Rubicon Minerals Announces Update on Drilling at the F2 Gold Project, Phoenix Gold Project, Red Lake, Ontario
Highlights include:
- 156,9 g / t gold on 1,7 meters (4,58 ounces of gold per ton on 5,6 feet) in zone WLB2
- 152,4 g / t gold on 1,5 meters (4,45 ounces of gold per ton on 4,9 feet) in zone WLB2
- 33,6 g / t gold on 3,0 meters (0,98 ounces of gold per ton on 9,8 feet) in zone 122-10
May 15.05.2012, 7 - Rubicon Minerals Corporation (Frankfurt: RU100 | TSX: RMX | NYSE-AMEX: RBY) ("Rubicon") is pleased to announce the current state of its exploration activities on the Company's wholly-owned F2 gold system, part of the Phoenix Gold Project, which is part of the In the heart of the resource-rich Red Lake Gold District. Rubicon is conducting a twelve month program with a budget of $ 82,8 million to optimize certain aspects of the Preliminary Economic Assessment ("PEA") 1, accelerate the construction of the on-site infrastructure, and expand the current technical Planning studies should serve. By the end of the third quarter of 2012, wells with a total length of 32.000 meters are to be drilled; these could be extended if the results warrant.
The drill program has two objectives: infill drilling to confirm and potentially extend existing gold zones, and extension drilling to explore further extensions of known gold mineralization. Much of the drilling to date has focused on infill drilling of ice-based drilling plates, surface and underground. The most recent drill results are listed in Table 1 and are plotted on a chart and a longitudinal section in Figures 1 and 2. Previous drill results at zones WLB2, Crown, 122-10 and the area below 1.200 meters are listed in italics in Table 1 for completeness.
Bohrhöhepunkte
Zone West Limb Basalt 2 (WLB2)
On the 29. March 2012 announced Rubicon the results of most of the winter drilling on the WLB2 zone, with further new results reported in this release. Continued infill and extension drilling along the WLB2 area has increased confidence in the interpretation and continuity of this mineralized zone. Highlights include 152,4 g / t gold on 1,5 meters (4,45 ounces of gold per ton on 4,9 feet) including 437,8 g / t gold on 0,5 meters (12,77 ounces of gold per ton on 1,6 feet) in 305-03-167 (at Applying a capped gold value of 270 g / t at the extreme level in this section would result in 96,5 g / t gold at 1,5 meters), 156,9 g / t gold at 1,7 meters (4,58 ounces gold per ton on 5,6 feet), including 221,6 g / t gold on 1,2 meters (6,46 ounces of gold per ton on 3,9 feet) in CZD-2-12-33 and 8,0 g / t gold on 5,5 meters (0,23 ounces of gold per ton on 18,0 feet) including 44,7 g / t gold on 0,5 meters (1,3 ounces of gold per ton on 1,6 feet) and 8,2 g / t gold on 12,8 meters (0,24 ounces of gold per ton on 42,0 feet) including 30,6 g / t gold on 2,0 meters (0,89 ounces of gold per ton on 6,6 feet) ) in hole 305-03-170 in a vertical depth of 1.112 meters or 1176 meters.
The final results of the winter drilling campaign complemented and extended the previously reported results of CZD-2012-15 with new results, including 28,8 g / t gold at 5,0 meters (0,84 ounces of gold per tonne on 16,4 feet) including 134,96 g / t gold on 0,9 Meters (3,94 ounces of gold per tonne on 3,0 feet), and of CZD-2012-26, which is a new section of 4,1 g / t gold on 17,4 meters (0,12 ounces of gold per tonne on 57,1 feet) including 21,4 g / t gold on 1,0 meters (0,62 ounces of gold per ton on 3,3 feet) yielded. Interconnections in this area have demonstrated consistent WLB2-type mineralization on the northern extensions of the F2 gold system. Other highlights of the recent drilling include 4,9 g / t gold at 6,3 meters (0,14 ounces of gold per tonne on 20,7 feet) in CZD-2012-34. This program discovered a near-surface zone of pronounced gold mineralization in the northeastern part of 9X, an area where holes have been drilled to a limited extent (Figures 1 and 2).
Further wells will be drilled in this area.
