West Kirkland Mining and Rubicon Minerals Announce an Agreement
30th June 2011
West Kirkland Mining and Rubicon Minerals Announce an Agreement
West Kirkland Mining Inc. and Rubicon Minerals Corporation have entered into an agreement whereby West Kirkland can earn a majority stake in mineral rights held by Rubicon covering approximately 351 square miles (909 sq. kilometers) in the Long Canyon Trend of north eastern Nevada, while allowing Rubicon to retain a significant interest in any future discovery.
Recent discoveries of gold by Fronteer Gold (now Newmont) and others at Long Canyon have resulted in a paradigm shift in the belt, opening up new potential for discovery of large scale gold deposits. Long Canyon is located along a north east structural setting in rocks only recently discovered to be favorable hosts for gold.
West Kirkland can earn a 51% interest from Rubicon in a portion of the Rubicon property package directly across the valley to the north east from the Long Canyon gold deposit. There are gold showings noted in historic work in this part of the overall property package, also there are unexplored north east trending structures, outside areas of historic exploration. These newly recognized structures are an immediate target for West Kirkland's planned exploration program.
Further to the north, West Kirkland can earn a 60% property interest in a portion of the Rubicon property package of the Long Canyon Trend adjoining the KB and TUG properties that are optioned by West Kirkland from Fronteer. The resulting consolidation of property interests provides a significant new opportunity.
West Kirkland is currently drilling on the TUG property in the area of a shallow historic gold resource. Drilling is ongoing.
R. Michael Jones, President of West Kirkland said, "We now have the benefit of a newly recognized deposit setting in the best gold camp in the United States and an enormous land position to explore across. This transaction follows West Kirkland's approach to acquire large majority positions in known gold trends with new information where we can work these trends systematically."
David Adamson, President and CEO of Rubicon said, "We are pleased to see this large property portfolio well funded through this agreement and moved forward by a solid dedicated team at West Kirkland who has a considerable track record of discovery. This transaction allows us to maintain our focus in Red Lake while allowing us to retain a meaningful interest in any potential discovery on our properties in Nevada."
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