Shares in Rubicon Minerals Inc. (RBY) were up more than 7% Tuesday morning following the company announcement after market close Monday that it has found gold at the 100%-owned New Horizon claims in Alaska.
According to a company statement, grab rock samples over the area range from trace gold to 19.1 grams per ton of gold with 17% of the samples containing gold in excess of 1 gram per ton with an average of 5.2 grams per ton of gold.
In addition to elevated levels of tellurium and variable arsenic, the gold is associated with elevated bismuth, which the company said is significant because Teck Cominco's (NYSE:TCK) Pogo gold mine, located 50 kilometers to the west of the New Horizon claims, has documented a strong positive correlation between bismuth and gold content.
Rubicon has over 500,000 acres of 100%-controlled and joint venture land in the Pogo gold district and is 32%-owned by former Goldcorp (NYSE:GG) CEO Rob McEwen.
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