Rubicon Resources
Rubicon Resources Limited (ASX:RBR) holds a number of gold, copper-gold and base metal exploration projects in Western Australia along with a gold project in East Kalimantan, Indonesia.
Rubicon Resources acquires Indonesian gold project
Wednesday, February 08, 2012 by Bevis Yeo
Rubicon Resources (ASX: RBR) has executed a deal to earn up to 85% in PT Hasil Kharisma Alam, the sole holder of the Kapuas Hulu gold project in West Kalimantan, Indonesia.
The deal is believed to be the result of a review of corporate and project acquisition opportunities the company had carried out.
The 14,510 hectare Kapuas Hulu project hosts gold mineralisation defined by historic trenching with best results of up to 9.5 metres at 13.97 grams per tonne (g/t) gold, rock chip sampling (up to 597g/t gold) and soil sampling (up to 1.41g/t gold).
This has been confirmed by 16 rock chip samples Rubicon acquired during a recent due diligence visit that yielded results including 319g/t and 17.4g/t gold.
Of the prospects in the project, the Pelaik prospect is considered the most advanced with previous s rock chip, float and trench sampling outlining several zones of gold mineralisation over a 3 kilometre by 1 kilometre area.
This is followed by the less advanced Selunga prospect that also showed trace elements indicative of a shallow level epithermal style of mineralisation.
Rubicon plans to start field activities in February, including soil sampling, rock chip sampling and mapping that will better define drill targets.
Rubicon can acquire an initial 51% of Hasil Kharisma Alam by spending A$1.5 million on exploration and issuing 3 million shares.
Further exploration, share issues and execution of a bankable feasibility study will allow the company to earn up to a 85% stake.
Kapuas Hulu is close to the Masuparia copper-gold-silver, Gunung Mas gold and Mirah gold projects.
Rubicon held cash of about A$3.1 million as the end of 2011.
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