Zone Crown
The results of the winter drilling program at the Crown Zone were included in the Rubicon press release from the 29. March 2012 reported. The remaining results of these holes, drilled at nominal intervals from 40 to 50 meters, continue to demonstrate mineralization consistency along the interpreted strike length of at least 350 meters and approximately 200 meters immersion. Highlights of the new assay results at the Crown Zone include 4,7 g / t gold at 16,4 meters (0,14 ounces gold per tonne at 53,8 feet) in CZD-2012-04 (see table 1 for full results). The grades and widths given in Table 1 are generally the same as those previously experienced and reported at the Crown Zone. The parent rocks are typical F2 basalts and subordinate mineralized felsic units.
Zone 122-10
Infill and deep expansion wells near the 122-10 zone continue. The 305-03-164 underground well resulted in a robust mineralized intersection containing multiple, individual sections on a core length of 250 meters. Highlights of this hole include 33,6 g / t gold on 3,0 meters (0,98 ounces of gold on 9,8 feet) including 118,9 g / t gold on 0,8 meters (3,47 ounces of gold per ton on 2,6 feet), 22,3 g / t gold on 4,0 meters (0,65 ounces of gold per ton on 13,1 foot) including 71,6 g / t gold on 1,0 meters (2,09 ounces of gold per ton on 3,3 feet) and a more powerful section of 4,8 g / t gold on 27,0 meters (0,14 ounces of gold per ton on 88,6) Feet) including 14,3 g / t gold on 2,3 meters (0,42 ounces of gold per ton on 7,5 feet) and 10,2 g / t gold on 2,8 meters (0,3 ounces of gold per ton on 9,2 feet). These results come from vertical depths between 853 and 1.107 meters below the surface. The mineralization is embedded in heavily altered as well as locally veined and breccia-like F2 basalts that have multiple occurrences of visible gold. These results complement the previously published intersections in this area and reaffirm our geological assumption that the 122-10 zone along the dip represents a continuation of the zones closer to the surface.
Area below 1.200 meters
Drilling in this area is designed to reduce the distance between existing holes and potentially extend the previously intersected gold mineralization. AMC Mining Consultants (Canada) Inc. pursued a conservative approach to PEA production, which included applying a diluted average salary to the five lowest mining horizons (lower 305 meters of resource). Rubicon is dropping selected wells in this area to investigate whether the existing area will continue to exist with more wells and increased resource content. Since the making of the PEA, four new sections have been intersected, all of which contain gold mineralization within the typical basaltic parent rock sequence. F2-2012-03-W2 bore yielded 4,2 g / t gold on 5,1 meters (0,12 ounces of gold per ton on 16,7 feet) including 10,7 g / t gold on 1,1 meters (0,31 ounces of gold per ton on 3,6 feet). This section is below the surface 1.546 meters deep and is the deepest intersection of the F2 gold system (see Figure 2). Drilling at this area at depths below 1.200 meters continues.
"As our listing of results shows, the new results build on the results obtained at 29. March 2012 were released on. Our near-surface infill drilling has been successful so far, increasing our geological level of confidence in these areas and delineating extensions of known zones. Drilling in the extension areas continues, "said 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 excellent exploration land in the promising Red Lake gold district, home to Goldcorp's high-grade Red Lake Mine. Rubicon's shares are listed on NYSE-AMEX (RBY) and TSX (RMX); In 2011, an average of 1,7 million shares were traded per day. Rubicons shares are listed on the S & P / TSX Composite Index and on the Van Eck's Junior Gold Miners ETF.
RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO
The Preliminary Economic Assessment ("PEA") is preliminary and includes inferred mineral resources that are considered too speculative geologically to provide economic considerations that would allow their classification as mineral reserves. There is also no certainty that the PEA will be realized. Mineral resources that are not mineral reserves did not provide economic viability. The estimate of mineral resources could be materially dependent on environmental, licensing, legal, tax, socio-political, marketing or other relevant factors. The amount and content of the reported inferred resources are uncertain. So far, sufficient exploration has not been conducted to define these inferred resources as indicated or measured mineral resources, and it is uncertain if further exploration will result in upgrading to an indicated or measured mineral resource category. The PEA is a NI 43-101 technical report prepared with metallurgical and processing-related contributions from Soutex by AMC Mining Consultants and by 8. August 2011 came into force.
