Joey/GT
News from Rubicon. I'll see if I can paste it.
For more information, contact Bill Cavalluzzo, VP Investor Relations Toll free: 1.866.365.4706 E-mail: bcavalluzzo@rogers.com
Rubicon Minerals Corporation Suite 888–1100 Melville Street, Vancouver BC CANADA V6E 4A6
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TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Page 1 of 2
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual
results to differ materially from targeted results. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The Company relies
upon litigation protection for forward looking statements.
RUBICON
MINERALS CORPORATION NEWS RELEASE TSX VENTURE EXCHANGE - SYMBOL: RMX JUNE 26, 2002
OTCBB – SYMBOL: RUBIF
RUBICON ANNOUNCES PLANS TO DRILL McCUAIG RED LAKE DISCOVERY
- 10,000 feet of drilling to follow up recent high-grade discovery -
David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.TSX Venture) is pleased to announce
that a 10,000-foot drill program has been approved to test for the continuation of ore grade intercepts at the new “1900”
Gold Zone discovered by Rubicon in March 2002 (see news release dated April 18, 2002). The program is estimated to
cost $435,000 and is part of a 12-month minimum $1.0 million budget recently approved by the Red Lake McCuaig Joint
Venture (60% Rubicon, 40% Golden Tag Resources Ltd.). The McCuaig project is strategically located in the heart of the
Red Lake gold camp, is within 1500 metres of approximately 1.8 million ounces of past gold production and is part of a
prolific 25 million ounce gold-bearing trend which hosts the Campbell (Placer Dome) and Red Lake (Goldcorp) mines
(Figure 1).
External consultant John J. Watkins, P.Geo. and QP has completed an evaluation of Rubicon drilling carried out earlier
this year and has identified a possible gold-bearing trend that is open for follow up. This trend appears to be the western
extension of the “1900” zone and it lies entirely within the McCuaig property. Following geological work which is to
commence shortly, the drill program will test for the continuation of this trend. Drilling is expected to commence in late
July to early August 2002.
Highlights of the March, 2002 drill program include 2.21 oz/ton gold over 2.30 feet (75.91 g/t over 0.70 metres) in hole
MC-02-32, part of an interval grading 0.67 oz/ton gold over 10.17 feet (22.83 g/t over 3.10 metres). Hole MC-02-27,
returned 0.74 oz/ton gold over 5.58 feet (25.48 g/t over 1.07 metres) plus a separate interval of 0.53 oz/ton gold
over 1.48 feet (18.08 g/t over 0.45 metres). Gold mineralization, including visible gold noted in 11 holes to date,
occurs within heavily silicified and deformed ultramafic rocks in association with disseminated sulphide zones (pyrrhotite,
magnetite, pyrite +/- fine-grained arsenopyrite) and in quartz-carbonate (ankerite) veins. Both mineralization types occur
in close proximity to major fault zones which have shown to be “pathways” for gold mineralization in the Red Lake camp
while the ultramafics act as “traps” for gold. The drill intercepts occur in a geological setting which is interpreted to be
analogous to the setting of the major mines in the camp, including Goldcorp’s High Grade Zone.
Rubicon Minerals Corporation is a well-funded junior exploration company with over 250 square kilometres of land
holdings in the prolific Red Lake gold camp of Ontario. The Red Lake camp hosts two high-grade, world class gold mines
including Goldcorp’s Red Lake Mine which has reserves of 3.8 million ounces of gold with an average grade of 2.05
ounces of gold per ton in its High Grade Zone. Combined, the Campbell-Red Lake ore bodies contain 23.6 million tons at
an average grade of 0.65 oz/ton Au (past production and reserves). Included in Rubicon’s Red Lake land package is the
recently optioned McFinley Mine Property which lies along a proven gold producing trend and covers approximately four
kilometres of strike length potential. Drill intercepts from previous work on the property include 5.84 oz/ton gold over 6.1
feet and 1.44 oz/ton gold over 14.1 feet.
RUBICON MINERALS CORPORATION
David W. Adamson
________________________________
President & CEO |
