Rubicon Minerals Updates Delineation Drill Results From the F2 Core Zone, Phoenix Gold Project, Red Lake, Ontario
-results include 1.15 oz/ton gold over 22.0 feet including 5.25 oz/ton over 11.8 feet-
-update of project timelines-
TSX:RMX | NYSE AMEX:RBY
Toronto, April 8 – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to provide an update on its underground delineation drill program being carried out on part of the F2 Core Zone, at its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. A total of 16,000 metres of the planned 27,000-metre delineation drill program has been completed. New delineation drill results are shown in Table 1 and 2, and Figures 1 through 5. The delineation drilling will test a total area of 150 metre (horizontal) x 200 metre (vertical) area within the F2 Core Zone (Figures 1 and 4). The delineation drill results presented are from an ongoing four drill fence program covering approximately 90 metres of strike length and are focused within +/-100 metres of the 305 metre level (some results extend beyond this area as shown in Figure 2 and 3). In addition, Rubicon is carrying out approximately 40,000 metres of exploration drilling to continue to expand and infill the F2 Gold System.Central area drilling
Delineation drilling continues to define the presence of northeast-trending (F1) gold mineralization associated with silicification, quartz veining and strong alteration within, and adjacent to, favourable host rock types. Gold mineralization also occurs in northwest-trending structures that are generally confined within, or immediately adjacent to, northeast-trending bounding geological units and parallel to the regional F2 fold trend direction. Typically, this mineralization occurs as local quartz veining and brecciation. The presence of multiple orientations of gold mineralization is encouraging in that it is interpreted to show similarities to other gold deposits in Red Lake. In the northern part of the central area (Figure 1), significant assays include 1.15 oz/ton gold over 22.0 feet (39.5 g/t gold over 6.7 metres) including a higher grade interval of 5.25 oz/ton gold over 11.8 feet (180.0 g/t gold over 3.6 metres) in hole D305-05-059. Based on examination of vein angles to core axis, the estimated true widths are interpreted to be approximately 65% of core length. As well, hole 305-05-53 intersected 1.59 oz/t gold over 4.6 feet (54.4 g/t gold over 1.4 metres) in hole D305-05-53, with the estimated true width interpreted to be approximately 85% of core length.
In the southwest part of the central area, significant assays include 0.75 oz/ton gold over 23.0 feet (25.8 g/t gold over 7.0 metres) including a higher grade interval of 2.03 oz/ton gold over 6.6 feet (69.7 g/t gold over 2.0 metres) in D305-04-041 (estimated true widths are interpreted to be approximately 95% of core length), 1.02 oz/ton gold over 13.4 feet (34.8 g/t gold over 4.1 metres) including higher grade interval of 3.60 oz/ton gold over 3.3 feet (123.5 g/t gold over 1.0 metres) in hole D305-04-044 (estimated true width is not yet known) and 2.27 oz/t gold over 6.6 feet (77.9 g/t gold over 2.0 metres) including 8.70 oz/t gold over 1.6 feet (298.4 g/t gold over 0.5 metres) in hole D305-04-045 (estimated true widths are interpreted to be approximately 70% of core length).
The current results show that the interpreted individual gold zones, limited to the area of delineation drilling completed to date, demonstrate a horizontal continuity of greater than 100 metres in strike length and a vertical extent of over 150 metres (Figure 1 and 3). When wider spaced drilling along strike and below the area of delineation is taken into account, the interpreted individual gold zones extend to approximately 150 metres in strike length and 300 metres vertical. To date the depth and lateral extent of most of these zones is open. A tabulated summary of the recent results is presented in Table 1 and Table 2. Note that the table presents the intercepts as core lengths as well as estimated true widths. Figures 4 and 5 show the location and recent results in long section view.
“The F2 Core Zone delineation holes have identified the emergence of several high-grade sub-zones within areas of previous wider spaced drilling which display good vertical continuity. This bodes well for future delineation and expansion drilling,” stated David Adamson, President and CEO.
Update of Project timelines
The Company gives the following update on its project timelines:
1) The Company now expects to complete its previously announced Preliminary Economic Assessment (‘PEA’) in Q2 of 2011. AMC Mining Consultants, of Vancouver, has been retained to complete this study.
2) Under guidance from the Company’s Mineral Processing and Metallurgical Consultants (Soutex Inc.), and Mining Consultants (AMC), two bulk samples have been taken from both NE and NW trending zones, one from the WLB2 Zone (F1 – NE orientation) consisting of 976 tonnes and the second from the F2B Zone (F2 – NW orientation) consisting of 1107 tonnes (refer to Figure 1 and 2). As per the consultant’s recommended standard protocol, sub samples have been extracted for metallurgical evaluation. As well, the Company has decided to expand the scope of this effort to allow processing of the entire bulk sample. Processing of the entire sample will determine the entire recoverable gold content of the bulk samples. The Company is in advanced discussions with a third party mill that can carry out this work according to the Company’s specifications. The Company anticipates results of metallurgical sampling to be completed during Q2, 2011.
3) Since the Company will require additional capital to fund potential future development, and the ability to raise capital is dependent, in part, on completing a positive PEA and other studies, the securing of permits and the successful delineation of mineable resources, project timelines for a possible start up are revised to late Q1 of 2013.
Power and Permitting Update
Progress is being made in securing project power needs. The Company has accepted an offer to connect from Hydro One for 1 MW of grid power. The Company has received and intends to accept an additional offer to connect from Hydro One for 4.3 MW of grid power, bringing its total to 5.3MW. The Company’s current permits allow it to operate less than 1 MW of diesel power. Combining its grid power allotment with its current diesel operated power, the Company would have sufficient power to pursue exploration and development of a potential mine operation of an estimated 750 tpd. The provision of additional power would allow expansion of exploration and development of a potential mine operation with an estimated throughput to 1250 tpd. This additional power may come in the form of new grid power, the use of existing grid capacity and/or additional diesel generated power. The Company is currently working with surface rights holders to allow an easement to deliver grid power to the project.
The Company has elected, as of April 4, 2011, to re-file its Closure Plan to provide for additional time to continue its consultations with First Nations whose traditional territory includes the project area. The Company expects that the Closure Plan would be filed (approved) during Q2 of this year.
Qualified Persons, T. Bursey, P.Geo. and E. Hinton, P.Eng. have read and approved the contents of this release.
As a result of the review by the British Columbia Securities Commission of the Company’s January 11th NI 43-101 technical report (announced by the Company by news release on February 14, 2011), the Company is required to file an amended NI 43-101 compliant technical report in support of the amended resource and geological potential estimates announced by the Company by news release on March 31, 2011, together with an amended AIF, incorporating the amended technical report, confirming that the amended estimates supersede those contained in the January 11th technical report.
Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and 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
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