Rubicon hits new high-grade gold at McFinley

Vancouver — Rubicon Minerals (RMX-V) hit a number of new high grade gold intervals at its 100% controlled McFinley gold project, situated in the Red Lake gold camp of Ontario.

The ongoing drill program is designed to test several unexplored parts of the property. So far, 26 holes, or 8,465 metres, have been completed. Assay results have been received for14 of these holes. Another six holes are expected to be drilled during this program. Results have identified three new target areas, dubbed Mac-1, Mac-2 and Mac-3.

"While we are at an early stage in exploring new parts of the property, it is clear we are dealing with a large, gold-bearing system," said David Adamson, President of Rubicon. "We have an outstanding exploration team on the project and our exploration model is yielding highly positive results."

At the MAC 1 zone, situated about 1 km north of the old McFinley workings, assays have been received for two of five drill holes. Highlights of the higher-grade results include;

• Hole MF03-16 cut a number of narrow high-grade intervals starting 20.40 metres down-hole. These include 0.35 metres averaging 20.90 grams gold; 0.5 metres averaging 9.53 grams gold starting 163.4 metres down-hole; 0.45 metres averaging 24.20 grams gold starting 191.10 metres down-hole; 1.0 metres averaging 45.0 grams gold starting 213.2 metres down-hole, and 0.5 metres averaging 17.65 grams gold starting 322.25 metres down-hole.
• Hole MF03-30A was collared 150 metres south of hole MF03-16 and also intersected a number of high grade intervals including 0.3 metres averaging 66.10 grams gold, starting 93.70 metres down-hole; 0.4 metres averaging 8.28 grams gold starting 240.0 metres down-hole; and 0.5 metres averaging 7.93 grams gold, starting 264 metres down-hole.

Rubicon states that the Mac-1 target hosts numerous lower grade but significant gold intervals and is evidence that there is a large gold system in the area. Mineralization is a found in quartz-carbonate veins that are hosted in altered biotite-bearing mafic volcanic rocks. The zone remains open in all directions.

In the MAC-2 area, situated just northwest of the old McFinley workings, three holes were collared 75 metres down dip of previous drilling. The holes all intersected an extensive sequence of silicified and biotite altered mafic volcanics. High grade intervals are as follows;

• Hole MF03-21, intersected 0.71 metres averaging 34.20 grams gold, starting 138.25 metres down-hole; 0.36 metres averaging 33.33 grams gold starting 279.24 metres down-hole; and 0.51 metres averaging 11.25 grams gold starting 279.75 metres down-hole.
• Hole MF03-23 cut 0.95 metres averaging 9.58 grams gold starting 211.75 metres down-hole.

All three holes contain numerous lower grade intercepts ranging from 2.13 grams gold to 4.08 grams gold. Drill rigs are currently testing the ultramafic-mafic contact 122 metres to the north and targeting a vertical depth of 335 metres.

In the MAC-3 zone, situated about one half a km southeast of the McFinley workings, assays have been received for three of five holes. High grade intervals include;

• Hole MF03-25 cut 0.62 metres averaging 17.75 grams gold, starting 53.55 metres down-hole and 0.67 metres averaging 65.80 grams gold starting 180.45 metres down-hole.

Numerous lower grade intervals ranging between 2.07 and 5.13 grams gold were cut in between these two higher-grade sections.

Gold in the Mac-3 area is hosted by altered and veined intrusive rocks and, to a lesser extent, mineralized ultramafics. Rubicon states that a number of holes have tested other targets but returned only anomalous gold. These targets exhibit very strong alteration and warrant further drilling. This first phase of drilling is expected to conclude by mid-April.

Meanwhile at the McCuaig joint venture project partners Rubicon (60%) and Golden Tag Resources (GOG-V) (40%) have completed 1,600 metres of drilling (10 holes).

Previous drilling at McCuaig identified gold mineralization at the 1900 zone. Follow-up drilling in the area continued to intersect gold mineralization. Mineralization is believed to be associated with faults that are related to a northeast trending structure that cross cuts silicified ultramafic rocks. Highlights include;

• Hole MC03-42 cut 1.5 metres averaging 3.12 grams gold starting 134.60 metres down hole.
• Hole MC03-45 cut 0.6 metres averaging 7.30 grams gold, starting 112.10 metres down-hole.
• Hole MC03-46 cut 0.5 metres averaging 3.80 grams gold, starting 142.50 metres down-hole.
• Hole MC03-48 cut 0.5 metres averaging 6.29 grams gold starting 138.50 metres down hole.

Rubicon states that anomalous gold was intersected in hole MC03-50 within a silicified ultramafic, that was collared about 240 metres west of the 1900 zone. Subsequently, further exploration is warranted

At the Rubicon-AngloGold project, drilling is ongoing and results will be reported once all assays have been received.