TSX: RMX | OTCQX: RBYCF
TORONTO, Oct. 7, 2019 /PRNewswire/ - Rubicon Minerals
Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the
"Company") provides additional assay results from its 2019
drilling program at the Phoenix Gold Project (the
"Project").
(This news release contains information regarding Mineral
Resource estimates and other forward-looking information about
potential future results and events. Please refer to the Cautionary
Statements at the end of this this news release.)
Assay Results Highlights (as of September 30, 2019) representing approximately
13,000 metres ("m") of drilling:
Drilling program at the 610- and 685
m Levels with the objective of upgrading and expanding the
2019 Mineral Resource Estimate (not true widths, more details in
the 'Qualified Persons and QA/QC' section below) produced the
following highlights:
- 685L-19-06: 7.25 g/t Au over 3.6
m (High-Ti Basalts);
- 685L-19-07: 22.89 g/t Au over 1.3
m (including 91.91 g/t Au over 0.8 m) (High-Ti Basalts);
- 685L-19-07A: 9.88 g/t Au over 1.0
m (High-Ti Basalts);
- 685L-19-10: 6.94 g/t Au over 2.0
m (including 12.80 g/t Au over 1.0 m) (High-Ti Basalts);
- 685L-19-11: 8.35 g/t Au over 7.1
m (including 17.45 g/t Au over 2.5 m) (High-Ti Basalts).
2019 drilling results to-date
The 2019 oriented diamond drilling program was designed to
upgrade a significant portion of the Inferred Mineral Resource
estimate to the Measured and Indicated categories, as well as
advance the current understanding of the high-grade mineralization
potential at depth, below the anticipated 854 m Level. Assay results from exploration drill
hole samples collected to-date show the likely potential to convert
the Inferred Mineral Resource estimates in targeted areas,
especially between the anticipated 854
m Level and the 1,220 m Level.
The assay results also demonstrate continuity of high titanium
basalt units ("High-Ti Basalts") and associated gold
mineralization to depth. Please see Table 1 and Diagrams 1 to 12
for the summary of the assay results and the plan and section views
of the drilling, respectively. Please see May 23, 2019 news release for previously released
assay results (and diagrams) from the 2019 drilling program.
Rubicon continues to encounter high-grade mineralization at both
narrow and wider horizontal widths, intersected within the High-Ti
Basalt, the main host rock of gold mineralization at the Project.
The Company also continues to build on the current understanding of
the structural geology at depth with the use of oriented drill
core. Rubicon has continued to expand its preliminary models of the
High-Ti Basalt lithology and of the East Bay Deformation Zone
("EBDZ"), both created from the ongoing oriented core
diamond drilling program. This has enhanced the understanding of
the mineralization and improved drill targeting at depth.
Path forward
Rubicon is scheduled to release an updated Mineral Resource
estimate sometime between late fourth quarter 2019 to early first
quarter 2020. The potential to expand the Measured and Indicated
Resource estimates above a 750,000-ounce threshold would give the
Company confidence to proceed with additional feasibility work on
the Project, mostly targeted at generating a new life of mine plan.
The Company has commenced preliminary feasibility work on the
Project related to the surface infrastructure upgrades (tailings
management facility, ammonia treatment plant, crushing plant and
minor mill equipment, buildings, etc.) and gathering quotes on
underground mobile equipment.
CEO's Comments
George Ogilvie, P.Eng., President
and CEO of Rubicon, commented, "Over the last couple of years, we
have systematically expanded the Measured and Indicated Resource
estimates of the Phoenix Gold Project with our targeted infill and
expansionary orientated diamond drilling programs. These diamond
drilling programs have improved the average drill spacing for the
potential Measured and Indicated Resource categories to
15.7 m and 32.3 m centres, respectively. We have a strong
understanding of where to drill the deposit to give us the
drill-density needed to upgrade and add Resource blocks in the
model, which will build upon the conceptual mine plan that was
outlined in our new Preliminary Economic Assessment. Based on the
continuity of mineralization that we are seeing in the assay
results collected this year, we are anticipating a similar
trajectory in the expansion of Measured and Indicated Resource
estimates. We plan to release the updated Mineral Resource estimate
for the Project in late 2019 or early 2020, which could give us the
green light towards commencing a full Feasibility Study in early
2020. In the interim the Company will begin some preliminary
feasibility work, mostly around costing and planning for additional
surface infrastructure."
