PRECIOUS METALS — Rubicon options property

Vancouver-based Rubicon Minerals (RMX-V) has optioned one of its properties in Ontario’s Red Lake mining district to Royal Roads (RRO-A).

According to the deal, Royal Roads can earn a 51% interest in the property by spending $400,000 by April 2002. The company will also issue 25,000 shares to Rubicon, plus another 75,000 over three years. To earn an additional 9% interest, Royal must spend $400,000 and issue 100,000 shares to Rubicon.

Previous drilling at the property, situated 6 km east of the Campbell and Red Lake mines, returned 1.5 metres grading 94.6 grams gold per tonne.

Rubicon recently renegotiated a cash deal for the Axelrod gold property in British Columbia into a share transaction. In lieu of $20,000 due this year and $40,000 in 2000, Rubicon will issue 15,000 shares and 25,000 shares, respectively, to the property’s owner. Rubicon must also spend $250,000 by 2003.

Previous drilling at Axelrod returned 0.47 metre grading 10.84 grams gold and 39.2 metres of 0.37 gram gold.

Print

Be the first to comment on "PRECIOUS METALS — Rubicon options property"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close