Rubicon Minerals Provides Operational and Drilling Update for F2
Gold System, Phoenix Gold Project, Red Lake, Ontario
TSX:RMX | NYSE-MKT:RBY
Current shaft depth 552 metres, mill building foundations
being poured
Drilling includes 767.0 g/t gold over 1.0 metre, 278.4 g/t
gold over 1.0 metre, and 24.1 g/t gold over 2.3 metres and extends
gold system to depth over a mile below surface
TORONTO, Nov. 13, 2012 /PRNewswire/ - Rubicon Minerals
Corporation (TSX:RMX | NYSE-MKT:RBY) ("Rubicon")
is pleased to provide an update of project activities conducted at
its 100%-owned F2 Gold System, Phoenix Gold Project, located in the
heart of the prolific Red Lake
gold district.
Optimization Update
Rubicon is nearing completion of its
optimization studies and currently expects to provide an update in
Q4, 2012. The purpose of these studies is to evaluate different
mining scenarios with a goal to optimizing the economic outputs in
its existing PEA1.
Operational Update
Following the successful completion of the 2012
underground infill drilling program, Rubicon is now in full shaft
sinking mode. The shaft bottom is now at 552 metres (1810 feet)
below surface, having advanced 186 metres since July 2012. As outlined in the news release dated
July 16, 2012 Rubicon continues to
evaluate the cost/benefit of extending the shaft to approximately
1000 metres.
The mill building foundation is progressing well
(50% completed) and the steel erection is planned to start in
November 2012. Delivery of long
lead items remains on schedule for Q3, 2013 and selection of the
processing equipment is progressing on schedule.
Drilling Update
As announced in the July
16, 2012 news release, having completed its 2012 infill
underground drill program, Rubicon elected to focus underground
activities on shaft sinking and mill construction. Drilling of
select targets from surface continued. Results are summarized below
(see also Figures 1 and 2 and Table 1, below).
High-Grade intercepts from near Surface
Drilling
Barge-based drilling is designed to test the
near surface extensions of the currently documented F2 Gold System.
New drill holes in the northern portion of the current system, at
elevations between 300 and 550 metres below surface include:
24.1 g/t gold over 2.3 metres (0.70 oz/ton gold over 7.5 feet) in
hole F2-2012-20, 767.0 g/t gold over 1.0 metres (22.37 oz/ton gold
over 3.3 feet), and 33.6 g/t gold over 1.0 metres (0.98 oz/ton gold
over 3.3 feet) in hole F2-2012-18, 278.4 g/t gold over 1.0 metre
(8.12 oz/ton gold over 3.3 feet) in F2-2012-22A and 56.7 g/t gold
over 1.0 metre (1.65 oz/ton gold over 3.3 feet) in
F2-2012-29. Drilling to the south at elevations between 30
and 200 metres below surface has extended the gold-bearing sequence
in this area with the best intercept to date of 28.3 g/t gold
over 0.5 metres (0.83 oz/ton gold over 1.6 feet) in hole
F2-2012-16
Sub 1200 m drilling demonstrates continuity of the
F2 System at depth below the existing resource
Several intercepts were returned from two (2)
recently completed deep holes in this area. F2-100A-W5
intersected several zones between vertical depths of 1035 and 1185
metres below surface including: 18.2 g/t gold over 0.8 metres
(0.53 oz/ton gold over 2.6 feet), 13.7 g/t gold over 2.0 metres
(0.40 oz/ton gold over 6.6 feet), and 12.3 g/t gold over 2.0 metres
(0.36 oz/ton gold over 6.6 feet). A second hole,
F2-2012-09B-W1, tested well below the current resource limits and
intersected several zones including 14.3 g/t gold over 1.5
metres (0.42 oz/ton gold over 4.9 feet) and 19.4 g/t gold over 0.7
metres (0.57 oz/ton gold over 2.3 feet) at depths of 1556 and 1650
metres below surface respectively, which represent the
deepest recorded gold-bearing intercepts to date on the F2 Gold
System.
"We are pleased with the latest results which,
when combined with previously released infill drilling results,
supports our decision to focus our underground efforts on
accelerating the shaft sinking without interruption and temporarily
halting the underground drilling. Excellent progress has been made
in the shaft and mill construction.
As part of our ongoing optimization of the
PEA1, we are currently evaluating the cost/benefit of
extending the shaft beyond its current target depth of 610 metres.
