Rubicon's Phoenix Zone, Red Lake, Ontario Returns Additional High Grade Intercepts
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- Includes 70.1 g/t gold over 3.1 metres (2.01 oz/ton over 9.9 ft) - Additional drilling commenced -
David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.TSX), is pleased to announce drill results at the newly discovered Phoenix Zone, located in a previously unexplored part of its four kilometre long, 100% owned McFinley Gold Property. In April 2004, the Company reported economically significant gold intercepts from this new discovery. This latest phase of drilling, comprising a further 16 drill holes, was designed to test and expand these zones.
Results from the new diamond drill holes, along with those reported to date, are presented in Table 1. A plan map, inclined longitudinal section, and representative cross sections of the Phoenix Zone will be available on the Company's web site later today at www.rubiconminerals.com.
Highlights include:
- 70.1 g/t gold over 3.1 metres (PZ-23 - containing widespread and abundant visible gold), 15.8 g/t gold over 3.5 metres (PZ-25), 8.6 g/t gold over 3.2 metres (PZ-26), 10.1 g/t gold over 1.8 metres (PZ-30), and 20.5 g/t gold over 1.2 metres (PZ-34).
- Intersections from previous (February-March 2004) drilling include 15.0 g/t gold over 2.8 metres, 15.5 g/t gold over 4.8 metres, 8.9 g/t gold over 3.3 metres, 28.7 g/t gold over 1.4 metres, 11.1 g/t gold over 2.3 metres, and 14.0 g/t gold over 2.1 metres (please see news releases dated March 8, March 25, and April 7 2004).
- Gold zones occur within robust sulphide-bearing structures up to 30 metres thick which themselves contain highly anomalous gold (e.g. 2.0 g/t gold over 17.4 metres in PZ-10). Recent drilling has intersected at least three separate mineralized structures of this type which attests to the presence of a major mineralizing system.
- The PZ-1 zone currently has a strike length of approximately 200 metres and a depth extent of 160 metres below surface. The higher grade core of PZ-1 shoot, which is currently drilled on approximate 30 metre centres, has an arithmetic average grade of 20.69 g/t gold over 3.27 metres in seven drill holes (see long section on website).
- Gold zones discovered to date are within 150 metres of surface, and remain untested at depth. Over three kilometres of strike and depth potential is open for follow up. The intensity of alteration and mineralization discovered to date suggests high potential for further discoveries.
- In addition to high-grade gold, the alteration assemblages and geological setting of the Phoenix Zone are interpreted to be very similar to those of the major deposits in the Red Lake gold camp (Campbell and Red Lake Mines) in that gold occurs within quartz-carbonate veins, quartz replacement zones, and in association with sulphide-rich zones in mafic rocks close to the contact with a major ultramafic body.
- Follow-up drilling (minimum ten holes) has just commenced to further expand and test this new discovery.
"The Phoenix Zone continues to exhibit the characteristics of a major mineralizing gold system. The results to date have tested only a very small part of the overall system and we believe our results compare favorably with those of the major mines in the Red Lake district where ore bodies extend from surface to depths in excess of 2,500 metres (8200 feet). Our goal is to continue our exploration at the Phoenix Zone and work towards building a definable resource. We are aware of potential interest from gold producers; however, we continue to believe that maximum leverage for our shareholders resides in our 100% ownership of this new discovery in this world class gold camp," stated David Adamson. |
