Vancouver — With over 247-sq-km of land holdings in the Red Lake area of Ontario, Rubicon Minerals (RMX-V) has dealt Redstar Resources (RST-V) the right to earn up to a 70% stake in several properties lying on the western end of the prolific gold camp.
Redstar can earn a 51% interest in the 226 claim units by making cash payments of $135,000, issuing 500,000 shares and spending $2.75 million on exploration over 4 years. The company can then boost its stake to 60% by spending $10 million over 8 years and earn an additional 10% interest by producing a bankable feasibility study and arranging mine financing.
Located 15 and 30 km west of Goldcorp’s (G-T) Red Lake mine, the properties are considered prospective for hosting high-grade gold mineralization.
“We are pleased that we have a capable partner to carry out exploration work on these very prospective properties,” says Rubicon’s President. David Adamson, “while we continue to focus our efforts on our core assets in the heart of the Red Lake camp.”
Rubicon recently closed a $3 million financing and with its joint venture partners is currently in the midst of a 10,000-metre drill program over four of its Red Lake targets.
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