Vancouver — With drilling already under way on its key properties in Ontario’s Red Lake district,
For example, several properties on the western edge of the camp will be explored under a deal inked with
Redstar can earn a 51% interest in the 226 claims by paying $135,000, issuing 500,000 shares and spending $2.7 million over four years. It can then boost its stake to 60% by spending $10 million over eight years and earn an additional 10% interest by producing a bankable feasibility study and arranging mine financing.
Situated 15-30 km west of
“We’re pleased we have a capable partner to carry out exploration work on these properties while we continue to focus our efforts on our core assets in the heart of the Red Lake camp,” says Rubicon President David Adamson.
In British Columbia, Rubicon dealt
Under terms of the agreement, Wheaton River can earn a 20% interest by funding a $350,000 drill program before Nov. 30, 2002. It can then earn an additional 30% by spending $650,000 by Nov. 30, 2003. Rubicon will be the operator of the project.
Situated near Smithers, the Axelgold property hosts several gold geochemical anomalies associated with a large pyritic syenite intrusion covering a strike length of more than 600 metres. The project is considered prospective for bulk-minable gold or copper-gold porphyry deposits.
Rubicon recently closed a $3-million financing and, with its joint-venture partners, is drill-testing four of its Red Lake prospects. With some 300 sq. km, the company is the region’s largest landowner, though a large portion is under option to
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