Deep drilling has confirmed the continuity of the F2 Zone more than
a mile below surface. A deeper shaft could provide us with an
excellent opportunity to develop exploration platforms to further
drill test deeper targets including the sub 1,200 metre target
area." stated Mike Lalonde,
President and COO.
About Rubicon Minerals
Corporation
Rubicon Minerals Corporation is an exploration
and development company, focused on exploring and developing high
margin gold deposits in politically safe jurisdictions such as its
high-grade gold discovery at its Phoenix Gold Project in
Red Lake, Ontario. Rubicon is well
funded and its flagship Phoenix Gold Project is fully permitted to
potential production. In addition, Rubicon controls over 100
square miles of prime exploration ground in the prolific
Red Lake gold district which hosts
Goldcorp's high-grade, world class Red Lake Mine. Rubicon's
shares are listed on the NYSE.MKT (RBY) and the TSX (RMX)
Exchanges. Rubicon's shares are included in the S&P/TSX
Composite Index and Van Eck's Junior
Gold Miners ETF.
RUBICON MINERALS CORPORATION
"Mike Lalonde"
President and COO
1The PEA is preliminary in nature as
it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves and there is no certainty that the PEA will be realized.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues. The quantity and grade of reported inferred resources
referred to in the PEA are uncertain in nature and there has been
insufficient exploration to define these inferred resources as an
indicated or measured mineral resource category. The PEA is a
technical report under NI 43-101, was prepared by AMC Mining
Consultants with metallurgical and processing contributions from
Soutex, and has an effective date of August
8, 2011.
Figure 1: F2 Gold System Plan Map
Drill holes with the prefix 'F2' were drilled from
surface. Assays reported are not capped unless otherwise
stated within the text. Reported lengths are core lengths; more
drilling is required to determine true widths. Reported
results are highlights from the ongoing drilling program on the F2
Gold System. A complete listing of results to date for the F2
Gold System is available at www.rubiconminerals.com.
Figure 2: Results on Composite Long Section Looking
Northwest and 9X Target Outlines
Drill holes with the prefix 'F2' were drilled from
surface. Assays reported are not capped unless otherwise
stated within the text. Reported lengths are core lengths; more
drilling is required to determine true widths. Reported
results are highlights from the ongoing drilling program on the F2
Gold System. A complete listing of results to date for the F2
Gold System is available at www.rubiconminerals.com.
Table 1: Newly Released Assay Highlight
Results
Hole |
Elevation |
Gold
(g/t) |
Width
(m) |
Gold
(oz/ton) |
Width
(ft) |
9X
Target
Area |
Zone |
F2-2012-09B-W1 |
1556 |
14.3 |
1.5 |
0.42 |
4.9 |
S of 8 |
Sub 1,200 m |
incl. |
1555 |
39.2 |
0.5 |
1.14 |
1.6 |
S of 8 |
Sub 1200 m |
|
1649 |
9.0 |
1.7 |
0.26 |
5.6 |
S of 8 |
Sub 1200 m |
incl. |
1650 |
19.4 |
0.7 |
0.57 |
2.3 |
S of 8 |
Sub 1200 m |
|
1670 |
8.7 |
1.2 |
0.25 |
3.9 |
S of 8 |
Sub 1200 m |
F2-2012-10-W7 |
1144 |
6.2 |
3.0 |
0.18 |
9.8 |
5 |
|
|
1261 |
56.1 |
1.0 |
1.64 |
3.3 |
8 |
Sub 1200 m |
F2-2012-16 |
187 |
28.3 |
0.5 |
0.83 |
1.6 |
S of 3 |
|
F2-2012-18 |
302 |
33.6 |
1.0 |
0.98 |
3.3 |
4 |
WLB2 |
|
512 |
8.4 |
