Rubicon Provides year end F2 Gold System update, Red Lake, Ontario
December 16 2009 - 8:15AM
PR Newswire (US)
-Continuity of the F2 Zone developing to the Northeast- VANCOUVER,
Dec. 16 /PRNewswire-FirstCall/ -- Rubicon Minerals Corporation
(RMX.TSX: RBY.NYSE-AMEX) is pleased to provide a year end update of
results from its 100%-owned Phoenix Gold Project, located in the
heart of the prolific Red Lake Gold District of Ontario. New
results continue to expand the F2 Gold System, where 96,500 metres
of drilling have been completed to date (see news releases since
March 12, 2008 and http://www.rubiconminerals.com/ for details).
The current drill program is testing a 1200-metre by 1600-metre
target area, and is referred to as the '9X drill plan'. Significant
new results are summarized below and all new results are presented
in Table 1 and Figures 1 and 2. Northeastern Area - Significant
gold mineralization intersected from four new drill holes focused
in the northeastern Target Area 4 include: 2.06 oz/t gold over 2.0
feet (70.7 g/t gold over 0.6 metre) in drill hole 122-32; 1.33 oz/t
gold over 3.3 feet (45.5 g/t gold over 1.0 metre) from drill hole
122-29; 0.31 oz/t gold over 9.8 feet (10.7 g/t gold over 3.0
metres), including 0.87 oz/t gold over 3.0 feet (29.7 g/t gold over
0.9 metre) in drill hole 122-19; and 0.15 oz/t gold over 17.6 feet
(5.2 g/t gold over 5.4 metres), including 0.75 oz/t gold over 2.1
feet (25.7 g/t gold over 0.7 metre in drill hole F2-81. The gold-
bearing geology can now be correlated over 400 metres to the
northeast from initial F2 Zone discovery in the centre of Target
Area 1. This implies considerable lateral and depth potential to
outline a new zone to the northeast of the F2 Zone which remains
open along strike and to depth. - Within the northeast part of
Target Area 1, new high-grade gold intercepts included 2.03 oz/t
gold over 3.3 feet (69.5 g/t gold over 1.0 metre) and 1.02 oz/t
gold over 3.3 feet (35.1 g/t gold over 1.0 metre) and 0.57 oz/t
gold over 4.9 feet (19.5 g/t gold over 1.5 metres) including 0.80
oz/t gold over 3.3 feet (27.4 g/t gold over 1.0 metre) from hole
122-24. Southwestern Area, including the122-10 Zone - Drilling to
the southwest in Target Area 1, from hole 122-21 includes
significant intercept 0.22 oz/t gold over 29.5 feet (7.4 g/t gold
over 9.0 metres) including high-grade of 1.13 oz/t gold over 3.9
feet (38.6 g/t gold over 1.2 metres) further expanding the
discovery core zone of Target Area 1. - Infill results reported in
this release continue to expand the mineralization of the 122-10
Zone (see Table 1 and Figures 1 and 2). The 122-10 Zone is named
for the drill hole first reported from this zone on September 14,
2009 (see also news release dated October 22, 2009 for subsequent
results). The 122-10 Zone now extends over 430 metres vertically
and 106 metres along strike. Drill plans for the new year will
continue to test this emerging gold zone. "2009 has been a year of
significant progress at the F2 Zone. We have established that the
F2 Gold System is of significant size and remains open for
expansion with the discovery of new zones. In 2010, we will
commence our aggressive 158,000 metre drill program that is
designed to expand the current known limits of the system and
provide detailed drilling information of internal areas and
potential new zones identified for follow-up. We wish to thank all
of our employees and contractors for their efforts in making 2009
both a successful and safe year as we look forward to the exciting
2010 programs." said David Adamson, President and CEO. Table 1:
Assay Results
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Depth to centre Hole of intercept Gold Metres Gold Feet (m) (g/t)
(oz/t)
-------------------------------------------------------------------------
122-14** 335 3.9 8.3 0.11 27.1
-------------------------------------------------------------------------
122-18 134 14.8 1.0 0.43 3.3
-------------------------------------------------------------------------
122-19 381 10.7 3.0 0.31 9.8
-------------------------------------------------------------------------
incl. 381 29.7 0.9 0.87 3.0
-------------------------------------------------------------------------
122-19 397 5.8 2.5 0.17 8.2
-------------------------------------------------------------------------
122-20 Abandoned
-------------------------------------------------------------------------
122-21 347 7.4 9.0 0.22 29.5
-------------------------------------------------------------------------
incl. 348 38.6 1.2 1.13 3.9
-------------------------------------------------------------------------
122-21 390 3.0 4.0 0.09 13.1
-------------------------------------------------------------------------
122-21 464 4.0 6.0 0.12 19.7
-------------------------------------------------------------------------
122-22 249 18.4 1.0 0.54 3.3
-------------------------------------------------------------------------
122-24 461 11.3 1.0 0.33 3.3
-------------------------------------------------------------------------
122-24 474 69.5 1.0 2.03 3.3
-------------------------------------------------------------------------
