RUBICON CLOSES ACQUISITION OF KEY McFINLEY RED LAKE GOLD PROJECT
- Historical drill intercepts include 1.2 oz/ton gold over two feet and 0.6 oz/ton gold over three feet -
David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.CDNX) is very pleased to
announce that the Company has closed the agreement with Dominion Goldfields Corporation (DGC), for the
acquisition of a 100% interest in the much-coveted and strategically located licences of occupation and one
lease (the “McFinley Gold Project”), in the heart of Ontario’s prolific Red Lake gold camp (Figure 1).
The McFinley Gold Project lies along a proven gold producing trend and covers approximately four kilometres
of strike length potential. It is underlain by ultramafic rocks on the East Bay Trend which is associated with
a number of significant high-grade gold deposits including the former Cochenour Mine (past production 1.2
million ounces gold at 0.56 oz/ton). The property is also approximately 5.2 kilometres NE of and 5.4
kilometres NW of the producing high-grade Campbell (Placer Dome) and Red Lake (Goldcorp) mines.
The Project is immediately adjacent to, and on strike with, Goldcorp’s active Abino Zone, which has been
the focus of recent diamond drilling. In December 2001, Goldcorp reported results from Abino (Goldcorp
news release, December 12, 2001) that include: 18.11 oz/ton gold over 2.5 feet (620.9 g/t over 0.77 metres)
and 2.92 oz/ton gold over 4.9 feet (100 g/t Au over 1.52 metres). As shown in the attached Figure 1, the
McFinley Gold Project lies on the extension of mineralized trends identified by Goldcorp.
As part of the agreement, Rubicon also acquires a right of first refusal on certain other adjacent claims, on
which DGC may have certain lien rights, should they be acquired by DGC. These claims contain two
published gold resources of 407,256 tons at 0.33 oz/ton and 19,118 tons at 2.75 oz/ton, respectively
(source: Ontario government publications).
Mr. Adamson, said, “The McFinley Gold Project is a very significant acquisition for Rubicon. We have
successfully outbid the competition and have already received strong expressions of interest from potential
partners. We are currently evaluating ways to best advance the project in order to maximize benefit to
shareholders."
The private placement announced January 7, 2002 at the same time as the McFinley Gold Project
acquisition, for gross proceeds of $800,000 has closed in the increased amount of $841,586. The securities
have a hold period until May 30, 2002.
Rubicon Minerals Corporation is a well-funded junior exploration company with over 166 square miles (300
square kilometres) of land holdings in the prolific Red Lake gold camp of Ontario. The Red Lake gold camp
hosts two world class gold mines including Goldcorp’s Red Lake Mine which has a reserve of 3.76 million
ounces of gold with an average grade of 2.02 ounces of gold per ton.
RUBICON MINERALS CORPORATION
“David W. Adamson”
______________________
President & CEO
Figure 1 |
