Rubicon firms up copper cobalt resource in Congo

Vancouver Rubicon Minerals’ (RMX-T) recent drilling is confirming the grade and widths at its Kalukundi copper-cobalt deposit in the Democratic Republic of Congo. The company holds a 35.61% interest in Africo Resources, a private B.C. company that is earning a 75% interest in the deposit.

The Kalkundi deposit is near-surface, and occurs as oxide with high copper grades. The deposit contains an inferred oxide resource of 16.9 million tonnes grading 3.03% copper and 0.66% cobalt to a vertical depth of 150 metres, calculated to Australia’s JORC code.

This equates to 12.93% copper equivalent based on US$0.90 copper and US$15 cobalt on a per pound basis. Africo is drilling in an effort to upgrade the resource as part of a feasibility study scheduled for completion by early summer of 2005.

Four diamond drill holes tested part of the 700 metre long C5 principal south limb target which comprises some 6.4 million tonnes grading 2.77% copper and 0.76% cobalt, within the total inferred resource.

Results include:

• K13 53 metres of 2.98% copper and 1.36% cobalt from 42 metres;
• K16 38 metres of 2.84% copper and 0.89% cobalt from 100 metres;
• K14 35 metres of 2.68% copper and 0.72% cobalt from 35 metres;

and

• K15 30 metres of 2.63% copper and 0.37% cobalt from 56 metres depth.

The greater apparent thickness in BH K13 arises from fault duplication. The holes show vertical continuity from K13 to K16 and from K14 to K15. Core lengths are generally consistent with historical grades and thicknesses in drill intercepts that account for part of the inferred resource.

The drilling confirms the oxide mineralization to at least 100 metres vertical depth.

The Kalukundi resource is based on eight drill holes completed in 1986-87 by Gecamines (2696 metres) and a further 12 drill holes by JCI Consolidated in 2002 (1439.85 metres). Borehole spacing is at an average 100 metres spacing.

Six major consultants have been appointed to undertake key aspects of the feasibility study to be managed by MDM Ferroman and audited by SRK.

Towards this end, a bulk surface sample has been sent in for metallurgical and comminution testwork and surface surveying for mine planning and plant design is under way. Baseline studies for the EIA are also in progress.