Marcos...I think I have seen comments here on Rubicon. Any comments on today's news release? Thanks.
Rubicon Intercepts High Grade Gold In Initial Drilling At McFinley, Red Lake, Ontario; 21.26 ounces gold per ton in new zone open for follow up
2003-01-13 06:05 - News Release
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 2003--David
W. Adamson, President and CEO of Rubicon Minerals Corporation
(OTC-BB:RUBIF) (TSX VENTURE:RMX) is pleased to announce results from
its initial drill program carried out at its 100% controlled McFinley
gold project located in the heart of the prolific Red Lake gold camp.
The program was designed to establish the geological setting of
several land-based targets as a prelude for major follow up drilling.
Highlights of the drilling are as follows:
-- 21.26 ounces gold per ton (oz/ton) over 1.15 feet in a new
target zone that is open for additional follow up. This
section contains appreciable coarse visible gold.
-- Additional significant gold intercepts including 1.85 oz/ton
over 1.96 feet, 1.36 oz/ton over 2.13 feet and 0.49 oz/ton
over 1.15 feet also open for follow up.
-- The drill hole program tested only shallow depths between 50
to 400 feet (15 to 120 metres) below surface (see tabulated
results in Exhibit A). All drill holes have intersected gold
mineralization which attests to the presence of a significant
size system open at depth and along strike.
-- A previously unrecognized arsenopyrite replacement zone up to
20 feet (6 metres) thick, containing up to 75% fine-grained
needle arsenopyrite, has been intersected in three diamond
drill holes. These holes have returned only anomalous gold up
to 3.54 g/t Au over 1.48 feet to date but similar style bodies
are a major component of high-grade gold deposits in the Red
Lake gold camp.
-- New structures have been identified with both shallow and
steep plunges that are prospective for follow up. These
include a major breccia hosted body up to 100 feet wide which
is indicative of significant disruption and dilation of the
sulphide-rich sequence. High grade mineralization of 1.85
oz/ton gold over 1.96 feet intersected in hole MF-02-02 is
related to this breccia hosted body.
-- Preliminary observations indicate that high-grade gold is
related to structures which cross cut mineralized north-east
trending rock types, including mafic and ultramafic units, and
are interpreted to be similar to ore zones in the nearby
Campbell and Red Lake mines.
The program, which totaled 6263 feet of drilling in 14 shallow
holes, has demonstrated the potential for high-grade gold zones which
will be followed up with extensive drilling. Drilling was focused on
two areas, one centered on cross section 9300N and the other centered
on cross section 10500N, south and north of the McFinley mine shaft,
respectively (Figure 1).
The McFinley gold project is essentially untested at depth and
along strike outside the underground development. Surface work in 2002
has demonstrated that the sulphide sequence that hosts the gold
mineralization can be traced northeastwards across the property
(Figure 1).
David Adamson states, "We are pleased with these initial results
and are encouraged to have intersected high-grade gold in this
preliminary program. We believe that the widespread sulphide
mineralization and newly identified high-grade structural gold zones
compare favourably with exploration zones in the nearby Red Lake mine,
operated by Goldcorp. Considering that active deposits in the gold
camp are being mined to depths of over 6500 feet, we believe there is
very high potential for additional discoveries at McFinley."
Rubicon's exploration team is currently formulating a program for
immediate follow up of existing zones and testing of additional
ice-based targets. This program will be announced shortly.
Rubicon Minerals Corporation controls over 247 square kilometres
of land holdings in the prolific Red Lake gold camp of Ontario which
hosts two high-grade, world class gold mines (Placer Dome's Campbell
Mine and Goldcorp's Red Lake Mine). Included in Rubicon's Red Lake
holdings is the McFinley Gold Project, which contains a published
Inferred Mineral Resource of 334,007 in situ tons grading 0.20 oz/ton
and high grade intercepts including 5.84 oz/ton gold over 6.1 feet and
1.44 oz/ton gold over 14.1 feet.
RUBICON MINERALS CORPORATION
David W. Adamson
President & CEO
The statements contained in this release that are not historical
facts are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ materially
from targeted results. Mineral resources which are not mineral
reserves do not have demonstrated economic viability. The Company
relies upon litigation protection for forward looking statements. |
