Rubicon Minerals Provides Update of '9X'Drill Results from the F2 Gold System, Phoenix Gold Project, Red Lake, Ontario
VANCOUVER, Sept. 12, 2011 /CNW/ --
-Drill results include 61.6 g/t gold over 2.0 metres (1.8 oz/ton gold
over 6.6 feet) and 37.7 g/t gold over 3.0 metres (1.10 oz/ton gold over
9.8 feet)-
TSX:RMX | NYSE AMEX:RBY
VANCOUVER, Sept. 12, 2011 /CNW/ - Rubicon Minerals Corporation (TSX: RMX) (NYSE-AMEX: RBY) ('Rubicon') is pleased to provide an
update on its underground '9X' exploration drill program being carried
out on the F2 Gold System, at its 100%-owned Phoenix Gold Project
located in the heart of the prolific Red Lake Gold District of Ontario.
Drill Results
Latest drill results, which postdate the recently filed Preliminary
Economic Assessment (PEA, see news release dated June 29, 2011 and
August 11, 2011 for further details) are summarized in Table 1 and
Figures 1, 2 and 3. Highlights include:
WLB2 South Extension (Target Area 1)
The '9X' exploration drilling carried out to the south of the F2 Core
Zone, and south along strike of the WLB2 (Figure 1 and 4) continues to
return significant gold. Holes drilled in this area typically contain
multiple intercepts and are defining two distinct panels of gold
mineralization. Results from this area include:
-- 14.3 g/t gold over 3.5 metres (0.42 oz/ton gold over 11.5 feet)
in drill hole 305-127.
West Limb Zone (Target Areas 1, 4 and 6)
Several underground drill holes have tested the northwest extension of
the F2 Gold System between 200 metres to 600 metres below surface in
Target Area 4 at the boundary of Target Areas 1 and 6 in Figure 1, 2
and Figure 3. These holes typically contain multiple intercepts (Table
1) and continue to confirm the presence of significant gold
mineralization in this area including:
-- 61.6 g/t gold over 2.0 metres (1.8 oz/ton gold over 6.6 feet)
and 31.4 g/t gold over 0.5 metres (0.92 oz/ton gold over 1.6
feet) in drill hole 305-06-044 in target area 1 and 4
respectively.
-- 37.7 g/t gold over 3.0 metres (1.10oz/ton gold over 9.8 feet)
in drill hole 305-131 in target area 1 near the boundary of
target area 4.
Results from this area are interpreted to be the extension of the West
Limb mineralization (Figure 4), which has been drilled in more detail
along strike to the southwest at shallower levels (Figure 1, 2 and 3).
Delineation drilling in this area will be required to further define
the mineralization. Drill hole 305-89, testing Target Area 6 confirms
the continuation of the mineralization to depth. Minimal drilling has
taken place in this target area which will be tested by further
drilling.
122-10 Zone (Target Areas 3 and 5)
The 122-10 zone is interpreted to be the southerly, down-plunge
continuation of the F2 Core Zone (Figure 2, 3 and 4). Intercepts in
this area include:
-- 56.7 g/t gold over 1.0 metre (1.65 oz/ton gold over 3.3 feet)
and 29.6 g/t gold over 1.0 metre (0.86 oz/ton gold over 3.3
feet) in drill hole 305-103
-- 13.4 g/t gold over 5.1 metres (0.39 oz/ton gold over 16.7
feet), including 95.3 g/t gold over 0.5 metres (2.78 oz/ton
gold over 1.6 feet) in drill hole 305-111.
Project Update
Following the completion of the $70 million private placement by
Agnico-Eagle Mines Ltd. into Rubicon, (see news release dated July 28,
2011), Rubicon continues to carry out both development and exploration
programs designed to maintain its critical path with production
targeted for 2013. Specifically:
1. Rubicon has completed a power line to site and installed a
transformer on site and has accepted an offer to connect to the
grid from Hydro One for an initial 5.3 megawatts of power. Rubicon
continues its negotiation for an easement with a third party land
owner and will be able to access this grid power once this
negotiation has been completed.
2. Construction of a new hoist is well advanced and commissioning of
the hoist is scheduled for October.
3. An additional 185 metres of drifting has been completed on the 305
level bringing total development on that level to 1636 metres. The
development work will provide drill access to resources north and
south of the current workings.
4. Over 100 metres of lateral drifting on the 244 metre level has
been completed to provide access for new drill stations on this
level.
5. The final permits are in the last stages of approval and
consultation with local First Nations are ongoing. Rubicon is
targeting for the Closure Plan to be submitted to the Government
of Ontario in Q4 2011.
