ONTARIO – Rubicon Mineral Corp. of Toronto has agreed to pick up the balance of the McCuaig gold property near Red Lake, giving the company a 100% interest. Golden Tag Resources will transfer its 40% interest in the property in exchange for 550,000 shares of Rubicon. The joint venture between the two will be terminated.
Rubicon’s properties in the Red Lake, Ont., area. (Image: Rubicon Minerals)
The McCuaig property is about 6 km southwest of the Rubicon’s Phoenix gold project. McCuaig includes three unpatented claims covering 126 hectares. Between 1997 and 2007, Rubicon surveyed, mapped and modeled the property as well as conducting 22,000 metres of drilling. Historically, drilling returned 15.65 g/t gold over 1.55 metre, 22.83 g/t over 3.10 metres (including 75.91 g/t over 0.70 metre), 25.48 g/t over 1.07 metres, and 18.08 g/t over 0.45 metres.
Rubicon is currently re-drilling the Phoenix gold project where a 1,250-t/d mill and more than 9 km of underground development has been completed. Mining was halted in 2015 when the company announced it had grossly overestimated the amount of contained gold in the F2 deposit.
More information is available at www.RubiconMinerals.com.