For further information on the new Preliminary Economic
Assessment for the Project ("New PEA") see the Company's
news release dated August 19, 2019
and the updated NI 43-101 Technical Report for the Project
effective as of the same date and filed on September 23, 2019, both of which are available
under the Company's profile on www. sedar.com and on our website
www. rubiconminerals.com.
Qualified Persons and QA/QC
The content of this news release has been read and approved by
Michael Willett, P.Eng., Director of
Projects, and, was also verified by, Isaac
Oduro, P.Geo., Manager of Technical Services, for Rubicon.
Both are Qualified Persons as defined by National Instrument 43-101
of the Canadian Securities Administrators ("NI 43-101").
Underground drilling was conducted by Boart Longyear Drilling of
Haileybury, Ontario and was
supervised by the Rubicon exploration team. All assays reported are
uncut unless otherwise stated. All samples reported herein were
performed by SGS Mineral Services of Red
Lake, Ontario. All NQ core assays reported were obtained by
fire assay with AA-finish or using gravimetric finish for values
over 10.0 g/t Au.
The data verification procedures applied in this drilling
program largely mirror those performed by Golder Associates Ltd.
(2018) and confirmed by T. Maunula and Associates for the 2019
Mineral Resource Estimate. Please refer to Section 12 of the
updated NI 43-101 Technical Report for the Project effective
August 19, 2019 and filed on
September 23, 2019 under Rubicon's
profile on www.sedar.com.
Intercepts cited do not necessarily represent true widths,
unless otherwise noted, however drilling is generally intersecting
interpreted mineralized zones at angles between -30o and
+30o. True width determinations are estimated at 75-95%
of the core length for the 610- and 685
m Level drilling. Rubicon's quality control checks include
insertion of blanks, standards and duplicates to ensure laboratory
accuracy and precision.
About Rubicon Minerals Corporation
Rubicon Minerals Corporation is an advanced gold exploration
company that owns the Phoenix Gold Project, located in the prolific
Red Lake gold district in
northwestern Ontario, Canada.
Additionally, Rubicon controls over 285 square kilometres of prime
exploration ground in Red Lake and
more than 900 square kilometres of mineral property interests in
the emerging Long Canyon gold district that straddles the
Nevada-Utah border in the
United States. Rubicon's shares are listed on the Toronto
Stock Exchange (RMX) and the OTCQX markets (RBYCF).
For more information, please visit our website at
www.rubiconminerals.com.