6. Rubicon is reviewing the results of its Preliminary Economic
Assessment Technical Report under NI 43-101, prepared by AMC
Mining Consultants (Canada) Ltd. and having an effective date of
August 8, 2011 (the 'PEA') with the objective of expanding
resources through ongoing drilling and also assessing the ability
to optimize certain outcomes of the PEA such as mill recovery
rates, operating costs and the possible effect of higher gold
prices. It expects these initiatives will be carried out and
completed over the next nine months.
Rubicon Minerals Corporation is an exploration and development company
focused on 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: Assay Highlight Results
_________________________________________________________
| | |Gold |Width | Gold |Width | 9X |
| Hole |Elevation|(g/t)| (m) |(oz/ton)| (ft) |Target |
| | | | | | | Area |
|__________|_________|_____|______|________|______|_______|
|305-06-042| 280 | 11.3| 2.5| 0.33| 8.2| 4 |
|__________|_________|_____|______|________|______|_______|
| incl.| 280 | 22.5| 1.5| 0.66| 4.9| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-043| 325 | 8.1| 1.7| 0.24| 5.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-043| 330 | 8.2| 3.0| 0.24| 9.8| 4 |
|__________|_________|_____|______|________|______|_______|
| incl.| 330 | 20.1| 1.0| 0.59| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-044| 316 | 61.6| 2.0| 1.80| 6.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-044| 319 | 11.1| 1.0| 0.32| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-044| 386 | 31.4| 0.5| 0.92| 1.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-046| 305 | 16.9| 1.0| 0.49| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-048| 322 | 12.5| 0.5| 0.36| 1.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-050| 325 | 16.1| 1.4| 0.47| 4.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-050| 449 | 9.5| 2.0| 0.28| 6.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-051| 275 | 23.6| 1.0| 0.69| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-06-051| 236 | 27.1| 0.8| 0.79| 2.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-051| 243 | 12.4| 1.0| 0.36| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-06-084| 307 | 22.9| 1.0| 0.67| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-89 | 646 | 13.2| 3.0| 0.39| 9.8| 6 |
|__________|_________|_____|______|________|______|_______|
| incl.| 646 | 18.4| 2.0| 0.54| 6.6| 6 |
|__________|_________|_____|______|________|______|_______|
|305-93 | 142 | 8.9| 3.0| 0.26| 9.8| 1 |
|__________|_________|_____|______|________|______|_______|
|305-96 | 158 | 7.5| 3.4| 0.22| 11.2| 1 |
|__________|_________|_____|______|________|______|_______|
| incl.| 158 | 14.3| 1.0| 0.42| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-97 | 402 | 11.5| 5.3| 0.33| 17.4| 3 |
|__________|_________|_____|______|________|______|_______|
| incl.| 402 | 18.4| 1.0| 0.54| 3.3| 3 |
|__________|_________|_____|______|________|______|_______|
|305-101 | 208 |160.4| 0.5| 4.68| 1.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-101 | 184 | 16.6| 1.0| 0.48| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-103 | 476 | 56.7| 1.0| 1.65| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
| incl.| 476 |112.2| 0.5| 3.27| 1.6| 1 |
|__________|_________|_____|______|________|______|_______|
| | 694 | 9.0| 4.0| 0.26| 13.1| 5 |
|__________|_________|_____|______|________|______|_______|
| incl.| 692 | 48.1| 0.5| 1.40| 1.6| 5 |
|__________|_________|_____|______|________|______|_______|
|305-103 | 729 | 7.8| 2.0| 0.23| 6.6| 5 |
|__________|_________|_____|______|________|______|_______|
|305-103 | 736 | 15.0| 0.8| 0.44| 2.6| 5 |
|__________|_________|_____|______|________|______|_______|
|305-103 | 986 | 29.6| 1.0| 0.86| 3.3| 5 |
|__________|_________|_____|______|________|______|_______|
|305-104 | 264 | 10.7| 1.0| 0.31| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-105 | 286 | 11.7| 4.0| 0.34| 13.1| 1 |
|__________|_________|_____|______|________|______|_______|
|305-105 | 278 | 20.6| 0.5| 0.60| 1.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-106 | 456 | 12.9| 1.9| 0.38| 6.2| 1 |
|__________|_________|_____|______|________|______|_______|
|305-106 | 612 | 14.3| 3.0| 0.42| 9.8| 5 |
|__________|_________|_____|______|________|______|_______|
|305-109 | 370 | 11.5| 1.0| 0.34| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-109 | 438 | 10.2| 1.0| 0.30| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-109 | 474 | 17.1| 2.0| 0.50| 6.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-110 | 372 | 13.6| 1.4| 0.40| 4.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-110 | 382 | 11.5| 0.9| 0.34| 3.0| 4 |
|__________|_________|_____|______|________|______|_______|
|305-110 | 405 | 40.7| 0.5| 1.19| 1.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-111 | 559 | 13.4| 5.1| 0.39| 16.7| 5 |
|__________|_________|_____|______|________|______|_______|
