Placer Dome and Rubicon Intersect Two New Gold-Bearing
Vein Zones Parallel to the Jaclyn Zone, Golden Promise
Project, Newfoundland; High Potential to Expand Both New
Zones
VANCOUVER, BRTISH COLUMBIA--David W. Adamson, President and CEO
of Rubicon Minerals Corporation (RMX.TSX) is pleased to provide
final results from a 12 hole, 2451 metre drill program at the
Jaclyn Vein Zone - Golden Promise Project located in
north-central Newfoundland. Results from 7 of the 12 holes (assay
results for 4 holes) were reported in a December 11, 2003 news
release. Drilling during this program has extended the main
Jaclyn Vein to a strike length of 375 metres and depth of 192
metres. The Golden Promise project is being explored under the
terms of an option agreement between Rubicon and Placer Dome
(CLA) Canada Ltd ("Placer Dome"). Highlights of the latest
results are:
- Exploration to the south and north of the Jaclyn Zone has led
to the discovery of two new vein zones, 350 metres south and 220
metres north of the main Jaclyn vein, respectively. These veins
zone are referred to as Jaclyn South and Jaclyn North zones.
- Jaclyn South Zone Two holes (GP03-31 and 33) collared 100
metres apart have confirmed the presence of at least three
separate quartz veins, two of which contain visible gold, with
associated strong silica and sericite alteration of host
sediments. The veins returned a maximum assay of 44.59 g/t gold
over 0.3 metres or 7.73 g/t diluted over 1.5 metres (minimum
mining width). Additional assays are reported in Table 1. The
maximum vein intersection (core length) was 3.4 metres. The
development of multiple gold-bearing veins with associated strong
alteration at Jaclyn South compares favourably to the main Jaclyn
Vein and suggests potential for mineralization of similar extent.
- Jaclyn North Zone One drill hole (GP03-32) has currently tested
an area of boulders which runs parallel to, and north of the main
Jaclyn Zone Vein. This hole intersected four separate veins,
three of which contain visible gold, along with associated strong
silica and sericite host rock alteration (see Table 1 for
assays). The best developed vein was intersected over a core
length of 2.8 metres (1 metre estimated true thickness) within a
10 metre (core length) stringer quartz-veined section. Three
separate veins returned maximum assays of 7.42 g/t gold over 0.5
metres, 12.13 g/t gold over 0.3 metres and 12.30 g/t gold over
0.3 metres. The intensity of alteration and presence of multiple
gold-bearing veins suggests the presence of a robust mineralizing
system which requires obvious follow up drilling. Given the
current known extent of the nearby main Jaclyn vein, the
potential to expand this new zone is considered high.
- Jaclyn Main Zone Five additional holes tested the main Jaclyn
Vein (GP03-26 to 30). Three of these intersected the main Jaclyn
Zone vein with two holes with returning assays in the 1 to 3 g/t
gold range (see Table 1). Tests at the western and eastern ends
of the known vein did not intersect veining. Because of the
relatively large step out to test for the vein extensions (75 to
100 metres), more drilling will be required to examine whether
the vein has changed orientation, or has been fault offset from
its projected location. The main Jaclyn vein is still open
(untested) at depths below 192 metres.
- Overall, the 2003 drilling on the main Jaclyn Vein extended its
strike length from 225 metres to 375 metres and vertical depth
from 60 metres to 192 metres. A total of 24 of 26 (92%) completed
holes have intersected the vein and 20 of 26 (77%) contain
visible gold.
"The main Jaclyn zone has been intersected in over 90% of
completed drill holes and contains a number of economically
significant intersections. The fact that we have now discovered
two additional vein zones within 220 to 350 metres of the main
Jaclyn vein is highly encouraging and expands the potential for
additional gold mineralization. We know of one other in situ vein
elsewhere on our 450 square kilometre Golden Promise project and
a number of boulder trains similar to those at Jaclyn to drill
test which suggest that more gold bearing veins will be
discovered as exploration progresses to other parts of the
property" said David Adamson.
Rubicon and Placer Dome are currently reviewing information from
the program prior to conducting follow up exploration and diamond
drilling.
Placer Dome has an option to earn 55% interest in the Golden
Promise project by spending $5 million over five years, including
a total of $1.5 million before the end of 2004 and can earn a 70%
interest by delivering a bankable feasibility study on a gold
deposit of at least 500,000 ounces by the end of 2009.
Rubicon Minerals Corporation is pleased to acknowledge the
financial assistance provided by the Government of Newfoundland
and Labrador's Junior Company Exploration Assistance Program for
airborne survey work that has advanced the exploration potential
of Golden Promise property.
The Golden Promise Project work is being carried out and
supervised by project manager David Copeland, M.Sc., P.Geol., who
is a consultant to Rubicon Minerals Corporation and is the
Qualified Person for the project as required by NI43-101.
In addition to Golden Promise, Rubicon controls several major
district size land packages in Newfoundland on which gold
discoveries have been made and where drilling is planned for
2004. In Red Lake, Ontario, Rubicon controls a strategic land
package in a blend of 100% and optioned properties. Partners on
projects include Placer Dome, Goldcorp, Wolfden Resources and
several junior partners. With approximately $10.5 million in its
treasury and an aggressive $5.4 million 2004 drill campaign on 15
projects (greater than 50% partner funded), Rubicon offers
exceptional exposure to low risk, high potential districts.
