Rubicon optimistic over gold-deposit results. (Mining Around the North).Officials at Rubicon Minerals Corp. are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op recent findings of high-grade gold deposits on their McFinley Gold project in Red Lake could potentially lead to the development of a mine within the next five years. "The bottom line is that we've hit high-grade gold and we're expecting even more results, shortly," says Bill Cavalluzzo, vice-president investor relations Investor relations The process by which the corporation communicates with its investors. . "This is our key project so we're prepared to do lots of drilling. We have a good treasury because we recently did a refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. and raised about $6.2 million." Red Lake is in northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. , approximately 200 kilometres from the Ontario/Manitoba border. Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. and Goldcorp both operate mines in the Red Lake area and it has been an active gold mining area since 1926. As of April 2003, Rubicon reports results from the project's MAC-1 zone for two out of five drill holes testing a 1,200-strike length to vertical depths of up to 800 feet reported multiple gold intercepts, with abundant visible gold. Results include 1.34 oz/ton gold over 3.28 feet, 0.71 ounces per ton over 1.48 feet and 0.51 oz/ton over 1.64 feet in hole MF03-16 and 1.93 oz/ton over 0.98 feet in hole MF03-30a, drilled approximately 500 feet (150 m) to the south of MF03-16. Hole MF03-19, drilled 650 feet to the south has intersected 0.97 oz/ton gold over 0.98 feet, along with a number of anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. gold values suggesting the potential for expanding the MAC-1 zone. MAC-2 and MAC-2 target areas showed similarly high gold deposits. The Red Lake Camp is proving to be an extremely rich gold territory, Cavalluzzo says. "Goldcorp, which has one of the highest grade and most profitable gold mines in the' World, around 1996 discovered their high-grade zone with only nine drill holes. Hopefully, we'll be that lucky." Further drilling is expected to begin in June to locate deposits and refine their quantities. "There's a small resource on the property now, but we hope to develop it into a large resource and that's what we're working towards," says Cavalluzzo. "In three to five years, we could be developing amine amine (əmēn`, ăm`ēn): see under amino group. amine Any of a class of nitrogen-containing organic compounds derived, either in principle or in practice, from ammonia (NH3). . That's what we're hoping for." |
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