Table 1: highlights of the test results
To view the complete news including tables and graphics, please follow the link:
http://www.irw-press.com/dokumente/Rubicon_140512_DEUTSCH.pdf
Analysis and qualified expert
The analyzes were performed on two sawed NQ and HQ core sections. Unless otherwise stated, the reported widths are core sections. Further drilling is needed in these cases to determine the true thickness of the reported intersections. The saw blade is routinely cleaned between samples where visible gold has been detected during logging and sampling of the core. The analysis was performed by SGS Minerals Services using a standard fire assay on a 50 gram sample with gravimetric finish. The test results are uncut, as is customary in Red Lake. At regular intervals, standard, blank and duplicate samples were added to each sample set. 5% of the samples were re-analyzed by a third independent laboratory. The gold standard samples were obtained from CDN Resource Laboratories Ltd. created. The Phoenix Project exploration and drilling programs and all data forming the basis of this press release have been overseen by Richard Greenwood (B.Sc. Hons.), GIT and Geology Director of the Phoenix Project, as a Qualified Person as defined by NI 43-101 and verified. All on-site activities at the Phoenix Project were conducted under the supervision of Eric Hinton (P.Eng.), Project manager for Rubicon, as a qualified NI 43-101 expert.
Forward-looking statements
This press release contains statements that may be considered "forward-looking statements" under Section 21E of the United States Securities Exchange Act of 1934 and "forward-looking information" under applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements may often, but not always, include the use of terms such as "seek," "expect," "believe," "plan," "estimate," "target," "intend," and statements that state an event or event a result "will", "should" or "could", or similar expressions, be identified.
Forward-looking statements are based on the opinions and estimates of management at the time they are made and have been prepared to the best of the management's knowledge and belief, which is based on facts and assumptions that management believes are reasonable. The underlying assumptions on which such forward-looking statements are based include, among other things, that demand for gold and base metal deposits will develop as expected; that the gold price remains at a level that favors the economics of the Phoenix gold project; that operations and capital plans are not thwarted by problems such as mechanical failures, the lack of availability of spare parts and accessories, labor unrest, the disruption of transport or equipment or adverse weather conditions; that Rubicon can meet the estimated timeline for the development of the Phoenix Gold Project; that Rubicon will continue to be able to hire qualified staff; that the mineral resource estimate is implemented as described in the PEA; and that there are no significant unexpected changes in energy or utility costs or in pre-production capital and in the PEA estimate of operating costs. Rubicon points out that reasonable business people holding the same information may not reach the same conclusions.
Forward-looking statements in this press release include, but are not limited to, statements about the future optimization of PEA and the timing and nature of future exploration programs, which are dependent on projections, but may change as the wells continue to progress or if unexpected ground conditions are encountered Accelerate the establishment of local infrastructure and the extension of technical planning studies. In addition, exploration potentials have been identified where significant drilling is required to determine if such mineralization is comparable to the areas that have been further explored. Further significant drilling is required at F2 to fully determine the scale and economic implications of the system.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Rubicon's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: future prices of gold and other metals; possible changes in mineralization, content or recovery rates; the actual results of the current exploration work; the actual results of remediation work; Conclusions regarding future economic valuations; Changes in the project parameters with ongoing refinement of the plans; Device failures or processes that do not work as expected; Accidents, labor disputes and other risks of the mining industry; Delays and other risks associated with joint venture operations; the ability of Rubicon and other relevant parties to comply with regulatory requirements; the availability of financing for the planned transactions and programs on reasonable terms; the availability of third party service providers for the provision of timely services on reasonable terms; and delays in completing the development or construction work. Other factors that could cause actual results to differ include market prices, exploration results, availability of capital and financing on acceptable terms, inability to obtain the required regulatory approvals, unexpected difficulties, or costs associated with necessary refurbishment , market conditions and the general business, economic, competitive and political and social conditions.
Although Rubicon's management has attempted to identify (which it considers reasonable) the important factors that could cause actual events or results to differ materially from those expressed in forward-looking statements, there may still be factors that could cause the events or results not to be as adopted, estimated or intended. The forward-looking statements contained herein are specific to the date hereof and Rubicon has no obligation to update any forward-looking statements except as required by law, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate; actual results and future events may differ materially from such statements. Therefore, readers should not rely on forward-looking statements when investing.
For more information, please contact Bill Cavalluzzo, VP Investor Relations
Free in North America: 1.866.365.4706
Email: ppgad@pucrs.br
www.rubiconminerals.com
Rubicon Minerals Corporation
Suite 1540-800 West Pender Street
Vancouver BC, CANADA V6C 2V6
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