Rubicon Minerals Updates Delineation Drill Results From the F2 Core Zone, Phoenix Gold Project, Red Lake, Ontario
VANCOUVER, April 11 /CNW/ --
-results include 1.15 oz/ton gold over 56.8 feet including 5.25 oz/ton
gold over 11.8 feet-
-update of project timelines-
TSX:RMX | NYSE AMEX:RBY
The Company is re-issuing its news release of April 8, 2011 to correct a
typographical error. The intercept in D305-05-059 of 1.15 oz/ton gold
over 22.0 feet including 5.25 oz/ton over 11.8 feet should have read 1.15 oz/ton gold over 56.8 feet including 5.25 oz/ton gold over 11.8 feet.
VANCOUVER, April 11 /CNW/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to provide an update on its underground
delineation drill program being carried out on part of the F2 Core
Zone, at its 100%-owned Phoenix Gold Project located in the heart of
the prolific Red Lake Gold District of Ontario. A total of 16,000
metres of the planned 27,000-metre delineation drill program has been
completed. New delineation drill results are shown in Table 1 and 2,
and Figures 1 through 5. The delineation drilling will test a total
area of 150 metre (horizontal) x 200 metre (vertical) area within the
F2 Core Zone (Figures 1 and 4). The delineation drill results
presented are from an ongoing four drill fence program covering
approximately 90 metres of strike length and are focused within /-100
metres of the 305 metre level (some results extend beyond this area as
shown in Figure 2 and 3). In addition, Rubicon is carrying out
approximately 40,000 metres of exploration drilling to continue to
expand and infill the F2 Gold System.
Central area drilling
Delineation drilling continues to define the presence of
northeast-trending (F1) gold mineralization associated with
silicification, quartz veining and strong alteration within, and
adjacent to, favourable host rock types. Gold mineralization also
occurs in northwest-trending structures that are generally confined
within, or immediately adjacent to, northeast-trending bounding
geological units and parallel to the regional F2 fold trend direction.
Typically, this mineralization occurs as local quartz veining and
brecciation. The presence of multiple orientations of gold
mineralization is encouraging in that it is interpreted to show
similarities to other gold deposits in Red Lake. In the northern part
of the central area (Figure 1), significant assays include 1.15 oz/ton gold over 56.8 feet (39.5 g/t gold over 17.3 metres)
including a higher grade interval of 5.25 oz/ton gold over 11.8 feet
(180.0 g/t gold over 3.6 metres) in hole D305-05-059. Based on
examination of vein angles to core axis, the estimated true widths are
interpreted to be approximately 65% of core length. As well, hole
305-05-53 intersected 1.59 oz/t gold over 4.6 feet (54.4 g/t gold over
1.4 metres) in hole D305-05-53, with the estimated true width
interpreted to be approximately 85% of core length.
In the southwest part of the central area, significant assays include 0.75 oz/ton gold over 23.0 feet (25.8 g/t gold over 7.0 metres)
including a higher grade interval of 2.03 oz/ton gold over 6.6 feet
(69.7 g/t gold over 2.0 metres) in D305-04-041 (estimated true widths
are interpreted to be approximately 95% of core length), 1.02 oz/ton
gold over 13.4 feet (34.8 g/t gold over 4.1 metres) including higher
grade interval of 3.60 oz/ton gold over 3.3 feet (123.5 g/t gold over
1.0 metres) in hole D305-04-044 (estimated true width is not yet known)
and 2.27 oz/t gold over 6.6 feet (77.9 g/t gold over 2.0 metres)
including 8.70 oz/t gold over 1.6 feet (298.4 g/t gold over 0.5 metres)
in hole D305-04-045 (estimated true widths are interpreted to be
approximately 70% of core length).
The current results show that the interpreted individual gold zones,
limited to the area of delineation drilling completed to date,
demonstrate a horizontal continuity of greater than 100 metres in
strike length and a vertical extent of over 150 metres (Figure 1 and
3). When wider spaced drilling along strike and below the area of
delineation is taken into account, the interpreted individual gold
zones extend to approximately 150 metres in strike length and 300
metres vertical. To date the depth and lateral extent of most of these
zones is open. A tabulated summary of the recent results is presented
in Table 1 and Table 2. Note that the table presents the intercepts as
core lengths as well as estimated true widths. Figures 4 and 5 show
the location and recent results in long section view.
'The F2 Core Zone delineation holes have identified the emergence of
several high-grade sub-zones within areas of previous wider spaced
drilling which display good vertical continuity. This bodes well for
future delineation and expansion drilling,' stated David Adamson,
President and CEO.
