Rubicon picks up ground in Newfoundland

Vancouver — Rubicon Minerals (RMX-V) has staked and optioned two large land positions in Newfoundland.

The first property is situated in the east-central part of the province and covers 500 claims which host to two early stage gold exploration targets dubbed; the Star Track trend and the Stallion trend.

The Star track trend represents a gold-bearing sheeted quartz-arsenopyrite vein system, while the Stallion trend represents a sediment-hosted “Carlin-type” gold setting. The Stallion trend is reported to exhibit extensive development of jasperoid with anomalous gold values up to 2 grams gold per tonne.

The 46-claim core of the Star Track property was acquired in early November last year and was followed up with map staking and a number of subsequent agreements with local prospectors.

The second large land position Rubicon has acquired is situated in the Botwood basin, also in the east-central part of the province. The junior has a number of options with prospectors to earn 100% interest in 740 claim units. Barrick Gold (ABX-T) and Agnico Eagle (AGE-T) are currently actively exploring parts of this region with junior Altius Minerals (ALS-V). Rubicon believes that the Botwood Basin has the potential to host sedimentary and intrusive related gold targets.

To earn its full interest in the Botwood Basin and Star Track and Stallion properties, Rubicon is required to make on-signing cash payments totaling $2,500 and issue 40,000 shares. The company is also required to spend a total of $120,000 as well as issue 170,000 shares over a four-year period.

Rubicon states that it will be seeking partnerships on these new gold projects.