Vancouver Boosting the size of its Red Lake property portfolio, Goldcorp (G-T) has inked a deal to take a majority stake in Rubicon Mineral‘s (RMX-T) Red Lake North and Adams Lake properties in Ontario.
The gold producer can earn a 60% interest in the properties by spending $5 million over four years and picking up a 1 million share financing in the junior. The private placement is priced at $1.60 per share, adding $1.6 million to Rubicon’s coffers. Goldcorp can earn an additional 10% interest by funding all work to the completion of a bankable feasibility study on a minimum of 500,000 oz gold reserves by January 1, 2010.
"Rubicon is now one of a very exclusive group of companies in which Goldcorp has chosen to acquire both an equity interest and a participating interest in two of our projects," says company president, David Adamson,
The North Red Lake property comprises two claim blocks immediately adjacent to the Sidace Lake property held by Goldcorp and Planet Explorations (PXI-V). The area, which may hold the continuation of mineralization hit on the adjoining project, show similarities with Hemlo-style mineralization which comprises broad gold zones developed within extensive quartz-sericite-pyrite schists.
The Adams Lake property covers a major fold closure some 5 km east of the prolific Campbell and Red Lake mines.
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