Update of Project timelines
The Company gives the following update on its project timelines:
1) The Company now expects to complete its previously announced
Preliminary Economic Assessment ('PEA') in Q2 of 2011. AMC
Mining Consultants, of Vancouver, has been retained to complete
this study.
2) Under guidance from the Company's mineral processing and
metallurgical consultants (Soutex Inc.), and AMC Mining
Consultants two bulk samples have been taken from both NE and
NW trending zones, one from the WLB2 Zone (F1 - NE orientation)
consisting of 976 tonnes and the second from the F2B Zone (F2 -
NW orientation) consisting of 1107 tonnes (refer to Figure 1
and 2). As per the consultant's recommended standard protocol,
sub samples have been extracted for metallurgical evaluation.
As well, the Company has decided to expand the scope of this
effort to allow processing of the entire bulk sample.
Processing of the entire sample will determine the entire
recoverable gold content of the bulk samples. The Company is
in advanced discussions with a third party mill that can carry
out this work according to the Company's specifications. The
Company anticipates results of metallurgical sampling to be
completed during Q2, 2011.
3) Since the Company will require additional capital to fund
potential future development, and the ability to raise capital
is dependent, in part, on completing a positive PEA and other
studies, the securing of permits and the successful delineation
of mineable resources, project timelines for a possible start
up are revised to late Q1 of 2013.
Power and Permitting Update
Progress is being made in securing project power needs. The Company has
accepted an offer to connect from Hydro One for 1 MW of grid power.
The Company has received and intends to accept an additional offer to
connect from Hydro One for 4.3 MW of grid power, bringing its total to
5.3MW. The Company's current permits allow it to operate less than 1
MW of diesel power. Combining its grid power allotment with its current
diesel operated power, the Company would have sufficient power to
pursue exploration and development of a potential mine operation of an
estimated 750 tpd. The provision of additional power would allow
expansion of exploration and development of a potential mine operation
with an estimated throughput to 1250 tpd. This additional power may
come in the form of new grid power, the use of existing grid capacity
and/or additional diesel generated power. The Company is currently
working with surface rights holders to allow an easement to deliver
grid power to the project.
The Company has elected, as of April 4, 2011, to re-file its Closure
Plan to provide for additional time to continue its consultations with
First Nations whose traditional territory includes the project area.
The Company expects that the Closure Plan would be filed (approved)
during Q2 of this year.
Qualified Persons, T. Bursey, P.Geo. and E. Hinton, P.Eng. have read and
approved the contents of this release.
As a result of the review by the British Columbia Securities Commission
of the Company's January 11(th) NI 43-101 technical report (announced by the Company by news release on
February 14, 2011), the Company is required to file an amended NI
43-101 compliant technical report in support of the amended resource
and geological potential estimates announced by the Company by news
release on March 31, 2011, together with an amended AIF, incorporating
the amended technical report, confirming that the amended estimates
supersede those contained in the January 11(th) technical report.
Rubicon Minerals Corporation is a well-funded exploration and
development company, focused on exploring and developing its high-grade
gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon
controls over 100 square miles of prime exploration ground in the
prolific Red Lake gold district of Ontario which hosts Goldcorp's
high-grade, world class Red Lake Mine.
