Rubicon Minerals Updates '9X' Drill Results From the
F2 Gold System, Phoenix Gold Project, Red Lake, Ontario
-Results include 48.3 g/t gold over 4.0 metres
(1.41 oz/ton gold over 13.1 feet) and
21.5 g/t gold over 3.0 metres (0.63 oz/ton gold over 9.8 feet)-
TSX:RMX | NYSE AMEX:RBY
TORONTO, May 12 /CNW/ - Rubicon
Minerals Corporation (TSX: RMX) (NYSE: RBY) (AMEX: RBY) 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. The
'9X' exploration program is designed to test new targets, at nominal drill
spacing of approximately 100 metres, beyond the limits of current delineation
drilling (Figures 1 and 2). These results form part of an ongoing 40,000 metre
program of which approximately 10,000 metres remain to be completed.
The F2 Core Zone between
200 metres and 400 metres below surface is the subject of ongoing delineation
drilling. Results from the delineation drilling program, which is designed to
test the core part of the F2 Gold System at 7.5-15 metre drill spacing are
reported separately (see news release dated April 11, 2011 for the most recent
update on the delineation drilling program). Results of the current '9X'
drilling program are provided in Table 1 and results are portrayed on plan and
composite section in Figures 1 and 2, and the Zones identified to date are
outlined on plan view in Figure 3.
Northwest Extension
(Target Areas 4, 6 and 9)
Several underground drill
holes have tested the northwest extension of the F2 Gold System between 400
metres to 500 metres below surface in target area 4 at the boundary of target
area 1 in Figure 2. These holes typically contain multiple intercepts (Table 1)
and confirm the presence of significant gold mineralization in this area
including:
- 37.4
g/t gold over 3.0 metres (1.09 oz/ton gold over 9.8 feet) in drill hole 305-83, part of a wider intercept grading 9.8
g/t gold over 13.7 metres (0.29 oz/ton gold over 44.9 feet).
- 21.5
g/t gold over 3.0 metres (0.63 oz/ton gold over 9.8 feet) in drill hole 305-79 and 120.6 g/t gold over 1.0
metres (3.52 oz/ton gold over 3.3 feet) in the same drill hole.
Results from this area are
interpreted to be the extension of the West Limb mineralization (Figure 3),
which has been drilled in more detail along strike to the southwest at
shallower levels (Figure 1 and 2). These positive results justify considerable
additional drilling in the northwest area to continue to infill target area 4.
They may also point to further potential to depth in target area 6 where only
minimal drilling has been carried out to date. Exploration in both areas would be
facilitated by extending current underground access, which will form part of
future plans on the project.
Drilling below the F2
Core Zone (Lower portion of Target Area 1 and Target Areas 2 and 7)
The '9X' exploration
drilling carried out below the F2 Core Zone to depths of approximately 600
metres continue to return significant gold intercepts. Holes drilled in this
area also typically contain multiple intercepts of high-grade and broader lower
grade gold mineralization including:
- 48.3
g/t gold over 4.0 metres (1.41 oz/ton gold over 13.1 feet) in drill hole 305-56. This intercept is interpreted to be the
extension to depth of the WLB2 zone. These latest results, combined
with other previous drilling below 400 metres, suggest good potential for
the continuation of the WLB2 zone to depth (Figure 2 and 3).
- 34.5
g/t gold over 2.0 metres (1.01 oz/ton gold over 6.6 feet) in drill hole 305-75 below, and south of, the F2 Core Zone. This
intercept is part of a wider zone grading 10.0 g/t gold over 8.0
metres (0.29 oz/ton gold over 26.2 feet). There is considered to
be good potential for additional gold mineralization in this area.
Crown Zone (Upper
portion of Target Area 1)
The Crown Zone is
interpreted to be the up-plunge continuation of the F2 Core Zone. The highlight
of new drilling in this area is drill hole 305-61 which intercepted 47.1
g/t gold over 4.5 metres (1.37 oz/ton gold over 14.8 feet) only 181
metres below surface (Figure 2). This intercept is 40 metres below a previous
intercept (F2-57) of 68.8 g/t gold over 4.0 metres (2.0 oz/ton gold over 13.1
feet). The Crown Zone is a key target area for future delineation
drilling.
