TORONTO, Nov. 29, 2017 /CNW/ - Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") announces it has entered into an agreement to acquire Golden Tag Resources Limited's ("Golden Tag") 40% interest in the McCuaig Property ("McCuaig") in Red Lake, Ontario, Canada for 550,000 common shares of Rubicon. The Company currently has a 60% interest in McCuaig and, upon closing of the transaction, will have a 100% interest. In connection with the transaction, the joint venture agreement between the parties will be terminated.
McCuaig
McCuaig is located on the prolific Mine Trend in Red Lake, approximately six kilometres southwest of the Company's Phoenix Gold Project. See Diagram 1 at the end of the news release for a map of Rubicon's Red Lake Properties, including the location of McCuaig. McCuaig is comprised of three unpatented mineral claims and cover approximately 126 hectares. Since 1997, Rubicon has carried out geochemical surveying and modelling, geological mapping, geophysical surveying and drilled 71 holes totalling over 22,000 metres ("m") on McCuaig. McCuaig has not been drilled since 2007.
Historical highlight drill assays include (not true widths):
- MC-07-01AW: 15.65 grams per tonne gold ("g/t Au") over 1.55 m
- MC-02-32: 22.83 g/t Au over 3.10 m (including 75.91 g/t Au over 0.70 m)
- MC-02-27: 25.48 g/t Au over 1.07 m and 18.08 g/t Au over 0.45 m
The Company is currently evaluating the exploration opportunities on its Red Lake Properties, including McCuaig. Rubicon does not anticipate commencing regional grassroots exploration activities until the positive advancement of the Phoenix Gold Project and adequate funding for the exploration activities is secured.
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.