2.0 |
0.25 |
6.6 |
4 |
WLB2 |
|
545 |
767.0 |
1.0 |
22.37 |
3.3 |
4 |
WLB2 |
F2-100A-W5 |
1035 |
6.9 |
4.0 |
0.20 |
13.1 |
5 |
100A |
incl. |
1036 |
12.3 |
2.0 |
0.36 |
6.6 |
5 |
100A |
|
1168 |
6.9 |
5.0 |
0.20 |
16.4 |
8 |
100A |
incl. |
1167 |
13.7 |
2.0 |
0.40 |
6.6 |
8 |
100A |
|
1185 |
6.4 |
4.0 |
0.19 |
13.1 |
8 |
100A |
incl. |
1184 |
18.2 |
0.8 |
0.53 |
2.6 |
8 |
100A |
F2-2012-20 |
464 |
24.1 |
2.3 |
0.70 |
7.5 |
4 |
|
|
476 |
9.6 |
3.9 |
0.28 |
12.8 |
4 |
|
F2-2012-22A |
306 |
7.6 |
2.0 |
0.22 |
6.6 |
4 |
|
|
479 |
278.4 |
1.0 |
8.12 |
3.3 |
4 |
|
F2-2012-27 |
82 |
6.4 |
4.9 |
0.19 |
16.1 |
S of 3 |
|
incl. |
80 |
18.4 |
1 |
0.54 |
3.3 |
S of 3 |
|
F2-2012-29 |
310 |
56.7 |
1 |
1.65 |
3.3 |
4 |
|
Drill holes with the prefix 'F2' were drilled from
surface. Assays reported are not capped unless otherwise
stated within the text. Reported lengths are core lengths; more
drilling is required to determine true widths. Reported
results are highlights from the ongoing drilling program on the F2
Gold System. A complete listing of results to date for the F2 Gold
System is available at www.rubiconminerals.com. |
Table 2: Assay Highlight Results from Sub-1200 metre Target
Area
Hole |
Elevation |
Gold
(g/t) |
Width
(m) |
Gold
(oz/ton) |
Width
(ft) |
9X
Target
Area |
Zone |
F2-2012-09B-W1 |
1503 |
6.5 |
2 |
0.19 |
6.6 |
S of 8 |
Sub 1200 m |
F2-2012-09B-W1 |
1556 |
14.3 |
1.5 |
0.42 |
4.9 |
S of 8 |
Sub 1200 m |
incl. |
1555 |
39.2 |
0.5 |
1.14 |
1.6 |
S of 8 |
Sub 1200 m |
F2-2012-09B-W1 |
1649 |
9 |
1.7 |
0.26 |
5.6 |
S of 8 |
Sub 1200 m |
incl. |
1650 |
19.4 |
0.7 |
0.57 |
2.3 |
S of 8 |
Sub 1200 m |
F2-2012-09B-W1 |
1670 |
8.7 |
1.2 |
0.25 |
3.9 |
S of 8 |
Sub 1200 m |
F2-2012-10-W7 |
1261 |
56.1 |
1 |
1.64 |
3.3 |
8 |
Sub 1200 m |
F2-2011-04B |
1511 |
25.6 |
0.5 |
0.75 |
1.6 |
S of 8 |
Sub 1200 m |
F2-2012-03-W2 |
1545 |
10.7 |
1.1 |
0.31 |
3.6 |
8 |
Sub 1200 m |
F2-64-W1 |
1349 |
80.7 |
0.7 |
2.35 |
2.3 |
7 |
Sub 1200 m |
F2-64-W1 |
1384 |
6.3 |
3.9 |
0.18 |
12.8 |
7 |
Sub 1200 m |
incl. |
1384 |
20.1 |
0.9 |
0.59 |
3 |
7 |
Sub 1200 m |
F2-64W2 |
1323 |
16.8 |
3.4 |
0.49 |
11 |
7 |
Sub 1200 m |
incl. |
1322 |
29.6 |
0.7 |
0.86 |
2.3 |
7 |
Sub 1200 m |
or incl. |
1324 |
54.1 |
0.5 |
1.58 |
1.6 |
7 |
Sub 1200 m |
F2-64W2 |
1328 |
11.2 |
1.5 |
0.33 |
4.9 |
7 |
Sub 1200 m |
incl. |
1329 |
29.1 |
0.5 |
0.85 |
1.6 |
7 |
Sub 1200 m |
F2-100A |
1275 |
15.1 |
1 |
0.44 |
3.3 |
8 |
Sub 1200 m |
incl. |
1279 |
16.6 |
1 |
0.48 |
3.3 |
8 |
Sub 1200 m |
F2-100A |
1320 |
754.2 |
0.5 |
22 |
1.6 |
8 |
Sub 1200 m |
F2-100A |
1453 |
13.3 |
1.4 |
0.39 |
4.6 |
8 |
Sub 1200 m |
F2-100A-W1 |
1327 |
6.4 |
3 |
0.19 |
9.8 |
8 |
Sub 1200 m |
F2-100A-W2 |
1280 |
35 |
1 |
1.02 |
3.3 |
8 |
Sub 1200 m |
F2-108 |
1246 |
152.9 |
0.5 |
4.46 |
1.6 |
S of 8 |
Sub 1200 m |
F2-108-W1 |
1286 |
2287.1 |
0.6 |
66.71 |
2.1 |
S of 8 |
Sub 1200 m |
305-06 |
1398 |
10.9 |
9 |
0.32 |
29.5 |
8 |
Sub 1200 m |
incl. |
1396 |
18.6 |
4.5 |
0.54 |
14.8 |
8 |
Sub 1200 m |
incl. |
1394 |
104.7 |
0.5 |
3.05 |
1.6 |
8 |
Sub 1200 m |
122-73 |
1280 |
227.5 |
0.5 |
6.64 |
1.6 |
8 |
Sub 1200 m |
Drill holes with the prefix '305'and '122' were drilled from
underground. Drill holes with the prefix 'F2' were drilled
from surface. Assays reported are not capped unless
otherwise stated within the text. Reported lengths are core
lengths; more drilling is required to determine true widths.
