Rubicon Reports More High Grade Gold from New F2 Zone Discovery Phoenix Gold Project, Red Lake, Ontario
14 April 2008 - 11:17PM
PR Newswire (US)
TORONTO STOCK EXCHANGE SYMBOL: RMX AMEX SYMBOL: RBY VANCOUVER,
April 14 /PRNewswire-FirstCall/ -- Rubicon Minerals Corp (RMX.TSX :
RBY.AMEX) is pleased to report further high-grade results from its
new F2 Zone discovery at the 100% controlled Phoenix Gold Project,
located in the heart of the prolific Red Lake gold district. A
quartz vein and vein breccia zone in hole F2-08, located
approximately 90 metres (295 feet) vertically above the previously
reported intercept in F2-07, (see news release dated March 31,
2008), and within what is currently interpreted to be the same, or
related, structure has returned an interval grading 42.4 g/t gold
over 11.0 metres (1.24 oz/ton gold over 35.6 feet) core length at
290 metres below surface. Assays for additional mineralized samples
above and below this zone are pending. Recently received assays for
drill hole F2-07 expand the previously reported high-grade
intercept in this hole to 24.4 g/t gold over 17.0 metres (0.71
oz/ton over 55.8 feet) core length. This interval includes the
section grading 36.5 g/t gold over 8.0 metres (1.06 oz/ton over
26.5 feet) as originally reported in the March 31, 2008 news
release. Current information suggests that the F2-07 and F2-08
high-grade intercepts may be lenses or shoots developed within a
robust gold-bearing structure that also hosts thick, lower grade
intervals such as the 28.0 metre interval grading 3.3 g/t gold
including 5.1 g/t gold over 9.0 metres present in F2-02 (see news
release March 31, 2008 and drill section on
http://www.rubiconminerals.com/). However, this interpretation is
preliminary in nature and significantly more drilling is required
to gain a better understanding of gold distribution within the F2
Zone. "This latest intercept confirms our view that the F2 Zone is
a significant new discovery in Red Lake. This new zone is at a
relatively shallow depth and is readily accessible to exploration.
We are continuing to drill the F2 area from land and await warmer
weather to allow commencement of barge-based drilling which will
optimize our flexibility to explore the zone. With approximately
$28 million in our treasury, we are well positioned to continue to
aggressively drill this new discovery," said David Adamson,
President and CEO. Gold in the F2 Zone is best developed within
mafic volcanics as multiple and complex quartz veins, breccias and
silica replacement zones that typically contain visible gold and
trace to 3% sulphides. As was the case for previously reported
drill hole F2-07, gold grades in F2-08 are generally evenly
distributed throughout the reported section. Gold mineralization
occurs near a major ultramafic-mafic contact, which is considered
important since existing major gold deposits in the Red Lake gold
district are developed within a similar setting. True thicknesses
of reported intercepts in this release are not yet known although
current observations indicate a moderate to high angle to the core
axis. The F2 Zone is currently being explored at relatively shallow
depths below surface (200-400 metres) and is only 450 metres east
of the existing, 142 metre-deep, currently flooded exploration
shaft which could facilitate underground access should additional
drilling provide sufficient encouragement. In this regard, the
Company conducted baseline environmental studies in 2007. These
studies will allow the Company to expedite the permitting process
required to accommodate year-round, underground exploration access
to this zone. To reach such a decision point will require
considerably more information which can only be gained through the
completion of additional drilling. Photographs and a location map
of the new intercept will be posted on the Company website at
http://www.rubiconminerals.com/. Rubicon Minerals Corporation has
approximately $28 million in cash and is an exploration company
focusing on exploring for gold in politically safe jurisdictions
with high geological potential. Rubicon controls over 180,000 acres
of prime exploration ground in the prolific Red Lake gold camp of
Ontario which hosts Goldcorp's high-grade, world class Red Lake
Mine. In addition to its Red Lake holdings, Rubicon also controls
over 500,000 acres surrounding the Pogo Mine in Alaska as well as
225,000 acres in northeast Nevada. Rob McEwen, President and CEO of
McEwen Capital, former Chairman and CEO of Goldcorp, owns 31% of
the company. RUBICON MINERALS CORPORATION "David W. Adamson"
President & CEO Assays were conducted on sawn NQ-sized half
core sections. 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. 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 are
supervised by Terry Bursey, P.Geo. the project Qualified Persons
under the definition of NI 43-101. Forward Looking Statements
-------------------------- This news release contains certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
fact, that address events or developments that the Company expects
to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this document include statements
regarding future exploration programs and joint venture partner
participation. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, inability to obtain required shareholder or regulatory
approvals, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made. The Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change These
statements are based on a number of assumptions, including, among
others, assumptions regarding general business and economic
conditions, the timing of the receipt of shareholder, regulatory
and governmental approvals for Rubicon's proposed transactions, the
availability of financing for Rubicon's proposed transactions and
exploration and development programs on reasonable terms and the
ability of third-party service providers to deliver services in a
timely manner. The foregoing list of assumptions is not exhaustive.
Events or circumstances could cause results to differ materially.
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: ; Rubicon
Minerals Corporation, Suite 1540-800 West Pender Street, Vancouver,
BC, CANADA V6C 2V6
Copyright