Vancouver — The latest drilling by Rubicon Minerals (RMX-T) has intersected a new gold zone called PZ-2 at the Phoenix Zone on its wholly owned McFinley project in the Red Lake camp. The drilling also extended the PZ-1 zone over 150 metres — it remains open along strike in both directions.
The McFinley property comprises 505 hectares in southwestern Bateman Township within the Red Lake Mining Division of northwestern Ontario. Mineralization is hosted by highly altered and veined sections, up to 40 metres thick, within altered mafic volcanics near their contact with East Bay ultramafics.
Rubicon discovered the new zone last month while drilling in the unexplored northern part of the property. The Phoenix Zone includes a section of 15.5 grams gold over 4.8 metres.
Results from nine recent drillholes at the Phoenix Zone include those from the new parallel gold zone — PZ-2. Intercepts included 14.0 grams gold per tonne over 2.1 metres in hole MF04-89 and, 6.6 grams over 2.0 metres in hole MF04-82. True widths are estimated at about 75% of core widths.
New intercepts in the PZ-1 zone include 11.1 grams gold over 2.3 metres in MF04-89 and 6.7 grams over 1.2 metres in MF04-82. Other significant intercepts including 4.1 grams over 3.0 metres indicate the widespread nature of gold mineralization on the property. Gold occurs within quartz-carbonate veins and as replacement zones and is locally visible. Variable amounts of arsenopyrite, pyrrhotite, pyrite, sphalerite, chalcopyrite and galena are also found.
Rubicon says it has only explored a small part of the system so far, with most of the drilling to within depths of 100 metres below surface. The company says there is good potential to expand existing zones and discover new ones laterally and at depth. It plans to begin second phase diamond drilling in May after ice break-up.
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