RUBICON MINERALS CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director
Table 1: Summary of the 2019 Drilling Assay Results, up to
September 30, 2019
Drill hole
number
|
Type
|
Elevation
|
Total
Depth
(m)
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
g/t Au
|
610L-19-06
|
infill
|
610 m
Level
|
423.0
|
335.6
|
338.5
|
2.9
|
6.62
|
|
|
|
Including
|
338.0
|
338.5
|
0.5
|
19.22
|
|
|
|
|
|
|
|
|
610L-19-08
|
infill
|
610 m
Level
|
453.0
|
No Significant
Assays
|
|
|
|
|
|
|
|
|
685L-19-05
|
infill
|
685 m
Level
|
685.0
|
No Significant Assays
(drill rods stuck)
|
|
|
|
|
|
|
|
|
685L-19-06
|
infill
|
685 m
Level
|
417.0
|
354.4
|
358.0
|
3.6
|
7.25
|
|
|
|
Including
|
354.9
|
355.4
|
0.5
|
17.80
|
|
|
|
|
386.0
|
387.0
|
1.0
|
3.94
|
|
|
|
|
391.0
|
393.0
|
2.0
|
3.80
|
|
|
|
|
|
|
|
|
685L-19-07
|
infill
|
685 m
Level
|
297.0
|
71.6
|
72.9
|
1.3
|
22.89
|
|
|
|
Including
|
71.6
|
71.9
|
0.3
|
91.91
|
|
|
|
|
|
|
|
|
685L-19-07A
|
infill
|
685 m
Level
|
996.0
|
45.0
|
46.0
|
1.0
|
9.88
|
|
|
|
|
641.5
|
642.5
|
1.0
|
4.30
|
|
|
|
|
646.0
|
648.5
|
2.5
|
3.27
|
|
|
|
|
697.5
|
697.9
|
0.4
|
7.55
|
|
|
|
|
715.0
|
716.3
|
1.3
|
6.76
|
|
|
|
|
721.9
|
728.0
|
2.8
|
3.94
|
|
|
|
|
830.9
|
831.3
|
0.4
|
4.36
|
|
|
|
|
915.0
|
917.0
|
2.0
|
4.72
|
|
|
|
Including
|
915.7
|
916.0
|
0.4
|
14.75
|
|
|
|
|
956.0
|
958.0
|
2.0
|
3.30
|
|
|
|
|
|
|
|
|
685L-19-08
|
infill
|
685 m
Level
|
375.0
|
No Significant
Assays
|
|
|
|
|
|
|
|
|
685L-19-09
|
infill
|
685 m
Level
|
375.0
|
321.2
|
322.0
|
0.8
|
3.46
|
|
|
|
|
325.0
|
326.0
|
1.0
|
3.43
|
|
|
|
|
|
|
|
|
685L-19-10
|
infill
|
685 m
Level
|
380.0
|
290.0
|
292.0
|
2.0
|
6.94
|
|
|
|
Including
|
291.0
|
292.0
|
1.0
|
12.80
|
|
|
|
|
|
|
|
|
685L-19-11
|
infill
|
685 m
Level
|
327.0
|
293.5
|
294.5
|
1.0
|
4.74
|
|
|
|
|
296.6
|
296.9
|
0.3
|
6.12
|
|
|
|
|
299.0
|
306.1
|
7.1
|
8.35
|
|
|
|
Including
|
303.6
|
306.1
|
2.5
|
17.45
|
|
|
|
|
309.3
|
310.4
|
1.1
|
3.31
|
|
|
|
|
|
|
|
|
685L-19-12
|
infill
|
685 m
Level
|
330.0
|
Assays
Pending
|
|
|
|
|
|
|
|
|
685L-19-13
|
infill
|
685 m
Level
|
360.0
|
Assays
Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously
Released Assay Results (2019)
|
|
|
|
|
|
|
|
|
610L-19-01
|
infill/step-out
|
610 m
Level
|
550.0
|
No Significant
Assays
|
|
|
|
|
|
610L-19-02
|
infill/step-out
|
610 m
Level
|
550.0
|
429.0
|
430.0
|
1.0
|
2.27
|
|
|
|
|
|
610L-19-03
|
infill/step-out
|
610 m
Level
|
550.5
|
392.0
|
394.0
|
2.0
|
3.91
|
|
|
|
|
467.0
|
471.0
|
4.0
|
5.61
|
|
|
|
|
537.0
|
538.2
|
1.2
|
3.48
|
|
|
|
|
|
|
|
|
610L-19-04
|
infill/step-out
|
610 m
Level
|
650.0
|
479.0
|
482.0
|
3.0
|
3.33
|
|
|
|
|
605.0
|
607.0
|
2.0
|
9.52
|
|
|
|
|
640.0
|
642.0
|
2.0
|
13.79
|
|
|
|
|
|
|
|
|
610L-19-05
|
infill/step-out
|
610 m
Level
|
534.0
|
No significant
assays
|
|
|
|
|
|
610L-19-07
|
infill/step-out
|
610 m
Level
|
450.0
|
339.6
|
342.5
|
2.9
|
3.58
|
|
|
|
|
347.3
|
348.5
|
1.2
|
3.02
|
|
|
|
|
|
|
|
|
685L-19-01
|
infill/step-out
|
685 m
Level
|
375.0
|
312.0
|
316.0
|
4.0
|
3.57
|
|
|
|
|
326.4
|
343.3
|
16.9
|
6.31
|
|
|
|
including
