Vancouver — Home to Canada’s largest-producing and lowest-cost gold mine, the prolific Red Lake mining camp has seen a revival of exploration activities over the past few years.
Junior Rubicon Minerals (RMX-V) has amassed more than 30,000 hectares of ground in the district and is gearing up to drill-test the Slate Bay target, some 11 km west-northwest of Goldcorp’s (G-T) Red Lake mine.
Slated to start in mid-September, the 1,500-metre program will be funded by AngloGold (AU-N) as part of a deal signed last year that could see the major earn a 60% interest in the Red Lake project by spending US$3 million over five years. AngloGold can then up its stake to 70% by paying Rubicon US$250,000.
The partners will target the Slate Bay area, where chip sampling returned 3.44 grams gold per tonne over 21.85 metres, including 5.6 grams gold over 6.1 metres. Channel sampling returned 1.14 grams gold over 36.93 metres.
Mineralization occurs in disseminated and veined pyrite with minor chalcopyrite associated with sheeted quartz veins near a contact with a large intrusive body. An earlier geophysical survey outlined a 2-km-by-500-metre induced-polarization anomaly over the zone.
In Newfoundland, Billiton Exploration Canada, now a part of BHP-Billiton (BHP-N), has dropped its option on Rubicon’s Point Leamington and Lewis Lake massive-sulphide properties.
Discovered by Noranda (NOR-T) in 1971, the Point Leamington deposit hosts a resource of 13 million tonnes grading 2.25% zinc and 0.46% copper, plus 0.89 gram gold and 20.57 grams silver. Mineralization has been tested by 58 holes over a 500-metre strike length and remains open to the north.
The Lewis Lake property lies 10 km to the east and hosts a number of targets.
Billiton was earning a 50% stake in either property by spending $800,000 on exploration.
Rubicon is seeking a new partner for the projects.
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