RUBICON INTERSECTS HIGH-GRADE GOLD MINERALIZATION AT McCUAIG RED LAKE PROJECT
- Drill intercepts include 2.21 oz/ton gold over 2.30 feet -
VANCOUVER, CANADA: David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX), is very pleased to report that additional high-grade gold mineralization has been intersected in a recently completed diamond drill program at the McCuaig project, Red Lake, Ontario. Rubicon completed 20,824 feet (6347 metres) in 26 diamond drill holes on the project of which 13 holes (9599.74 feet; 2926 metres) tested a gold-bearing structure first intersected in drill hole MC-01-02 in 2001 which assayed 0.30 oz/ton Au (10.54 g/t Au) over 1.80 feet (0.55 metres). By completing this drill program Rubicon has increased its interest in the McCuaig project to 60% with joint-venture partner Golden Tag Resources Ltd. retaining the remaining 40% interest.
Highlights of the drill program include 2.21 oz/ton gold over 2.30 feet (75.91 g/t over 0.70 metres) in hole MC-02-32, part of an interval grading 0.67 oz/ton gold over 10.17 feet (22.83 g/t over 3.10 metres). Hole MC-02-27, returned 0.74 oz/ton gold over 5.58 feet (25.48 g/t over 1.07 metres) plus a separate interval of 0.53 oz/ton gold over 1.48 feet (18.08 g/t over 0.45 metres). These results supplement those from earlier holes which include two closely associated but separate intercepts of 0.56 oz/ton gold over 1.31 feet (19.31 g/t over 0.40 metres) and 0.57 oz/ton gold over 0.82 feet (19.60 g/t over 0.25 metres) in hole MC-02-17 in addition to the discovery hole drilled in 2001. The intercepts cover an approximate horizontal distance of 164 feet (50 metres) and are approximately 330-390 feet (100-120 metres) below surface. The distribution of high-grade intercepts is shown on the attached level plan.
Gold mineralization, including visible gold noted in 11 holes to date, occurs within heavily silicified and deformed ultramafic rocks in association with disseminated sulphide zones (pyrrhotite, magnetite, pyrite +/- fine-grained arsenopyrite) and in quartz-carbonate (ankerite) veins. Both mineralization types occur in close proximity to major fault zones. High-grade gold occurs within a broad zone of anomalous gold (see Table 1, below). The gold-bearing zone occurs at the western part of the McCuaig project, close to the boundary with Rubicon claims currently under option to AngloGold (Canada) Exploration Company.
David W. Adamson, President and CEO of Rubicon said: “We are excited to report the kind of gold grades that make the Red Lake Camp world famous. Even more encouraging is that this is a new discovery in the shadow of headframes. This discovery is the culmination of a number of years work at McCuaig and is testimony to the outstanding efforts of Rubicon’s exploration team, led by John Watkins, P. Geo. We look forward to continued success at McCuaig and will formulate an aggressive exploration plan in the short term. Along with our new McFinley project, with its documented high-grade gold and untapped potential and our extensive land holdings in the belt with partner AngloGold, Rubicon is very well positioned for continued success in this, the world’s richest gold district.”
The McCuaig project lies within the prolific Red Lake Mine Trend which contains over 24 million ounces of high-grade gold (past production and reserves). The project forms part of the DMC target area and is approximately 1.2 kilometres northwest of the former Cochenour Mine (past production 1.24 million ounces gold at an average grade of 0.56 oz/ton) and six kilometres west of the high-grade Campbell (Placer Dome) and Red Lake (Goldcorp) mines.
Rubicon’s exploration program is led by independent Qualified Person John Watkins, P.Geo. Drilling utilized NQ (46 mm diameter) or NQ2 (50 mm diameter) core. Sampled sections of core were split at a secure Rubicon facility in Red Lake and half of the sections were shipped in tamper-proof bags to ALS Chemex Labs in Vancouver. Assays were conducted using standard fire assay or, where visible gold was detected or suspected, metallic screen fire assay techniques. Sample batches include blank and independent gold standards in each analytical batch. |