| incl.| 557 | 95.3| 0.5| 2.78| 1.6| 5 |
|__________|_________|_____|______|________|______|_______|
|305-111 | 601 | 16.2| 1.7| 0.47| 5.6| 5 |
|__________|_________|_____|______|________|______|_______|
|305-112 | 282 | 10.3| 1.0| 0.30| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-116 | 303 | 9.9| 1.8| 0.29| 5.9| 1 |
|__________|_________|_____|______|________|______|_______|
| incl.| 303 | 16.9| 1.0| 0.49| 3.3| 1 |
|__________|_________|_____|______|________|______|_______|
|305-118 | 399 | 11.4| 1.0| 0.33| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-118 | 439 | 17.1| 0.8| 0.50| 2.6| 4 |
|__________|_________|_____|______|________|______|_______|
|305-119 | 489 | 13.3| 1.0| 0.39| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-120 | 422 | 28.0| 3.0| 0.82| 9.8| 1 |
|__________|_________|_____|______|________|______|_______|
|305-122 | 301 | 9.1| 4.8| 0.27| 15.7| 1 |
|__________|_________|_____|______|________|______|_______|
| incl.| 301 | 21.7| 1.2| 0.63| 3.9| 1 |
|__________|_________|_____|______|________|______|_______|
|305-122 | 284 | 37.2| 1.2| 1.09| 3.9| 1 |
|__________|_________|_____|______|________|______|_______|
|305-123 | 189 | 16.9| 1.0| 0.49| 3.3| 4 |
|__________|_________|_____|______|________|______|_______|
|305-124 | 304 | 9.0| 3.0| 0.26| 9.8| 1 |
|__________|_________|_____|______|________|______|_______|
|305-125 | 302 | 30.8| 0.6| 0.90| 2.0| 1 |
|__________|_________|_____|______|________|______|_______|
|305-126 | 297 | 11.4| 2.0| 0.33| 6.6| 1 |
|__________|_________|_____|______|________|______|_______|
|305-127 | 306 | 14.3| 3.5| 0.42| 11.5| 1 |
|__________|_________|_____|______|________|______|_______|
|305-130 | 393 |128.2| 0.6| 3.74| 2.0| 3 |
|__________|_________|_____|______|________|______|_______|
|305-130 | 403 | 17.2| 1.0| 0.50| 3.3| 3 |
|__________|_________|_____|______|________|______|_______|
|305-131 | 429 | 37.7| 3.0| 1.10| 9.8| 1 |
|__________|_________|_____|______|________|______|_______|
|305-132 | 439 | 47.1| 0.7| 1.37| 2.3| 3 |
|__________|_________|_____|______|________|______|_______|
|305-142 | 300 | 10.5| 5.0| 0.31| 16.4| 1 |
|__________|_________|_____|______|________|______|_______|
Holes with the prefix '305'were drilled from underground. Assays are
uncut. Reported results are highlights from the ongoing drilling
program on the F2 Gold System. A complete listing of results to date
for the F2 Zone is available at www.rubiconminerals.com
Figure 1: F2 Gold System Plan Map
http://files.newswire.ca/617/Rubicon_-_Figure_1.pdf
Holes with the prefix '305'and '06' were drilled from underground.
Assays are uncut. Reported results are highlights from the ongoing
drilling program on the F2 Gold System. A complete listing of results
to date for the F2 Zone is available at www.rubiconminerals.com
Figure 2: Composite Long Section Looking Northwest and 9X Target
Outlines
http://files.newswire.ca/617/Rubicon_Figure_2.pdf
Holes with the prefix '305'and '06'were drilled from underground. Assays
are uncut. Reported results are highlights from the ongoing drilling
program on the F2 Gold System. A complete listing of results to date
for the F2 Zone is available at www.rubiconminerals.com
Figure 3: Composite Long Section Looking Northwest and 9X Target
Outlines
http://files.newswire.ca/617/Rubicon_-_Figure_3.pdf
Holes with the prefix '305'and '06'were drilled from underground. Assays
are uncut. Reported results are highlights from the ongoing drilling
program on the F2 Gold System. A complete listing of results to date
for the F2 Zone is available at www.rubiconminerals.com
Figure 4: F2 Gold System Plan Map with Zone Outlines
http://files.newswire.ca/617/Rubicon_-_Figure_4.pdf
Assaying and Qualified Person
Assays were conducted on sawn NQ-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 Terry Bursey, P.Geo., Regional 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 in this news release include statements regarding the timing
and nature of permitting studies, the timing and nature of
infrastructure developments and construction, projections of future
optimization, production timeline targets, the timing of negotiations
with third parties, 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.
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 Rubicon 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 Rubicon 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; risks
relating to fluctuations in the price of gold; the inherently hazardous
nature of mining-related activities; uncertainties concerning resource
estimates; 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 Rubicon 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 Rubicon 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 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.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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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