Rubicon cuts more high-grade gold at Red Lake

Rubicon Minerals (RMX-T, RBY-X) has cut mineralization grading about 42 grams gold per tonne over 2.2 metres at a depth of 880 metres on its Phoenix project at the Red Lake district in Ontario. The intercept was returned in hole 35 on the previously-defined F2 zone, where other high-grade holes have been drilled earlier in the year. Another intercept, which was returned in hole 29, cut about 110 grams gold per tonne over 0.5 metre at a depth of 417 metres.

Rubicon says that hole 35 shows that high-grade gold, as well as previously-reported sulphide-bearing gold zones, extend to depths of at least 880 metres, and the depth potential of the F2 zone remains open. Based on step-out drilling, the company concludes that gold mineralization is present at a horizontal distance of up to 235 metres from previous drilling on the F2 zone. For example, hole 29 was drilled at a distance of 58 metres to the northwest from the nearest hole.

Other step-out holes highlighted by Rubicon include hole 32, which cut 2.6 metres of 4.4 grams gold; hole 33, which cut 9 metres of 5.2 grams gold and 16 metres of 3.7 grams gold; and hole 30, which cut 3 metres of 7.2 grams gold. Mineralization in these holes is developed within similar host rocks to those identified in previous drilling on the F2 zone.

The step-out intercepts are located within a geophysical anomaly 1,500 metres long, which appears to correlate with strongly-altered host rocks and sulphide bearing gold mineralization. The F2 anomaly is one of a number of similar anomalies along 3 km of prospective stratigraphy, which are also exploration targets.

The mineralized envelope of the F2 zone, including the step-out holes, has a strike length of 360 metres and a vertical dimension of 788 metres and is divided to four mineralized zones. Further drilling may extend these dimensions. The geographical setting, grade distribution and dimentions of zones at the F2 zone are similar to data available from public information on Goldcorp’s Red Lake Mine, 4 km to the southeast.

Further drilling of step-out holes at Phoenix is in progress. There are a flooded shaft and underground workings 450 metres from the core of the F2 zone, which the company has applied for a permit to dewater. Should a permit be received, Rubicon intends to proceed with underground drilling once the shaft is dewatered and rehabilitated.

Rubicon’s land holdings in the Red Lake area are about 263 sq. km. The treasury cash position is $18 million. The company has also exploration projects in Alaska and Nevada.