Rubicon Resources Limited

Boddington South Project

The Boddington South project consists of two exploration licence applications covering some 840km², located 200 kilometres southeast of Perth. The tenements were acquired on the presence of prominent north-northwesterly trending faults through the area; one of which hosts the 25 million ounce Boddington gold camp to the northwest, and anomalous gold values in CSIRO laterite sampling in the region.

The area is largely underlain by Archean granitic rocks, with subordinate gneissic rocks and possible highly metamorphosed greenstone (amphibolite and mafic volcanics) lithologies. The north-northwesterly trending Darkan and Tenterden Faults transect the Martup and Jingalup leases respectively. Cross-cutting east-northeasterly trending features may have some bearing on gold mineralisation, but may also be related to later dyke intrusion. The Darkan Fault linking Boddington with the Martup Hills lease also lies along a significant gravity high.

The only known phase of exploration was undertaken over the Jingalup tenement in the late 1990s. This included stream sediment sampling, limited laterite sampling and mobile metal ion (MMI) geochemical sampling, which identified a 400 metre long low order gold anomaly in the central part of the Jingalup tenement, coincident with a high grade laterite sample. This was tested with RAB drilling, which several returned gold values in excess of 0.1g/t gold, with a maximum grade of 1.2g/t gold recorded. There is no previous recorded work over the Martup Hills tenement.

Proposed work on granting will commence with re-imaging and reinterpretation of available geophysical data to define structure and its integration with previous exploration data and the laterite sampling. The Company intends to undertake further stream sediment sampling, followed by targeted grid soil sampling based on the results of geophysical and geological interpretation and regional geochemistry. RAB and RC drilling will be utilised as appropriate to test geochemical targets generated.