|
329.4
|
330.0
|
0.6
|
10.30
|
|
|
|
including
|
335.2
|
336.0
|
0.8
|
19.21
|
|
|
|
including
|
341.3
|
342.0
|
0.7
|
14.01
|
|
|
|
|
|
|
|
|
685L-19-02
|
infill/step-out
|
685 m
Level
|
523.5
|
514.0
|
517.0
|
3.0
|
7.63
|
|
|
|
including
|
515.5
|
516.4
|
0.8
|
22.23
|
|
|
|
|
|
|
|
|
685L-19-02A
|
infill/step-out
|
685 m
Level
|
688.5
|
575.0
|
577.5
|
2.5
|
3.87
|
|
|
|
|
583.2
|
583.6
|
0.4
|
16.35
|
|
|
|
|
|
|
|
|
685L-19-03
|
Infill/step-out
|
685 m
Level
|
702.5
|
61.0
|
62.0
|
1.0
|
1.58
|
|
|
|
|
|
685L-19-04
|
infill/step-out
|
685 m
Level
|
669.8
|
608.5
|
613.0
|
4.5
|
3.52
|
|
|
|
|
619.2
|
620.0
|
0.8
|
8.32
|
|
|
|
|
632.3
|
633.4
|
1.1
|
9.01
|
|
|
|
|
647.5
|
668.8
|
21.3
|
4.00
|
|
|
|
including
|
647.5
|
649.5
|
2.0
|
7.70
|
|
|
|
including
|
653.0
|
654.0
|
1.0
|
6.90
|
|
|
|
including
|
656.1
|
659.0
|
2.9
|
6.93
|
Cautionary Statement regarding Forward-Looking Statements and
other Cautionary Notes
This news release contains statements that constitute
"forward-looking statements" and "forward looking information"
(collectively, "forward-looking statements") within the meaning of
applicable Canadian and United
States securities legislation. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "anticipates", "build on",
"conceptual", "confidence", "could", "demonstrate", "designed",
"estimates", "exploration", "feasibility", "likely", "may",
"model", "objective", "plans", "potential", "preliminary",
"projected", "scheduled", "study", "target", "will", or variations
of such words, and similar such words, expressions or statements
that certain actions, events or results could, may or will, or not,
be achieved or occur in the future. In some cases, forward-looking
information may be stated in the present tense, such as in respect
of current matters that may be continuing, or that may have a
future impact or effect. Forward-looking statements reflect our
current expectations and assumptions, and are subject to a number
of known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be
materially different from any anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding assay results, mineralization and Mineral
Resource estimates, the details of the New PEA, mine and life of
mine plans, the anticipated outcome of further oriented infill and
expansion drilling of the Project, the potential tonnage of
mineralized material and its grade estimated in the Explore Target
areas, the impact of the data from the drilling planned in 2019 on
the 2019 Mineral Resource Estimate, the potential to improve the
quantities and classification of the 2019 Mineral Resource
Estimate, the further steps necessary to potentially improve upon
the 2019 Mineral Resource Estimates including any potential
resulting new life of mine plan, including targeted infill and
step-out drilling to potentially upgrade Inferred Mineral Resource
estimates, the potential impact of drilling on stope dimensions at
depth and its impact on future mining and Project economics, and
the understanding of the structural geology, including the EBDZ, at
depth.