Hanging Wall
Intercepts (Target Areas 3, 5 and 8)
Several drill holes
encountered high-grade gold within hanging wall basalts west of and
stratigraphically well above (hanging wall to) the main F2 target corridor
(defined by the Titan24 chargeability anomaly outline in Figure 1 and 3). These
include 115.4 g/t gold over 1.0 metre (3.37 oz/ton gold over 3.3 feet)
in drill hole 305-70 and 117.5 g/t gold over 1.0 metre (3.43 oz/ton gold
over 3.3 feet) in drill hole 305-81. Given the proximity of these
intercepts to the existing shaft, follow-up drilling with the objective of
further defining zones identified to date in this area is warranted.
"We have two main
objectives for our 9X drilling. First, we aim to identify new areas for
follow up delineation drilling generally between 0 and 500 metres below surface
and, second, we aim to continue to expand the gold system beyond its known
limits. These latest results deliver on both counts. They provide support for
the continuation to depth of gold mineralization beyond the current area of
delineation and help identify areas for future delineation drilling. Also, in
target area 4, recent intercepts point to new potential to depth in the
northern part of the F2 Gold System. New, high-grade gold intercepts well
outside of our main target corridor are encouraging indications that, where the
right rocks and structures exist, new gold mineralization may be present."
stated David Adamson, President and CEO.
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
Results
|
Hole
|
Elevation
|
Gold (g/t)
|
Width (m)
|
Gold (oz/ton)
|
Width (ft)
|
9X Target Area
|
305-53
|
1028
|
3.1
|
7.0
|
0.09
|
23.0
|
1
|
305-53
|
1089
|
6.7
|
7.0
|
0.20
|
23.0
|
1
|
Incl.
|
1088
|
30.6
|
0.8
|
0.89
|
2.6
|
1
|
305-54
|
270
|
5.8
|
2.0
|
0.17
|
6.6
|
1
|
305-54
|
266
|
3.9
|
18.0
|
0.11
|
59.0
|
1
|
Incl.
|
266
|
10.0
|
3.0
|
0.29
|
9.8
|
1
|
305-54
|
239
|
3.0
|
8.2
|
0.09
|
26.9
|
1
|
305-55A
|
241
|
9.2
|
6.3
|
0.27
|
20.7
|
1
|
Incl.
|
242
|
72.2
|
0.6
|
2.11
|
2.0
|
1
|
And Incl.
|
239
|
14.6
|
0.7
|
0.43
|
2.3
|
1
|
305-55A
|
193
|
3.5
|
4.0
|
0.10
|
13.1
|
1
|
Incl.
|
193
|
10.2
|
1.0
|
0.30
|
3.3
|
1
|
305-55A
|
140
|
5.4
|
2.0
|
0.16
|
6.6
|
1
|
305-56
|
531
|
48.3
|
4.0
|
1.41
|
13.1
|
1
|
Incl.
|
532
|
179.2
|
1.0
|
5.23
|
3.3
|
1
|
305-56
|
538
|
3.4
|
3.0
|
0.10
|
9.8
|
1
|
305-57
|
463
|
3.7
|
2.9
|
0.11
|
9.5
|
1
|
305-57
|
470
|
9.1
|
1.2
|
0.27
|
3.9
|
1
|
305-57
|
528
|
3.9
|
3.9
|
0.11
|
12.8
|
1
|
Incl.
|
527
|
12.1
|
0.9
|
0.35
|
3.0
|
1
|
305-58
|
613
|
17.8
|
4.0
|
0.52
|
13.1
|
1
|
Incl.
|
612
|
39.9
|
1.3
|
1.16
|
4.3
|
1
|
And Incl.
|
613
|
24.4
|
0.6
|
0.71
|
2.0
|
1
|
305-59
|
460
|
19.7
|
1.0
|
0.57
|
3.3
|
1
|
305-60
|
670
|
3.6
|
3.2
|
0.11
|
10.5
|
1
|
305-61
|
213
|
11.8
|
1.0
|
0.34
|
3.3
|
1
|
305-61
|
181
|
47.1
|
4.5
|
1.37
|
14.8
|
1
|
Incl.
