Rubicon plans extensive drilling

Vancouver — Rubicon Minerals (RMX-T) is preparing for an aggressive drill campaign at its projects in Red Lake, Ont., and Newfoundland.

The junior has advanced a total of 15 projects to the drill-ready stage.

Among the company’s joint-venture partners is Goldcorp (G-T), which will contribute $750,000 to the testing of three main areas in the Red Lake camp: Sidace Lake, Red Lake North and Adams Lake.

At the Sidace Lake project, diamond drilling will test two claims that are next door to a property jointly held by Goldcorp and Planet Explorations (PXI-V). Earlier in the area, gold intercepts were reported within extensive sericite schist.

On the East Bay trend, partner Wolfden Resources (WLF-T) will finance a $500,000 drill program (4,500 metres) to test for gold mineralization similar to that reported by Wolfden on the adjacent property, held by Wolfden and Placer Dome (PDG-T).

At its wholly owned McFinley gold project, Rubicon intends to drill at least 5,000 metres to test ultramafic-associated gold targets. The company will follow up on encouraging drill intercepts from the winter of 2002, including 65.8 grams gold per tonne over 0.67 metre, 36.17 grams gold over 1.25 metres, and 9.7 grams gold over 1.62 metres at the MAC-3 target. These higher-grade intervals are associated with broad, lower-grade mineralized sections, such as 1.75 grams gold over 14 metres and 1.36 grams gold over 54.69 metres.

At the west end of the Red Lake camp, Redstar Gold (RGC-V) is required to spend about $420,000 on properties optioned from Rubicon and has announced plans to drill both the Biron Bay and Pipestone North targets.

Rubicon says an additional 3,000 metres of drilling are planned for several other targets in the Red Lake area. Altogether, Rubicon says 20,000 metres of diamond drilling will be carried out in the first two quarters of 2004.

In Newfoundland, Rubicon and its partners intend to drill at least 15,700 metres. Placer Dome, at the extensive Golden Promise project, intends to follow up on encouraging results from the Jaclyn vein zone and other vein targets. The major is required to spend $800,000 in 2004 as part of its 4-year, $5-million earn-in for a 55% interest and has indicated plans to drill early in 2004.

Other Newfoundland projects ready to be drilled include New World and H-Pond.

Another partner, International Lima Exploration (LMG-V), intends to spend $800,000 on Rubicon properties in 2004, and half the funds will be directed toward diamond drilling. The properties include extensive land packages south of Rubicon’s main Golden Promise property.