RUBICON MINERALS CORPORATION
'David W. Adamson'
President & CEO
Table 1: Central Area Delineation Drilling Assay Results (>10 g/t gold)
____________________________________________________________________________
| | | | |Estimated| | |Estimated| 9X |
| Hole |Elevation|Gold |Width| True | Gold |Width| True |Target|
| | Level |(g/t)| (m) | Width |(oz/ton)|(ft) | Width | Area |
| | | | | (m) | | | (ft) | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-025 | 229 | 10.4| 1.5| Not Yet | 0.30| 4.9| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 226 | 11.4| 1.7| Not Yet | 0.33| 5.6| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-026 | 220 | 14.5| 1.0| 0.6 | 0.42| 3.3| 1.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 217 | 11.3| 1.0| 0.6 | 0.33| 3.3| 1.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 213 | 19.9| 1.0| 0.6 | 0.58| 3.3| 1.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 173 | 12.8| 1.0| 0.6 | 0.37| 3.3| 1.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 136 | 12.1| 1.0| 0.6 | 0.35| 3.3| 1.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-027 | 195 | 14.1| 1.0| 0.5 | 0.41| 3.3| 1.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 189 | 11.1| 1.0| 0.5 | 0.32| 3.3| 1.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-030 | 365 | 19.8| 3.8| 3.2 | 0.58| 12.5| 10.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 366 |131.8| 0.5| 0.4 | 3.84| 1.6| 1.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-031 | 365 | 14.2| 2.2| 1.7 | 0.41| 7.2| 5.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 377 | 10.5| 1.0| 0.8 | 0.31| 3.3| 2.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-032 | 360 | 12.7| 1.7| 1.2 | 0.37| 5.6| 4.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 376 | 16.3| 2.2| Not Yet | 0.48| 7.2| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-033 | 384 | 14.4| 2.3| 1.4 | 0.42| 7.5| 4.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 385 | 26| 1.1| 0.7 | 0.76| 3.6| 2.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 394 | 11.1| 1.4| 0.9 | 0.32| 4.6| 2.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 414 | 19.7| 2.0| 1.3 | 0.57| 6.6| 4.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 439 | 26.3| 1.1| Not Yet | 0.77| 3.6| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-035 | 430 | 24.6| 3.3| 1.8 | 0.72| 10.8| 6.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 429 | 56.2| 1.0| 0.6 | 1.64| 3.3| 1.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-036 | 405 | 13.4| 2.0| 1.0 | 0.39| 6.6| 3.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 484 | 17.7| 1.0| 0.5 | 0.52| 3.3| 1.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-039 | 254 | 11.5| 1.0| 0.8 | 0.34| 3.3| 2.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 249 | 11.2| 1.9| Not Yet | 0.33| 6.2| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-040 | 248 | 13.9| 1.0| 0.8 | 0.41| 3.3| 2.5 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-041 | 322 | 33| 1.0| 1.0 | 0.96| 3.3| 3.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 326 | 25.8| 7.0| 6.7 | 0.75| 23.0| 22.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 325 | 69.7| 2.0| 1.9 | 2.03| 6.6| 6.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-043 | 334 | 46.1| 1.0| 0.8 | 1.34| 3.3| 2.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 363 | 13.7| 1.0| 0.8 | 0.40| 3.3| 2.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-044 | 347 | 34.8| 4.1| Not Yet | 1.02| 13.4| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 346 |123.5| 1.0| Not Yet | 3.60| 3.3| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 369 | 20.9| 2.0| 1.5 | 0.61| 6.6| 5.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 371 | 14.9| 2.0| 1.5 | 0.43| 6.6| 5.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-045 | 386 | 77.9| 2.0| 1.4 | 2.27| 6.6| 4.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 386 |298.4| 0.5| 0.4 | 8.70| 1.6| 1.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 390 | 12.4| 1.0| 0.7 | 0.36| 3.3| 2.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-046 | 366 | 10| 3.0| 1.9 | 0.29| 9.8| 6.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 409 | 10.7| 5.9| 3.7 | 0.31| 19.4| 12.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 408 | 34.3| 1.1| 0.7 | 1.00| 3.6| 2.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 410 | 36.6| 0.5| 0.3 | 1.07| 1.6| 1.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-047 | 245 | 10.7| 1.0| 0.7 | 0.31| 3.3| 2.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 239 |111.2| 0.5| 0.4 | 3.24| 1.6| 1.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 215 | 12.3| 1.0| 0.7 | 0.36| 3.3| 2.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-050 | 265 | 16.4| 1.0| 0.9 | 0.48| 3.3| 2.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 261 | 31.2| 1.0| 0.9 | 0.91| 3.3| 2.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-051 | 254 | 13.9| 6.0| Not Yet | 0.41| 19.7| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-052 | 314 | 17.3| 2.5| 2.3 | 0.50| 8.2| 7.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 314 | 27.8| 1.5| 1.4 | 0.81| 4.9| 4.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-053 | 321 | 54.5| 1.4| 1.2 | 1.59| 4.6| 4.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-057 | 339 | 21.5| 0.9| 0.5 | 0.63| 3.0| 1.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-058A| 257 | 29.6| 0.5| 0.4 | 0.86| 1.6| 1.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 238 | 30.7| 0.6| 0.4 | 0.90| 2.0| 1.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-059 | 254 | 39.5| 17.3| 11.2 | 1.15| 56.8| 37.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 254 | 180| 3.6| 2.4 | 5.25| 11.8| 7.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 229 | 16.5| 1.0| 0.7 | 0.48| 3.3| 2.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-06-009 | 243 | 22.1| 2.9| 1.8 | 0.64| 9.5| 5.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| Incl.| 244 | 117| 0.5| 0.3 | 3.41| 1.6| 1.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-06-016 | 362 | 10.9| 1.5| 0.8 | 0.32| 4.9| 2.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
Holes with the prefix 'D305'were drilled from underground on the 305
metre level and are part of the delineation program. Assays are uncut.