Forward-looking statements are made as of the date of this
news release, based on the expectations, assumptions, opinions and
estimates of management as of the date such statements are made,
which management considers reasonable, and represent management's
best judgment. If such expectations, assumptions, opinions and
estimates prove to be incorrect, actual and future results may be
materially different than expressed or implied in the
forward-looking statements. Forward-looking statements are subject
to a number of known and unknown risks, uncertainties and other
factors which may cause Rubicon's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others:
possible variations in mineralization, grade or recovery or
throughput rates; uncertainty of Mineral Resource estimates;
inability to realize exploration potential, mineral grades and
mineral recovery estimates; actual results of current exploration
activities; actual results of reclamation activities; uncertainty
of future operations, delays in completion of exploration plans for
any reason including insufficient capital, delays in permitting,
and labour issues; conclusions of future economic or geological
evaluations; changes in project parameters as plans continue to be
refined; failure of equipment or processes to operate as
anticipated; accidents and other risks of the mining industry;
delays and other risks related to operations; timing, receipt and
maintenance of permits and other required regulatory approvals; the
ability of Rubicon and other relevant parties to satisfy regulatory
requirements; the ability of Rubicon to comply with its obligations
under material agreements including financing agreements; the
availability of financing for proposed programs and working capital
requirements on reasonable terms; the ability of third-party
service providers to deliver services on reasonable terms and in a
timely manner; risks associated with the ability to retain key
executives and key operating personnel; cost of environmental
expenditures and potential environmental liabilities;
dissatisfaction or disputes with local communities or First Nations
or Aboriginal Communities; failure of plant, equipment or processes
to operate as anticipated; market conditions and general business,
economic, competitive, political and social conditions; our ability
to generate sufficient cash flow from operations or obtain adequate
financing to fund our capital expenditures and working capital
needs and meet our other obligations; the volatility of our stock
price; the ability of our common stock to remain listed and traded
on the TSX; and the "Risk Factors" in the Company's annual
information form dated March 22, 2019
("2019 AIF"). The foregoing list of assumptions, risks,
uncertainties and other factors is not exhaustive. The foregoing
list of assumptions, risks, uncertainties and other factors is not
exhaustive. The forward-looking statements contained or
incorporated by reference herein are expressly qualified by this
cautionary statement as well as those in other continuous
disclosure documents of the Company filed under its profile at
www.sedar.com including, but not limited to, the 2019 AIF.
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. The forward-looking
statements contained in this new release are expressly qualified by
the foregoing cautionary statements.
Cautionary Statement to U.S. Readers Regarding Estimates
of Measured, Indicated and Inferred Mineral Resources
This news release uses the terms "Measured" and "Indicated"
Mineral Resources and "Inferred" Mineral Resources. The Company
advises U.S. investors that while these terms are recognized and
required by the Canadian Securities Administrators, they are not
recognized by the United States Securities and Exchange Commission
("SEC"). The estimation of "Measured" and "Indicated" Mineral
Resources involves greater uncertainty as to their existence and
economic feasibility than the estimation of Proven and Probable
Reserves. The estimation of "Inferred" Mineral Resources involves
far greater uncertainty as to their existence and economic
viability than the estimation of other categories of Mineral
Resources. It cannot be assumed that all or any part of a
"Inferred", "Measured", or "Indicated" Mineral Resource estimate
will ever be upgraded to a higher category.
Under Canadian rules, estimates of "Inferred Mineral
Resources" may not form the basis of feasibility studies,
pre-feasibility studies or other economic studies, except in
prescribed cases, such as in a preliminary economic assessment (or
New PEA) under certain circumstances. The SEC normally only permits
issuers to report mineralization that does not constitute
"Reserves" as in-place tonnage and grade without reference to unit
measures. Under U.S. standards, mineralization may not be
classified as a "Reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the Reserve determination is made. U.S.
investors are cautioned not to assume that any part or all of a
"Inferred", "Measured" or "Indicated" Mineral Resource exists or is
economically or legally mineable. Information concerning
descriptions of mineralization and Mineral Resources contained
herein may not be comparable to information made public by U.S.
companies subject to the reporting and disclosure requirements of
the SEC.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release
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SOURCE Rubicon Minerals Corporation