Reported results are highlights from the ongoing drilling program
on the F2 Gold System. Results in italics are from the
December 7, 2011, March 29, 2012, May 14, 2012, July 16, 2012 press
releases. A complete listing of results to date for the F2 Gold
System is available at www.rubiconminerals.com. |
Assaying and Qualified Person
Assays were conducted on sawn NQ and HQ-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 Gold Project exploration, drill
work programs and all data forming the basis of this news release
were supervised and verified by Matthew
Wunder, B.Sc., P.Geo., and Vice President Exploration for
Rubicon and a Qualified Person as defined by NI 43-101. Phoenix
Gold Project site operations are conducted under the supervision of
Claude Bouchard, P.Eng., and Vice
President Operations 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 are based on the
opinions and estimates of management as of the date such statements
are made and represent management's best judgment based on facts
and assumptions that management considers reasonable. The
material assumptions upon which such forward-looking statements are
based include, among others: that the demand for gold and
base metal deposits will develop as anticipated; that the price of
gold will remain at levels that will render the Phoenix Gold
Project economic; that operating and capital plans will not be
disrupted by issues such as mechanical failure, unavailability of
parts and supplies, labour disturbances, interruption in
transportation or utilities, or adverse weather conditions; that
Rubicon will meet its estimated timeline for the development of the
Phoenix Gold Project; that Rubicon will continue to have the
ability to attract and retain skilled staff; that the mineral
resource estimate as disclosed in the PEA will be realized; and
that there are no material unanticipated variations in the cost of
energy or supplies, or in the pre-production capital and operating
cost estimate as disclosed in the PEA. Rubicon makes no
representation that reasonable business people in possession of the
same information would reach the same conclusions.
Forward-looking statements in this news
release include, but are not limited to statements regarding the
optimization of the PEA and management's belief that the deep
drilling results has added further confidence to the
observed continuity of both geology and mineralized zones at depth
below the existing resource estimate. Significant additional
drilling is required at F2 to fully understand system size and the
economic implications of same.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors which 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. Such factors include, among others: future prices
of gold and other metals; possible variations in mineralization,
grade or recovery rates; actual results of current exploration
activities; actual results of reclamation activities; conclusions
of future economic evaluations; changes in project parameters as
plans continue to be refined; failure of equipment or processes to
operate as anticipated; accidents, labour disputes and other risks
of the mining industry; delays and other risks related to joint
venture operations; timing and receipt of regulatory approvals of
operations; the ability of Rubicon and other relevant parties to
satisfy regulatory requirements; the availability of financing for
proposed transactions and programs on reasonable terms; the ability
of third-party service providers to deliver services on reasonable
terms and in a timely manner; and delays in the completion of
development or construction activities. Other 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.
It is important to note that the information
provided in this news release is preliminary in nature. There is no
certainty that a potential mine will be realized. A mine production
decision that is made without a bankable feasibility study carries
additional potential risks which include, but are not limited to,
the inclusion of inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves. Mine design and mining schedules, metallurgical flow
sheets and process plant designs may require additional detailed
work to ensure satisfactory operational conditions.
Although management of Rubicon has attempted
to identify important factors (which it believes are reasonable)
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended.
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.
SOURCE Rubicon Minerals Corporation
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