Reported results satisfy the following cut-off criteria: An intercept
equal to or greater than 10 g/t gold (gram) x (metre) product value and possessing an average grade of equal to or greater than 5.0 g/t gold.
All reported widths are core length. Estimated true widths are based
on visual examination of core angles and by calculating drill hole dip
and azimuth relative to interpreted zone geometries. Such estimated
true widths may be subject to change based on information from future
drilling and underground mapping. Where the estimated true width is
labelled 'not yet known', further drilling or other information is
required to allow an interpretation of the estimated true widths.
A complete listing of results to date for the F2 Gold System is
available at www.rubiconminerals.com.
Table 2: Central Area Delineation Drilling Assay Results (> 5.0 g/t
gold and <10.0g/t gold)
____________________________________________________________________________
| | | | |Estimated| | |Estimated| 9X |
| Hole |Elevation|Gold |Width| True | Gold |Width| True |Target|
| | Level |(g/t)| (m) | Width |(oz/ton)|(ft) | Width | Area |
| | | | | (m) | | | (ft) | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-025 | 234 | 8.9| 2.0| Not Yet | 0.26| 6.6| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 228 | 8.6| 6.0| 3.7 | 0.25| 19.7| 12.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 193 | 5.5| 3.5| 2.2 | 0.16| 11.5| 7.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-026 | 217 | 7.4| 9.5| 5.5 | 0.22| 31.2| 17.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 135 | 5.5| 5.0| 2.9 | 0.16| 16.4| 9.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-027 | 192 | 5.2| 11.9| 6.1 | 0.15| 39.0| 19.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 109 | 9.7| 28.1| 14.3 | 0.28| 92.2| 47.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-030 | 352 | 5.2| 4.0| 3.4 | 0.15| 13.1| 11.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-031 | 363 | 5.3| 11.7| 9.1 | 0.15| 38.4| 29.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 377 | 5.1| 4.0| Not Yet | 0.15| 13.1| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-032 | 374 | 5.6| 8.2| 5.9 | 0.16| 26.9| 19.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 388 | 5| 6.0| 4.3 | 0.15| 19.7| 14.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-033 | 397 | 5.2| 11.5| 7.2 | 0.15| 37.7| 23.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 415 | 7.5| 6.3| Not Yet | 0.22| 20.7| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 424 | 5.6| 3.0| 1.9 | 0.16| 9.8| 6.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-034 | 414 | 9.4| 3.0| 1.8 | 0.27| 9.8| 5.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-036 | 483 | 5.2| 4.7| 2.3 | 0.15| 15.4| 7.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 502 | 6.4| 1.6| Not Yet | 0.19| 5.2| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-039 | 250 | 6.8| 4.9| 4.1 | 0.20| 16.1| 13.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-040 | 249 | 6.3| 5.0| Not Yet | 0.18| 16.4| Not Yet | 1 |
| | | | | Known | | | Known | |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 236 | 5| 4.9| 3.8 | 0.15| 16.1| 12.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-042 | 336 | 5.3| 2.0| 1.8 | 0.15| 6.6| 5.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-043 | 364 | 5.8| 4.4| 3.6 | 0.17| 14.4| 11.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-044 | 367 | 9.9| 8.0| 6.0 | 0.29| 26.2| 19.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 388 | 5.3| 2.0| 1.5 | 0.15| 6.6| 5.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-047 | 242 | 9| 9.0| 6.2 | 0.26| 29.5| 20.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 217 | 5.1| 10.9| 7.5 | 0.15| 35.8| 24.6 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-04-050 | 218 | 5.6| 2.0| 1.2 | 0.16| 6.6| 4.0 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-034 | 302 | 5.2| 2.9| 2.6 | 0.15| 9.5| 8.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-048 | 310 | 5.2| 3.8| 3.8 | 0.15| 12.5| 12.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-049 | 280 | 5.2| 3.2| 3.0 | 0.15| 10.5| 9.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-050 | 262 | 6.2| 12.0| 10.4 | 0.18| 39.4| 34.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-054 | 343 | 5.8| 3.5| 2.7 | 0.17| 11.5| 8.9 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-055 | 335 | 5.9| 2.0| 1.4 | 0.17| 6.6| 4.5 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-056 | 365 | 5.9| 2.0| 1.3 | 0.17| 6.6| 4.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-057 | 338 | 7.9| 3.1| 1.8 | 0.23| 10.2| 5.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-058A| 256 | 5.3| 7.8| 5.6 | 0.15| 25.6| 18.4 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 237 | 5.2| 5.6| 4.0 | 0.15| 18.4| 13.2 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-060 | 249 | 6.2| 2.0| 1.2 | 0.18| 6.6| 3.8 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 245 | 5.5| 2.8| 1.6 | 0.16| 9.2| 5.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
| | 219 | 5.4| 2.8| 1.6 | 0.16| 9.2| 5.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-05-061 | 246 | 6.8| 4.0| 2.1 | 0.20| 13.1| 6.7 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-06-005 | 280 | 5.1| 2.1| 1.9 | 0.15| 6.9| 6.3 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
|D305-06-017 | 381 | 5.2| 5.1| 2.8 | 0.15| 16.7| 9.1 | 1 |
|____________|_________|_____|_____|_________|________|_____|_________|______|
Holes with the prefix 'D305'were drilled from underground on the 305
metre level and are part of the delineation program. Assays are uncut.
