Rubicon Minerals
Through a transaction completed in May, 2007 with former Goldcorp Inc. Chairman and CEO, Rob McEwen, Rubicon acquired 512,960 acres of prospective exploration ground in Alaska in the area of the 5.6 million ounce Pogo deposit as well as a 225,000 acre land package in northeast Nevada. With an exceptional technical team, outstanding assets, a focus on gold camps in politically safe environments and a high profile in the capital markets, Rubicon Minerals has gained the reputation as a leading junior exploration company.
Rubicon Hits Bonanza Grade Gold in F2 Zone Step-out Hole, Phoenix Gold Project, Red Lake, Ontario
In a market with little reason to cheer, excellent drill results from a gold exploration company ushers a breath of fresh air. That is what exactly Toronto and American Stock Exchange listed Rubicon Minerals (TSX: RMX, AMEX: RBY) provided when it hit Bonanza Grade Gold in F2 Zone Step-out Hole, Phoenix Gold Project, Red Lake, Ontario.
Rubicon controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold camp of Ontario, Canada, which hosts Goldcorp's high-grade, world class Red Lake Mine. Rubicon’s Phoenix Gold Project is located in the heart of this producing camp. For the readers who are not familiar with the Red Lake Mine, it is Canada’s largest gold mine which in 2007 produced 700,600 oz.
Additional assay results returned from hole F2-19 bonanza grade gold intercept of 10.55 oz/ton gold over 5.9 feet (361.7 g/t gold over 1.8 metres), including 23.7 oz/ton gold over 2.6 feet (811 g/t gold over 0.8 metres), at a vertical depth of 327 metres. This intercept is farther up-hole than a previously released high grade intercept of 3.55 oz/ton gold over 3.3 feet (121.7 g/t gold over 1.0 metres). F2-19 is a 165 foot (50 metre) step-out hole from the main F2 Zone.
This follows Rubicon’s previously identified significant zones of mineralization entailing high-grade intercepts (e.g., 73.2 g/t gold over 3.0 metres, 52.6 g/t gold over 7.4 metres, 24.4 g/t gold over 17.0 metres including 36.5 g/t gold over 8.0 metres, 42.4 g/t gold over 11.0 metres, 28.7 g/t gold over 15.5 metres) and extensive gold-bearing sulphide zones (e.g., 6.0 g/t gold over 17.0 metres, and 8.3 g/t gold over 30.0 metres).
New Drill Hole Hole F2-21, drilled from a barge situated close to the F2 Zone designed to test for extensions of known zones has intersected a complex sulphide and quartz breccia zone grading 0.27 oz/ton gold over 28.2 feet (9.1 g/t gold over 8.6 metres), including a high-grade sub interval of 2.85 oz/ton gold over 1.6 feet (97.9 g/t gold over 0.5 metres) at a vertical depth of 171 metres below surface. In general, vein angles to core axis are moderate to high indicating the zone has been intersected at a reasonable angle. Further mineralization observed down-hole has been sampled and sent for assay. Drill hole F2-20, designed to test for mineralization at depth has intersected sulphide rich mineralization 695 metres below surface and contains up to 7.4g/t gold over 4.0 metres, including 12.0 g/t gold over 2.0 metres. This intercept is significant since it suggests that the gold mineralizing system continues to depth.
F2 zone has been continuously returning good results since its discovery in late February, 2008. Significant gold mineralization has now been intersected over a vertical distance of 1800 feet) and over an interpreted strike length of 525 feet. An updated north-south composite vertical section suggests that the mineralized envelope displays a steep plunge to the northwest and is open for follow up. Ongoing drilling is designed both to infill and expand the current mineralized envelope both down-plunge and along strike.
Rubicon appears to be confident of the drill programme and has ordered a second barge to facilitate drilling. Once commissioned, land-based drilling from the peninsula will be discontinued in favour of barge drilling to allow greater flexibility and control.