A recently inked deal between
To earn an initial 55% interest, Placer must spend $5 million over four years, including $1.5 million by the end of 2004, with at least $700,000 spent on exploration before next March. Placer has said it plans to have drills turning on the property before the end of this year.
Once Placer has earned its 55% interest, it can add another 15% equity interest by delivering a bankable feasibility study by the end of 2009. Otherwise the two will form a joint venture reflecting their existing ownership levels.
Rubicon will act as operator during Placer’s earn-in. The deal is subject to regulatory approval.
Previous diamond drilling by Rubicon at the source of some gold-bearing quartz boulders at Golden Promise uncovered a gold-bearing vein, since dubbed the Jaclyn zone. Highlights from 17 holes include 17.7 grams gold per tonne over 2.3 metres, 16.57 grams over 2 metres and 14.9 grams over 2.25 metres.
The Jaclyn zone has been traced over 225 metres of strike, and has been tested to a depth of 50 metres. It remains open in all directions.
Further prospecting has since turned up more mineralized boulders, which Rubicon believes come from similar veins. The company figures the source of the angular boulders is less than 200 metres away.
So far, Rubicon has identified six visible gold-bearing float areas, including Jaclyn. The company also says that the presence of gold-in-till anomalies on the property suggest regional mineralization.
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