Nevada Properties

Key Facts

Location: Northeast Nevada and Utah

Mineral Tenure: 91,846 ha

Interest: Various ranges

Deposit type: No deposits; Long Canyon-style and Carlin-style mineralization

Stage: Early exploration

Infrastructure: limited

Royalties: Various; Royal Gold 2.5% (subject to 5% cap)

Introduction

The Nevada Properties are predominantly located in north-eastern Nevada, near the Utah border. The land position consists of approximately 91,846 hectares of fee mineral rights, the bulk of which occurs on alternate sections of land resembling a checkerboard. The breakdown of Rubicon's ownership of the Nevada Properties are as follows:

  • 57% of the area is 100% owned by Rubicon;
  • 43% of the area is partially owned by Rubicon, ranging between 75% and 28.125%.

There are two known gold deposits that neighbour the Nevada Properties: the Long Canyon deposit (100%-owned by Newmont Mining (“Newmont”)) and the TUG Project (60%-owned by West Kirkland; 40%-owned by Newmont and others). Soil sampling by West Kirkland in 2011 identified multiple Long Canyon district parallel zones anomalous in Au, Ag, As, Ba, Pb and Zn. Soil anomalies measure up to eight kilometers long. Rubicon currently owns four exploration targets; 12 Mile, Toano, Lewis Spring, and Bandito. West Kirkland has spent approximately US$3 million on preliminary test work and drilling on the exploration targets.

Location

The Nevada Properties are predominantly located in north-eastern Nevada, near the Utah border.

nevada-claims

History and Current Status

Rubicon acquired the Nevada Properties in 2007. Since then, Rubicon has conducted regional exploration, including regional airborne geophysical surveys, remote sensing analysis and limited stream sediment geochemical sampling, geological mapping and rock chip sampling. In 2011, Rubicon optioned the property to West Kirkland Mining (WKM), which expired in March 2015. Rubicon has begun the process of exploring options to obtain value for its Nevada Properties, and continues to believe the properties are highly prospective.

Geology

The Nevada Properties have the potential to discover both sediment-hosted, Carlin-style gold mineralization, as well as the Long Canyon gold deposit model in deep water platform silty carbonates with mineralization controlled by solution collapse breccias.

The Toano Target:

Multiple Long Canyon Trend parallel zones anomalous in Au, Ag, As, Ba, Pb and Zn with rare earth have been identified. The anomalies measure up to eight kilometers long, and are coincident with pull-apart structures similar to Newmont's Long Canyon deposit. Rock samples as high as 3.6 g/t Au were collected in the areas of the soil anomalies.

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Lewis Spring Target:

The is over 50km2 gold in steam anomalies, which are similar to the techniques which led to the Long Canyon discovery. There are anomalous gold zones mirroring structures and jasperoids.

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12 Mile Target:

Drilling cut oxidized gold mineralization in the stratigraphic location, is similar to the location of the mineralization of TUG deposit 10 kilometres due east. There is also a significant amount of jasperoid breccia that has been mapped. lEarly stage 2012 drill results from seven holes intersected significant gold and silver values from surface. These highlights include 10.7 m of 0.59 g/t Au and 27.4 m of 0.2 g/t Au and 7.79 g/t Ag.

12 Mile Samples from the Drill Platform

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Bandito Target:

There has been several north and northeast orientated structures identified with elevated gold in historical drilling.

Drill Results