122-24 502 3.0 7.2 0.09 23.6
-------------------------------------------------------------------------
122-24 546 19.5 1.5 0.57 4.9
-------------------------------------------------------------------------
incl. 546 27.4 1.0 0.80 3.3
-------------------------------------------------------------------------
122-24 552 35.1 1.0 1.02 3.3
-------------------------------------------------------------------------
122-25 Anomalous
-------------------------------------------------------------------------
122-26 No significant assays
-------------------------------------------------------------------------
122-27 No significant assays
-------------------------------------------------------------------------
122-28 135 3.2 6.0 0.09 19.7
-------------------------------------------------------------------------
incl. 136 12.7 1.0 0.37 3.3
-------------------------------------------------------------------------
122-29 277 3.6 3.0 0.11 9.8
-------------------------------------------------------------------------
122-29 293 45.5 1.0 1.33 3.3
-------------------------------------------------------------------------
122-32 440 70.7 0.6 2.06 2.0
-------------------------------------------------------------------------
F2-79 Anomalous
-------------------------------------------------------------------------
F2-80 550 3.2 5.3 0.09 17.4
-------------------------------------------------------------------------
F2-80 487 12.9 3.0 0.38 9.8
-------------------------------------------------------------------------
incl.* 486 61.0 0.5 1.05 1.6
-------------------------------------------------------------------------
F2-80 723 11.1 2.0 0.32 6.6
-------------------------------------------------------------------------
F2-80 819 5.0 2.0 0.15 6.6
-------------------------------------------------------------------------
F2-80-W2 706 3.4 4.0 0.10 13.1
-------------------------------------------------------------------------
F2-81 290 5.2 5.4 0.15 17.6
-------------------------------------------------------------------------
incl. 292 25.7 0.7 0.75 2.1
-------------------------------------------------------------------------
F2-81 341 3.6 5.0 0.10 16.4
-------------------------------------------------------------------------
Holes with the prefix '122' were drilled from underground; all
other holes are drilled from surface. Assays are uncut. Results
satisfy the following criteria: (greater than)10.0 gram gold x
metre product and (greater than)3.0 g/t gold. A complete listing of
results to date for the F2 Zone is available at
http://www.rubiconminerals.com/. * Previously released intercept
(see News Release October 22, 2009) now part of an expanded
interval of new results this news release **this assay replaces the
previously reported interval (Nov 19, 2009) of 4.5 g/t gold over
8.3 metres which was reported in error. Rubicon Minerals
Corporation is a well-funded exploration and development company,
focused on exploring for gold in politically safe jurisdictions
with high geological potential. Rubicon controls over 65,000 acres
of prime exploration ground in the prolific Red Lake gold district
of Ontario which hosts Goldcorp's high-grade, world class Red Lake
Mine. In addition to its Red Lake holdings, Rubicon also controls
over 380,000 acres surrounding the Pogo Mine in Alaska as well as
225,000 acres in northeast Nevada. Rob McEwen, President and CEO of
McEwen Capital and former Chairman and CEO of Goldcorp, owns 21.5%
of the issued shares of the Company. RUBICON MINERALS CORPORATION
"David W. Adamson" President & CEO To view Figure 1: F2 Zone
Plan Map and Figure 2: Composite Long Section Looking Northwest and
9X Target Area Outlines please visit:
http://files.newswire.ca/617/rubicon_maps_1216.pdf Assaying and
Qualified Person ----------------------------- Assays were
conducted on sawn NQ-sized half core sections. Further drilling is
required 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 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. Gold standards were prepared by CDN
Resource Laboratories Ltd. Work programs in this release were
supervised by Terry Bursey, P.Geo. Regional Manager for Rubicon and
the project Qualified Person under the definition of 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", "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. 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 Zone are interpreted to show
similarities to nearby gold producing mines owned by third parties,
this should not be interpreted to mean that the F2 Zone has, or
that it will, generate similar reserves or resources. Significant
additional drilling is required at F2 to fully understand system
size before a meaningful resource calculation can be completed. 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. DATASOURCE: Rubicon Minerals Corporation CONTACT: Bill
Cavalluzzo, VP-Investor Relations, Toll free: 1-866-365-4706,
E-mail: ; http://www.rubiconminerals.com/ Rubicon Minerals
Corporation, Suite 1540-800 West Pender Street, Vancouver, BC,
CANADA, V6C 2V6
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