Rubicon drills more high-grade under Red Lake

Rubicon Minerals (RMX-T, RBY-x) has cut 2.2 metres grading 42 grams gold per tonne starting at 880 metres depth on its Phoenix project, in Ontario’s Red Lake district.

The intercept came from hole 35 on the previously defined F2 zone, where other high-grade holes have been drilled earlier this year. Another intercept, from hole 29, cut about 0.5 metre of 110 grams gold starting at 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. Stepout drilling has confirmed that gold mineralization extends up to 235 metres laterally from mineralization previously encountered on the F2 zone.

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

The mineralized envelope of the F2 zone, including the stepout holes, has a strike length of 360 metres, extends for about 790 metres vertically, and is divided into at least four mineralized zones. Further drilling may extend these dimensions. Rubicon says the geographical setting, grade distribution and dimensions of mineralized zones at the F2 zone are similar to those of Goldcorp’s (G-T, GG-n) Red Lake mine, 4 km southeast.

Further drilling of stepout holes at Phoenix is in progress. The company has applied for a permit to dewater a flooded shaft, 450 metres from the core of the F2 zone, so it can proceed with underground drilling once dewatering and rehabilitation are complete. The shaft was sunk by previous operators, but has never been used for mining.

Currently, there are two drills onsite. The F2 zone is under Red Lake, about 375 metres from the shore, so the drills operate from barges.

The Phoenix project is subject to a net smelter return royalty of 2-2.5%. It is located about 6 km from the town of Cochenour, and 20 km northeast of the town of Red Lake.

Rubicon’s landholdings in the Red Lake area total about 260 sq. km. Its treasury cash position is $18 million, and there are 163.5 million shares fully diluted. The company also has exploration projects in Alaska and Nevada.