Drills turn at McCuaig (February 05, 2002)

Vancouver — Rubicon Minerals (RMX-V) has kicked off a 3,050-metre drill program on the McCuaig gold project in Red Lake Ontario.

Drilling commenced in early February and is targeting a gold-bearing structural zone that was discovered last year. The target structure is considered to be a continuation of the ‘Mine Trend’, which hosts in excess of 15 million oz. of past gold production. The McCuaig property lies approximately 1.2 km northwest of the past producing Cochenour Mine and is immediately north of the past producing McKenzie Red Lake Mine.

Last year Rubicon drilled four holes to follow up on an earlier drill hole assay that returned 13.11 grams gold per tonne over 0.30 metres. The follow-up holes tested the McCuaig structure along a strike length of 80 metres and to vertical depths of between 120 and 240 metres. All holes reportedly intersected zones of intense silicification, multi-generation quartz and quartz carbonate veining and local biotite alteration. The zones occur at, or close to, the ultramafic and mafic rock contact.

Three of four drill holes hosted anomalous gold (100 ppb-to-2.35 grams gold). The best assay was hit at a depth of 230 metres down-hole and returned 2.35 grams gold over 0.52 metres. The same interval contained visible gold from which additional check assays returned 0.94 grams gold. This indicates a possible nugget effect in the sample. Mineralization occurs as pyrrhotite, pyrite and magnetite, with accessory chalcopyrite and local asenopyrite, galena, sphalerite and visible gold.

Rubicon and joint venture partner Golden Tag Resources (GOG-V) each hold a half interest in the project. According to a new provision in the joint venture agreement, Rubicon stands to earn an additional 10% interest by funding the next $522,000 in drilling related expenses. Of this, $325,000 must be spent this winter. If Rubicon fails to met the expenditure requirements than Golden Tag will have the right to fund back to a 50% participating interest. Rubicon reports that is results from the drill program are good then it has sufficient flow through funds in place to earn the extra 10% interest.