AngloGold hits bonanza grades at Rivard

Vancouver A 33 hole drill program by partners AngloGold (AU-N) and Rubicon Minerals (RMX-V) has returned promising grades from the Rivard target in Ontario’s prolific Red Lake mining camp.

Out of the 36,280 ft drilled during the program, some 10,226 ft was collared at Rivard. The best results came from hole 7, which yielded 0.42 oz gold per ton over 31 ft. Hole 7 tested this mineralization up dip and cut 11.9 oz gold over 1 ft.

Moving 755 ft to the south, hole 6 cut 0.67 oz gold over 3.3 ft. Included in this interval was a bonanza grade section running 1.82 oz gold over 1 ft.

Gold mineralization is hosted in quartz veins cutting ultramafic and felsic rocks. Individual veins within the steeply dipping vein system have been traced on surface for over 100 ft. Lower grade material lies within the 6,000-by-9,000 ft iron carbonate altered envelope.

"We are very encouraged with these first phase results from Rivard," says Rubicon’s CEO, David Adamson. " Clearly, Rivard has intercepts of potential economic significance."

In the Slate Bay target area, AngloGold punched three holes, which returned low-grade gold and copper mineralization from veined and brecciated intrusive and volcanic rocks.

At the DMC target area, six holes were drilled yielding broad low-grade mineralization with several higher grade spikes. The best value came from hole 9, which returned 50.9 ft grading 0.03 oz gold, including 0.36 oz gold over 1.8 ft., while 4 holes into the B zone, 6 holes at the Adams Lake target and two at the Humlin target returned no significant values.

AngloGold funded the drilling as part of an earlier agreement to earn a 60% interest in Rubicon’s RLJV properties by spending $5.4 million.