Rubicon cuts further gold at McFinley

Vancouver – With its winter drill program now complete, Rubicon Minerals (RMX-T) has extended the Phoenix zone strike length on its McFinley project in the Red Lake gold camp of northwestern Ontario.

Drilling has now doubled the extent of the Phoenix zone, discovered in 2004, to about 500 metres in length and a depth of 200 metres in the main lens (PZ-1).

The Phoenix zone is a near surface pod up to 13 metres thick and showing a number of Red Lake style gold mineralization environments (quartz-carbonate veins, silicified zones and replacement mineralization near ultramafic contacts). The 2004-2005 winter drill program on the zone tested for mineralization extension and returned a number of significant gold intercepts including recent intercepts of 2.2 metres of 17.2 grams gold per tonne and 32.4 grams gold over 1.2 metres.

The results compare favourably with earlier assays of 15.5 grams gold over 4.8 metres and 70.1 grams gold across 3.1 metres, demonstrating a significant mineralized system.

Rubicon’s program also uncovered several other lenses, with significant gold intercepts, in both the foot and hanging wall to the main PZ-1 lens.

Additionally, a 20-30 metre thick zone of carbonate (ankerite) replacement was encountered in the Phoenix zone, containing variable silicification and mineralization over thicknesses of up to 14 metres. Drill intercepts included 9 metres grading 5.2 grams gold and 7.7 metres of 6 grams gold. The new zone is about 75 metres structurally above PZ-1 and has been tested over 120 metres of strike and 60 metres down dip, remaining open.

Large colloform-crustiform ankerite veins are a significant ore host at Goldcorp’s (G-T) Red Lake mine high-grade zone. The chemically reactive unit forms a strong gold trap.

Rubicon’s has also identified a number of other mineralized zones on its McFinley project. The company is studying the similarities the project has to the Red Lake mine, in particular the styles, geometries and grades so far encountered.

Rubicon has one the largest land positions in the Red Lake gold camp, holding over 260 sq. km, covering more that half of the major structural systems.

The company trades at the 94 per share level, near the bottom of its 52-week range of 90-$1.71.