A 16,000-metre drill program at the McFinley property near Red Lake, Ont., is beginning to show results for
Initial assays show that high-grade gold continues on structural extensions of the Phoenix zone, discovered in 2004.
Intersections were mainly in the 1- to 2-metre range, mostly at grades of 2-6 grams gold per tonne. The mineralization is in basalt, near the contact between the basalt and an ultramafic intrusion, and takes the form of a series of overlapping zones. The zones are 25-100 metres along strike and together constitute a strike length of 150 metres.
Higher-grade intersections were encountered in some holes, including a 2.15-metre length grading 17.24 grams per tonne, 1.2 metres grading 34.17 grams, and 1.85 metres grading 9.5 grams.
Two holes cut a previously unknown ankerite-quartz replacement zone in the basalts, with “needle” arsenopyrite grains (common in Red Lake gold occurrences) and some visible gold. Rubicon is awaiting results for those intersections.
Rubicon has 56.8 million shares outstanding and last traded at $1.30.
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