Vancouver – The initial holes of an on going drill program by Rubicon Minerals (RMX-V) and partner Golden Tag Resources (GOG-V) have cut narrow zones of high-grade gold mineralization at the McCuaig project in the prolific Red Lake district of Ontario.
“To find a new gold-bearing zone in the shadow of headframes and in the richest gold district in the world is obviously encouraging,” says Rubicon’s president, David Adamson. “Visible gold is developed in a setting interpreted to be similar to that of the major gold mines in the district.”
The drilling is following-up a gold bearing structure hit last year in hole 2 (10.5 grams gold per tonne over 0.6 metres). So far, 14 holes tallying 3,107 metres have tested a 165 metre strike length portion of the structure.
The best results received to date came from hole 15. Collared 40 metres north of the discovery hole, this hole cut 0.25 metre grading 19.6 grams gold from 130.1 metre downhole and 19.31 grams gold over 0.4 metre from 131.7 metres downhole.
Moving about 15 metre southwest, hole 15 cut 3.7 grams gold over 0.4 metre from 127.7 metres downhole.
Holes 7 and 8 were drilled 100 metres to the north and cut 9.28 grams gold over 0.2 metre from 123.6 metres downhole and 1.48 gram gold over 0.5 metre from 120.5 metres downhole, respectively.
Assay results are still pending from hole 16 and holes 18 through 26.
“The system shows signs of carrying significant grade and our exploration is at a very early stage,” adds Adamson. “Although our drilling to date has been confined to a small area around the zone we will obviously be looking at ways, including additional drilling, to continue to explore this area and other targets on the McCuaig property.”
Gold mineralization is associated with zones of disseminated pyrrhotite, arsenopyrite and magnetite, as well as quartz-carbonate veins hosted in silicified and deformed ultramafic rocks. The gold-bearing zone lies at the western part of the McCuaig property, close to the boundary with claims held by Rubicon and Anglogold (AU-N).
Located 1.2 km northwest of the past producing Cochenour mine and immediately north of the McKenzie Red Lake mine, the project was drill tested last year with four holes. These 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.
Rubicon and Golden Tag 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.
The latest round of drilling is expected to be complete early this month.
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