|
180
|
403.5
|
0.5
|
11.77
|
1.6
|
1
|
305-62
|
Anomalous
|
305-63
|
Anomalous
|
305-64
|
Anomalous
|
305-65
|
268
|
6.2
|
7.0
|
0.18
|
23.0
|
1
|
Incl.
|
268
|
14.5
|
2.0
|
0.42
|
6.6
|
1
|
Incl.
|
268
|
25.6
|
1.0
|
0.75
|
3.3
|
1
|
305-66
|
428
|
3.3
|
3.0
|
0.10
|
9.8
|
1
|
305-66
|
538
|
15.1
|
2.7
|
0.44
|
8.9
|
1
|
Incl.
|
538
|
75.4
|
0.5
|
2.20
|
1.6
|
1
|
305-67
|
320
|
3.9
|
7.0
|
0.11
|
23.0
|
1
|
Incl.
|
320
|
16.9
|
1.0
|
0.49
|
3.3
|
1
|
305-68
|
Anomalous
|
305-69
|
Anomalous
|
305-70
|
476
|
115.4
|
1.0
|
3.37
|
3.3
|
1
|
305-71
|
410
|
11.1
|
3.0
|
0.32
|
9.8
|
1
|
Incl.
|
410
|
53.4
|
0.5
|
1.56
|
1.6
|
1
|
305-71
|
425
|
6.4
|
12.0
|
0.19
|
39.4
|
1
|
Incl.
|
423
|
10.4
|
3.2
|
0.30
|
10.5
|
1
|
305-72
|
487
|
125.3
|
0.5
|
3.65
|
1.6
|
4
|
305-73
|
586
|
5.8
|
5.0
|
0.17
|
16.4
|
2
|
Incl.
|
587
|
25.6
|
1.0
|
0.75
|
3.3
|
2
|
305-73
|
742
|
3.4
|
5.0
|
0.10
|
16.4
|
5
|
305-73
|
754
|
3.1
|
15.0
|
0.09
|
49.2
|
5
|
Incl.
|
749
|
18.9
|
1.0
|
0.55
|
3.3
|
5
|
305-73
|
775
|
5.8
|
17.0
|
0.17
|
55.8
|
5
|
Incl.
|
772
|
10.8
|
3.0
|
0.32
|
9.8
|
5
|
And Incl.
|
779
|
11.1
|
4.0
|
0.32
|
13.1
|
5
|
305-74
|
507
|
4.5
|
7.0
|
0.13
|
23.0
|
4
|
305-74
|
513
|
3.9
|
8.0
|
0.11
|
26.2
|
4
|
305-75
|
472
|
10.6
|
3.0
|
0.31
|
9.8
|
1
|
305-75
|
483
|
10.0
|
8.0
|
0.29
|
26.2
|
1
|
Incl.
|
483
|
34.5
|
2.0
|
1.01
|
6.6
|
1
|
305-75
|
499
|
21.2
|
0.5
|
0.62
|
1.6
|
1
|
305-75
|
541
|
3.2
|
7.0
|
0.09
|
23.0
|
1
|
Incl.
|
539
|
13.6
|
1.0
|
0.40
|
3.3
|
1
|
305-75
|
579
|
20.4
|
0.6
|
0.60
|
2.0
|
2
|
305-75
|
676
|
3.0
|
9.4
|
0.09
|
30.8
|
5
|
305-75
|
698
|
3.4
|
8.0
|
0.10
|
26.2
|
5
|
Incl.
|
698
|
10.3
|
1.0
|
0.30
|
3.3
|
5
|
305-76
|
785
|
3.6
|
4.1
|
0.11
|
13.4
|
5
|
305-77
|
452
|
3.0
|
3.5
|
0.09
|
11.5
|
4
|
305-77
|
455
|
4.2
|
9.0
|
0.12
|
29.5
|
4
|
Incl.
|
456
|
21.7
|
1.0
|
0.63
|
3.3
|
4
|
305-78
|
401
|
5.3
|
3.0
|
0.15
|
9.8
|
1
|
305-78
|
406
|
3.2
|
11.1
|
0.09
|
36.4
|
1
|
305-78
|
444
|
6.2
|
11.0
|
0.18
|
36.1
|
3
|
Incl.
