Drills turn at McCuaig (February 11, 2002)

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

The company is targeting a gold-bearing structural zone discovered last year. The zone is believed to be a continuation of the “mine trend,” which hosted more than 15 million oz. of past gold production.

McCuaig is 1.2 km northwest of the Cochenour mine and immediately north of the McKenzie Red Lake mine. Both are past producers.

In 2001, Rubicon drilled four holes to follow up on an earlier hole that returned 13.11 grams gold per tonne over 0.3 metre. The follow-up holes tested the McCuaig structure along a strike length of 80 metres and to depths of 120-240 metres. All holes intersected zones of silicification, multi-generation quartz and quartz carbonate veining and local biotite alteration at, or close to, the ultramafic and mafic rock contact.

Three of four drill holes hosted anomalous gold (100 parts per billion 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 metre. The same interval contained visible gold from which additional check assays returned 0.94 gram 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 partner Golden Tag Resources (GOG-V) each hold a half-interest in the project. The former can earn an additional 10% by funding the next $522,000 in drill-related expenses; of this, $325,000 must be spent this winter. If Rubicon fails to meet the expenditure requirements, Golden Tag will have the right to fund back to a 50% participating interest.