Reported results satisfy the following cut-off criteria: An intercept
equal to or greater than 10 g/t gold (gram) x (metre) product value and possessing an average grade of equal to or greater than 5.0 g/t gold.
All reported widths are core length. Estimated true widths are based on visual examination of core angles and
by calculating drill hole dip and azimuth relative to interpreted zone
geometries. Such estimated true widths may be subject to change based
on information from future drilling and underground mapping. Where the
estimated true width is labelled 'not yet known', further drilling or
other information is required to allow an interpretation of the
estimated true widths.
A complete listing of results to date for the F2 Gold System is
available at www.rubiconminerals.com.
Figure 1: Plan Map of Central and WBL2 Areas of Drilling
(Results included for the 136 through 485 metre levels)
http://files.newswire.ca/617/rubiconredlake1.pdf
Figure 2: Composite cross section showing are of delineation drilling
http://files.newswire.ca/617/rubiconredlake2.pdf
Figure 3: Detailed composite cross section of delineation drilling area
http://files.newswire.ca/617/rubiconredlake3.pdf
Figure 4: F2 Gold System composite long section showing area of
delineation drilling
http://files.newswire.ca/617/rubiconredlake4.pdf
Figure 5: Detailed long section showing delineation drilling results
>10 g/t gold
http://files.newswire.ca/617/rubiconredlake5.pdf
Assaying and Qualified Person
Drill core assays were conducted on sawn NQ-sized half core sections.
Delineation drilling intercepts approximate horizontal thickness. All
reported intercepts are core lengths. The saw blade is routinely cleaned between samples when visible gold is
noted during logging and sampling of the drill core. Assays from
underground are conducted on face samples that employ a panel sample
technique. This technique marks out intervals on the face or walls
defined by geological or mineralogical boundaries taking no more than a
one metre square for any panel. All 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. Check assays on 5%
of samples are carried out at a third party independent laboratory.
Gold standards were prepared by CDN Resource Laboratories Ltd. Drill
work programs in this release were supervised by Terry Bursey, P.Geo.,
Regional Manager for Rubicon and the project exploration Qualified
Person under the definition of NI 43-101. Phoenix Project Operations including the bulk sampling program,
engineering studies and ongoing development are under the supervision
of Eric Hinton, P. Eng., Project Manager for Rubicon and the Qualified
Person under the definition of the 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 in this document include statements regarding 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. 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 the extent
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 Gold System
are interpreted to show similarities to nearby gold producing mines
owned by third parties, this should not be interpreted to mean that the
F2Gold System has, or that it will, generate similar reserves or
resources. Significant additional drilling is required at F2 to fully
understand system size. The forward-looking statements that are
contained in this news release are based on various assumptions and
estimates by the Company and involve a number of risks and
uncertainties. As a consequence, actual results might differ materially
from results forecast or suggested in these forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. 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. These statements are based on a number
of assumptions, including assumptions regarding general market
conditions, timing and receipt of regulatory approvals, the ability of
the Company and other relevant parties to satisfy regulatory
requirements, the availability of financing for proposed transactions
and programs on reasonable terms and the ability of third-party service
providers to deliver services in a timely manner. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those expressed or implied in
forward-looking statements, there may be other factors which cause
actual results to differ. Forward-looking statements contained herein
are made as of the date of this news release and the Company 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. _______________________________________________________________________________________________________
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/11/c2939.html
Bill Cavalluzzo, VP-Investor Relations, Toll free: 1.866.365.4706, E-mail: bcavalluzzo@rubiconminerals.com | www.rubiconminerals.com