|
444
|
11.9
|
3.0
|
0.35
|
9.8
|
3
|
305-79
|
399
|
7.4
|
2.0
|
0.22
|
6.6
|
1
|
Incl.
|
399
|
13.4
|
1.0
|
0.39
|
3.3
|
1
|
305-79
|
432
|
120.6
|
1.0
|
3.52
|
3.3
|
1
|
305-79
|
496
|
12.2
|
1.0
|
0.36
|
3.3
|
4
|
305-79
|
500
|
21.5
|
3.0
|
0.63
|
9.8
|
4
|
Incl.
|
501
|
73.9
|
0.8
|
2.16
|
2.6
|
4
|
305-79
|
577
|
3.5
|
3.0
|
0.10
|
9.8
|
6
|
305-80
|
Anomalous
|
305-81
|
421
|
117.5
|
1.0
|
3.43
|
3.3
|
1
|
305-82
|
513
|
6.9
|
4.0
|
0.20
|
13.1
|
1
|
Incl.
|
513
|
16.2
|
1.0
|
0.47
|
3.3
|
1
|
305-82
|
598
|
5.3
|
2.0
|
0.15
|
6.6
|
5
|
305-82
|
607
|
4.6
|
11.0
|
0.13
|
36.1
|
5
|
Incl.
|
607
|
10.0
|
2.0
|
0.29
|
6.6
|
5
|
305-82
|
637
|
21.6
|
3.1
|
0.63
|
10.2
|
5
|
305-82
|
651
|
4.4
|
2.5
|
0.13
|
8.2
|
5
|
305-83
|
490
|
9.8
|
13.7
|
0.29
|
44.9
|
4
|
Incl.
|
492
|
37.4
|
3.0
|
1.09
|
9.8
|
4
|
305-84
|
463
|
3.4
|
3.0
|
0.10
|
9.8
|
1
|
305-84
|
469
|
6.3
|
2.1
|
0.18
|
6.9
|
1
|
305-84
|
491
|
30.6
|
1.1
|
0.89
|
3.6
|
1
|
305-84
|
498
|
13.6
|
1.0
|
0.40
|
3.3
|
1
|
305-84
|
519
|
4.1
|
3.0
|
0.12
|
9.8
|
1
|
305-85
|
236
|
4.4
|
5.0
|
0.13
|
16.4
|
1
|
305-85
|
230
|
18.0
|
1.0
|
0.53
|
3.3
|
1
|
Holes with the prefix '305'
were drilled from underground. Assays are uncut. Reported results satisfy the
following criteria: >10.0 gram gold x metre product and >3.0 g/t gold.
Anomalous holes satisfy the following criteria: >2.5 gram gold x metre
product and < 10.0 gram gold x metre product and > 2 g/t gold. 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/Gold_System_Figure_1.pdf
Holes with the prefix '305'
were drilled from underground. Assays are uncut. Reported results satisfy the
following criteria: >10.0 gram gold x metre product and >3.0 g/t gold.
Anomalous holes satisfy the following criteria: >2.5 gram gold x metre
product and < 10.0 gram gold x metre product and > 2 g/t gold. 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/Composite_Long_Figure_2.pdf
Holes with the prefix '305'
were drilled from underground. Assays are uncut. Reported results satisfy the
following criteria: >10.0 gram gold x metre product and >3.0 g/t gold.
Anomalous holes satisfy the following criteria: >2.5 gram gold x metre
product and < 10.0 gram gold x metre product and > 2 g/t gold. A complete
listing of results to date for the F2 Zone is available at www.rubiconminerals.com
Figure 3: F2 Gold System Plan Map with Zone Outlines
http://files.newswire.ca/617/Gold_System_Figure_3.pdf
Holes with the prefix '305'
were drilled from underground. Assays are uncut. Reported results satisfy the
following criteria: >10.0 gram gold x metre product and >3.0 g/t gold.
Anomalous holes satisfy the following criteria: >2.5 gram gold x metre
product and < 10.0 gram gold x metre product and > 2 g/t gold. A complete
listing of results to date for the F2 Zone is available at www.rubiconminerals.com
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. 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", "would", "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, 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 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.