Rubicon Minerals Provides the Remaining Drill Results from its 2017 Exploration Program and Tests McFinley Deep
TORONTO, Feb. 20, 2018 – Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) (“Rubicon” or the “Company”) provides additional assay results from its 2017 Exploration Program and details on exploration drill holes at areas below the historic McFinley Deposit (“McFinley Deep”) at the Phoenix Gold Project (the “Project”).
Assay Results Highlights (as of February 20, 2017) representing approximately 5,000 metres (“m”) of drilling at the end of 2017:
Infill and step-out drilling program at the 610-, and 685-metre levels with the objective of potentially upgrading and growing the 2016 Mineral Resources (not true widths, more details in the ‘Qualified Persons and QA/QC’ section below):
- 685-17-09: 14.25 g/t Au over 1.8 m (including 61.61 g/t Au over 0.4 m)
- 685-17-10: 23.39 g/t Au over 2.0 m (including 46.73 g/t Au over 1.0 m)
- 685-17-12: 11.03 g/t Au over 1.9 m (including 30.90 g/t Au over 0.7 m)
- 685-17-13: 28.19 g/t Au over 1.6 m (including 61.96 g/t Au over 0.7 m)
Remaining Assay Results from the 2017 Exploration Program
Rubicon elected to drill an additional 5,000 m from the 610- and 685-metre levels, bringing the total oriented drilling to approximately 28,500 m at year end 2017. The focus of this drilling is to potentially expand and upgrade the classification of mineral resources at the deeper parts of the F2 Gold Deposit. At the end of this news release, a summary of the assay results from the additional 5,000 m drilled is presented in Table 1. Plan and sections views of the drilling are presented in Diagrams 1 to 9. The Company continues its drilling activities in 2018, as previously announced.
McFinley Deep Exploration
The Company drilled three exploration holes from the 244- and 685-metre levels to test the potential extension of the historic McFinley Deposit at depth. The historic McFinley Deposit is located on the Phoenix Gold Project property, beneath the peninsula and approximately 400 m northwest of the F2 Gold Deposit. Previous exploration at the historic McFinley Deposit resulted in an undiluted mineral resource estimate of 334,007 short tons (303,006 tonnes) at grade of 0.20 ounces of gold per short ton (6.86 g/t Au) resulting in 66,801 gold ounces in the Inferred Resource category, to a depth of 122 metres below surface. See Diagrams 10 to 13 at the end of this news release for the plan and section view of the McFinley Deep drilling.
The Company observed that exploration drilling intersected gold-bearing quartz veins and sulphides through four zones, similar to the lithological sequence in the historic McFinley Deposit. Drill hole 685-17-C04 ended in high-titanium basalts (“HiTi basalts”), suggesting that the extent of mineralization remains open to the west (mine-grid). Assay results from the McFinley Deep drilling include:
- 244-17-C02: 2.66 g/t Au over 0.5 m
- 244-17-C02: 1.05 g/t Au over 0.6 m
- 244-17-C03: 4.87 g/t Au over 0.4 m
- 244-17-C03: 2.31 g/t Au over 0.5 m
- 244-17-C03: 3.60 g/t Au over 0.5 m
- 244-17-C03: 1.53 g/t Au over 0.9 m
- 685-17-C04: 3.66 g/t Au over 0.4 m
- 685-17-C04: 2.93 g/t Au over 0.7 m
- 685-17-C04: 3.48 g/t Au over 1.0 m
- 685-17-C04: 5.55 g/t Au over 0.7 m
The Company is encouraged by the results from McFinley Deep and plans to extend the existing 685-17-C04 drill hole to the western claim boundary, as it currently remains in the HiTi basalts. Rubicon also plans to drill another test hole from the 685-metre level to target an area that is more than 500 m below the historic McFinley Deposit.
Rubicon President and Chief Executive Officer George Ogilvie, P.Eng., stated, “Our exploration program has yielded encouraging results and we are continuing infill and step-out drilling of the F2 Gold Deposit in 2018. We remain on track to complete our test trial mining in the summer, with an updated Mineral Resource Estimate and accompanying technical report due for release towards year end.”
“We are also encouraged with the initial observations from the exploration holes drilled at McFinley Deep. We plan to drill a couple more test holes to gather more information on McFinley Deep, given its close proximity to the infrastructure and development at the Phoenix Gold Project.”
Qualified Persons and QA/QC
The content of this news release has been read and approved by George Ogilvie, P.Eng., President and CEO, and Mark Ross, B.Sc., P.Geo., Chief Mine Geologist, for Rubicon. Both are Qualified Persons as defined by 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.
Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at a high angle. True width determinations are estimated at 65-80% of the core length intervals for the 305-metre level drilling, and estimated at 75-95% of the core length for the 610- and 685-metre 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 280 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 2017 Drilling Assay Results, up to February 20, 2018
*Previously released assay results