Vancouver — Rubicon Minerals (RMX-V) is gearing up to commence a drill program on its Golden Promise project in Newfoundland as well as its AxelGold project in British Columbia.
The Golden Promise project is located about 15 km southeast of the town of Badger, Newfoundland. Rubicon recently discovered a gold-bearing quartz vein, dubbed the Jacqueline zone. The zone was found within an area of large, gold-bearing boulders that assayed up to 353.4 grams gold per tonne. The boulders were exposed after ground vegetation was destroyed in a 1999 forest fire. Rubicon reports that it has identified one bedrock exposure of a gold-bearing vein zone which measured up to 2.5 metres, true thickness. Two other trenches dug to the east and west encountered numerous, large gold-bearing boulders extending the potential strike length of the zone to approximately 100 metres.
Rubicon has decided to drill 500-to-700 metres in relatively short, (less than 50 metre) drill holes along the projected vein. Due to the potential for coarse gold and the nugget effect, Rubicon will utilize large diameter HQ core to yield a more representative sample for assaying purposes.
Rubicon has a 100% interest in 440 sq. km of claims around this new discovery. At least two other areas of boulders occur in the area, with some containing visible gold. This suggests the possible presence of undiscovered veins.
Meanwhile, at the AxelGold project, situated about 150 km northeast of Smithers, British Columbia, a Phase-I, 1,100 metre drill program is scheduled to commence by mid August. The property hosts a porphyry gold-bearing intrusive which is under option to Wheaton River Minerals (WRM-T), which can earn a 50% interest in the project by spending a total of $1 million by November 2003.
The drill program will be designed to test strong gold-in-soil anomalies as well as anomalous gold values reported from limited historical diamond drilling. Rubicon is operator of the project.
Elsewhere, Rubicon is actively exploring its core Red Lake, Ontario land holdings and is expected to provide an update of its exploration activities and plans shortly.
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