Vancouver — Partners
Ground magnetic and electromagnetic geophysical surveys have defined an anomaly that measures 1,000 by 500 metres.
In addition, Rubicon is in the midst of a 250-line-km geophysical survey (electromagnetic, magnetic and induced-polarization) covering three separate grids on the 202-sq.-km project.
In the Slate Bay area, chip sampling returned 3.44 grams gold per tonne over 21.85 metres, including 5.6 grams gold over 6.1 metres. Channel sampling returned 1.14 grams gold over 36.93 metres.
Assays were performed by ALS Chemex Labs of Vancouver, utilizing standard fire-assay techniques.
Rubicon describes the Slate Bay area as consisting of extensive disseminated and vein pyrite with minor chalcopyrite associated with sheeted quartz veins near a contact with a large intrusive body.
The Red Lake project hosts several gold prospects in the Dorion-McCuaig corridor, a 2.5-by-1-km extension of the Red Lake mine trend which includes
Last year, Rubicon and AngloGold completed ground and airborne geophysical surveys and some surface stripping. A budget of US$500,000 has been approved for this year.
AngloGold, under option from Rubicon, can earn a 60% interest in the Red Lake project by spending US$3 million over five years. The major can then up its stake to 70% by paying Rubicon US$250,000. The junior will retain operatorship until US$1 million has been spent or the second anniversary of the agreement, whichever comes first.
Elsewhere in the region, Rubicon can earn a half-interest in the McCuaig property and a 60% interest in the Peterson property. It is also exploring 370 claims near the western end of the Red Lake belt, in the vicinity of a recent palladium-nickel discovery of Goldcorp, and has optioned 116 units in Balmer Twp. to privately held Royal Roads Corp.
Be the first to comment on "Partners active near Red Lake"