RUBICON MINERALS CORPORATION
David W. Adamson, President & CEO
--------------------------------------------------------------------
Esti-
mated
true
Hole Core thick- Au Visi-
Length Length ness Au (oz/ ble
Hole No. (m) Dip Az From To (m) (m) (g/t) ton) gold
--------------------------------------------------------------------
Jaclyn Main Vein Zone
---------------------
GP02-01 35.7 -45 160 26.75 29.30 2.55 1.64 16.57 0.48 vg
--------------------------------------------------------------------
GP02-05 38.7 -45 340 29.15 31.35 2.20 1.80 11.41 0.33 vg
--------------------------------------------------------------------
GP02-06 56.4 -70 340 45.00 45.55 0.55 0.32 15.68 0.46 vg
--------------------------------------------------------------------
GP02-08 32.0 -45 340 24.45 24.85 0.40 0.31 17.13 0.50 vg
--------------------------------------------------------------------
GP02-09 60.1 -70 340 45.40 50.30 4.90 2.22 7.05 0.20 vg
--------------------------------------------------------------------
GP02-10 46.0 -45 340 32.75 37.85 5.10 4.02 1.70 0.05 vg
--------------------------------------------------------------------
GP02-11 69.2 -68 340 47.30 52.70 5.40 2.70 1.40 0.04 vg
--------------------------------------------------------------------
GP02-12 32.0 -45 340 19.25 20.10 0.85 0.63 18.00 0.53 vg
--------------------------------------------------------------------
GP02-13 49.4 -70 340 39.55 41.85 2.30 0.94 17.68 0.52 vg
--------------------------------------------------------------------
GP02-14 37.8 -45 340 27.55 28.45 0.90 0.67 23.14 0.67 vg
--------------------------------------------------------------------
GP02-15 59.8 -65 340 47.20 48.30 1.10 0.52 11.25 0.33 vg
--------------------------------------------------------------------
GP02-16 65.6 -45 340 31.45 31.95 0.50 0.34 31.61 0.92 vg
--------------------------------------------------------------------
GP02-17 68.6 -65 340 55.50 59.15 3.65 1.48 3.02 0.09 vg
--------------------------------------------------------------------
GP02-18 42.7 -45 340 32.80 33.85 1.05 0.70 9.90 0.29 vg
--------------------------------------------------------------------
GP02-19 93.6 -68 340 90.35 91.80 1.45 0.45 0.49 0.01 n
--------------------------------------------------------------------
GP02-20 41.2 -45 340 30.15 30.75 0.60 0.46 1.34 0.04 n
--------------------------------------------------------------------
GP02-21 84.4 -65 340 33.45 33.85 0.40 0.21 68.95 2.01 vg
--------------------------------------------------------------------
GP03-22 282.8 -60 340 132.20 133.15 0.95 0.73 5.72 0.17 vg
includ-
ing 132.20 132.65 0.45 0.34 11.36 0.33 vg
and 135.30 136.35 1.05 0.80 3.48 0.10 vg
--------------------------------------------------------------------
GP03-23 205.4 -60 340 141.55 141.85 0.30 0.23 1.43 0.04 n
--------------------------------------------------------------------
GP03-24 197.0 -60 340 126.60 131.80 5.20 3.98 4.18 0.12 vg
includ-
ing 126.60 128.20 1.60 0.79 11.16 0.33 vg
--------------------------------------------------------------------
GP03-25 331.0 -50 340 247.32 247.92 0.60 0.52 18.18 0.53 vg
includ-
ing 247.62 247.92 0.30 0.26 36.10 1.05 vg
--------------------------------------------------------------------
GP03-26 no significant assays n
--------------------------------------------------------------------
GP03-27 211.7 -60 340 136.65 137.25 0.60 0.30 1.91 0.06 vg
and 139.90 140.30 0.40 0.20 2.63 0.08 vg
--------------------------------------------------------------------
GP03-28 146 -50 340 77.40 77.70 0.30 0.21 2.30 0.07 vg
--------------------------------------------------------------------
GP03-29 167.9 -50 340 no significant assays n
--------------------------------------------------------------------
GP03-30 152 -50 340 no significant assays n
--------------------------------------------------------------------
Jaclyn South Vein Zone
GP03-31 182.4 -50 340 105.40 105.70 0.30 0.26 44.59 1.30 vg
--------------------------------------------------------------------
GP03-33 119 -50 340 96.70 97.00 0.30 0.03 2.59 0.08 vg
(i)
--------------------------------------------------------------------
Jaclyn North Vein Zone
----------------------
GP03-32 157.3 -50 340 41.40 41.75 0.35 0.15 12.13 0.35 vg
and 85.35 85.65 0.30 0.02 12.30 0.36 vg
(i)
and 117.75 118.30 0.55 0.27 4.61 0.13 vg
and 119.00 119.50 0.50 0.25 7.42 0.22 vg
--------------------------------------------------------------------
Holes GP02-02, 3, 4, 7 were not completed or terminated short of the
Jaclyn Zone
(i) Indicates thickness of individual v.g. bearing vein
Notes: (1) Holes GP02-01 to GP02-21 see News Release dated Thursday,
September 19, 2002 for more detailed information. (2) Holes 01-05,
22-33 HQ core size, all other holes NQ core. (3) Assays by
metallic screen fire assay method and 1 A.T. fire assay at
Eastern Analytical Labs. Check assays up to the end of hole
GP03-33 on the -150 mesh fraction were conducted by ALS Chemex and
are within acceptable limits. All data are uncut.
---------------
The statements contained in this release that are not historical
facts are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ
materially from targeted results. Mineral resources which are not
mineral reserves do not have demonstrated economic viability. The
Company relies upon litigation protection for forward looking
statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Rubicon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
Toll free: 1-866-365-4706
Email: bcavalluzzo@rubiconminerals.com
Website: www.rubiconminerals.com
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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