RED LAKE, Ontario RUBICON MINERALS has optioned its Red Lake North and Adams Lake gold properties to GOLDCORP, which can earn a 60% interest by spending $5 million on exploration over four years. Goldcorp will also complete a 1-million-share private placement into Rubicon at a price of $1.60/share.
The Red Lake North property includes two claim blocks adjacent to Planet Exploration's Sidace Lake project in which Goldcorp is also earning an interest. These claims contain untested possible continuations of the Sidace Lake gold zone and will be the target of diamond drilling. Rubicon interprets the mineralization as being Hemlo-like, comprising broad gold zones within extensive quartz-sericite-pyrite schists.
The Adams Lake property covers a major fold closure about 5 km east of the Campbell and Red Lake mines. According to Rubicon, the area shows similarities with the structural settings and host rocks of these mines. At the end of 2002, Goldcorp's Red Lake mine had reserves in all categories of 3.47 million tons grading a very high 1.48 oz/ton Au.
Rubicon also has a partnership with Placer Dome covering the Golden Promise project in Newfoundland. Learn more at www.rubiconminerals.com.