host rocks are typical F2 basalts and subordinate
mineralized felsic units.
122-10 Zone
Infill and deep expansion drilling is ongoing in the
vicinity of the 122-10 Zone. A robust mineralized interval containing multiple, separate intercepts over
a 250 metre core length was returned from underground drill hole 305-03-164. Highlights from this hole
include 33.6 g/t gold over 3.0 metres (0.98 oz/ton gold over 9.8 feet) including 118.9 g/t gold over 0.8
metres (3.47 oz/t gold over 2.6 feet), 22.3 g/t gold over 4.0 metres (0.65 oz/ton gold over 13.1 feet)
including 71.6 g/t gold over 1.0 metre (2.09 oz/ton gold over 3.3 feet), and a wide interval of 4.8 g/t
gold over 27.0 metres (0.14 oz/ton gold over 88.6 feet) including 14.3 g/t gold over 2.3 metres (0.42
oz/ton gold over 7.5 feet), and also including 10.2 g/t gold over 2.8 metres (0.3oz/ton gold over 9.2
feet). These results were intersected between vertical depths of 853 to 1107 metres below surface.
Mineralization is hosted by strongly altered and locally veined and brecciated F2 basalts with multiple
occurrences of visible gold. These results supplement previously released intercepts from this area and
further confirm our geological interpretation that the 122-10 Zone represents the down-plunge
continuation of zones present nearer to surface.
Sub 1,200 metre Area
Drilling in this area
is designed to infill and potentially extends previously intersected gold mineralization. A conservative
approach was used by AMC Mining Consultants (Canada) Inc. in the PEA which elected, in the potential
mine plan, to apply the average diluted resource grade to the bottom five mining horizons (bottom 305
metres of the resource). Rubicon is carrying out selective drilling in this area designed to test
whether the existing area with elevated resource grade holds up with more drilling. Since the PEA, four
new intercepts have been returned, all of which are gold bearing and developed within typical altered
host basaltic sequences. Hole F2-2012-03-W2 returned 4.2 g/t gold over 5.1 metres (0.12 oz/ton gold over
16.7 feet) including 10.7 g/t gold over 1.1 metres (0.31 oz/ton gold over 3.6 feet. This intercept, at a
depth of 1546 metres below surface, is now the deepest intercept at the F2 gold system (Figure 2).
Drilling of this sub 1,200 metre level target area is ongoing.
“As our table of results shows, these
results continue to build upon those released March 29, 2012. Our infill drilling near surface to date
has been successful and has added to our geological confidence in these areas as well as identifying
extensions to known zones. Drilling of expansion target areas continues,” stated David Adamson,
President and CEO.
About Rubicon Minerals Corporation
Rubicon Minerals Corporation is an
exploration and development company, focused on exploring and developing its high-grade gold discovery
at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime
exploration ground in the prolific Red Lake gold district which hosts Goldcorp's high-grade, world class
Red Lake Mine. Rubicon’s shares are listed on the NYSE-AMEX (RBY) and the TSX (RMX) Exchanges and have
traded on average, 1.7 million shares per day in 2011. Rubicon’s shares are included in the S&P/TSX
Composite Index and Van Eck’s Junior Gold Miners ETF.
RUBICON MINERALS CORPORATION
"David W.
Adamson"
President & CEO
The PEA is preliminary in nature as it includes inferred mineral
resources that are considered too speculative geologically to have the economic considerations applied
to them that would enable them to be categorized as mineral reserves and there is no certainty that the
PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of
reported inferred resources are uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated or measured mineral resource category.
The PEA is a technical report under NI 43-101, was prepared by AMC Mining Consultants with metallurgical
and processing contributions from Soutex, and has an effective date of August 8, 2011.
Table 1: Assay Highlight Results
Please follow the link to view the entire news
including tables and figures:
http://www.irw-press.com/dokumente/Rubicon_140512_ENGLISH.pdf
Figure
1: F2 Gold System Plan Map
Please follow the link to view the entire news including tables and
figures:
http://www.irw-press.com/dokumente/Rubicon_140512_ENGLISH.pdf
Figure 2: Results on
Composite Long Section Looking Northwest and 9X Target Outlines
Please follow the link to view the
entire news including tables and
figures:
http://www.irw-press.com/dokumente/Rubicon_140512_ENGLISH.pdf
Assaying and Qualified
Person
Assays were conducted on sawn NQ and HQ-sized half core sections. Unless stated, reported
intercept widths are core lengths. Further drilling is required in such cases before the true widths of
reported intercepts can be determined. 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 50 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. Check assays on 5% of samples are carried out at a
third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd.
Phoenix Project exploration, drill work programs and all data forming the basis of this news release
were supervised and verified by Richard Greenwood, B.Sc. (Hons.), GIT and Phoenix Project Geology
Manager for Rubicon and a Qualified Person as defined by NI 43-101. Phoenix Project site operations are
conducted under the supervision of Eric Hinton, P. Eng., Project Manager for Rubicon and a Qualified
Person as defined by NI 43-101.
Forward Looking Statements
This news release contains statements
that constitute "forward-looking statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 and "forward looking information" within the meaning of applicable
Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking
statements often, but not always, are identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result
"may", "will", "would", "should", "could", or "might" occur or be achieved and other similar
expressions.
Forward-looking statements are based on the opinions and estimates of management as of
the date such statements are made and represent management’s best judgment based on facts and
assumptions that management considers reasonable. The material assumptions upon which such
forward-looking statements are based include, among others: that the demand for gold and base metal
deposits will develop as anticipated; that the price of gold will remain at levels that will render the
Phoenix Gold Project economic; that operating and capital plans will not be disrupted by issues such as
mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in
transportation or utilities, or adverse weather conditions; that Rubicon will meet its estimated
timeline for the development of the Phoenix Gold Project; that Rubicon will continue to have the ability
to attract and retain skilled staff; that the mineral resource estimate as disclosed in the PEA will be
realized; and that there are no material unanticipated variations in the cost of energy or supplies, or
in the pre-production capital and operating cost estimate as disclosed in the PEA. Rubicon makes no
representation that reasonable business people in possession of the same information would reach the
same conclusions.
Forward-looking statements in this news release include, but are not limited to
statements regarding projections of future optimization of the PEA and the timing and nature of future
exploration programs which are dependent on projections which may change as drilling continues, or if
unexpected ground conditions are encountered, acceleration of site infrastructure and expansion of
engineering studies. 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. Significant additional drilling is required at F2 to fully understand
system size and the economic implications of same.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Rubicon to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include, among others: future
prices of gold and other metals; possible variations in mineralization, grade or recovery rates; actual
results of current exploration activities; actual results of reclamation activities; conclusions of
future economic evaluations; changes in project parameters as plans continue to be refined; failure of
equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the
mining industry; delays and other risks related to joint venture operations; timing and receipt of
regulatory approvals of operations; the ability of Rubicon and other relevant parties to satisfy
regulatory requirements; the availability of financing for proposed transactions and programs on
reasonable terms; the ability of third-party service providers to deliver services on reasonable terms
and in a timely manner; and delays in the completion of development or construction activities. Other
factors that could cause the actual results to differ include market prices, results of exploration,
availability of capital and financing on acceptable terms, inability to obtain required regulatory
approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market
conditions and general business, economic, competitive, political and social conditions.
Although
management of Rubicon has attempted to identify important factors (which it believes are reasonable)
that could cause actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events or results not to be
as anticipated, estimated or intended. Forward-looking statements contained herein are made as of the
date of this news release and Rubicon disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or otherwise, except as required by
applicable securities laws. There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For
more information, contact 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
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this release.
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