Vancouver — A 1,600 metre drill program by partners Anglogold (AU-N) and Rubicon Minerals (RMX-V) has returned some encouraging gold values from the Slate Bay target in the prolific Red Lake mining district of Ontario.
Located some 11-km west-northwest of Goldcorp’s (G-T) Red Lake mine, the partners are tested an 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.
Holes 1 through 5 targeted a 100 metre strike length portion of the mineralization to vertical depths of 150-to-250 metres. Hole 1 hit 1.19 gram gold per tonne over 15.6 metres, while hole 3 returned 1.25 grams gold over 5.7 metres, including a higher grade section running 7.65 grams gold over 0.34 metre. Hole 4 cut 2.56 grams gold over 2.3 metres.
Hole 6 was drilled 700 metres to the west-southwest and cut anomalous gold values associated with two shear zones.
Mineralization occurs in disseminated and veined pyrite with minor chalcopyrite associated with biotite and chlorite in 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.
Based on the result additional drilling is being planned for early next year.
The world’s largest gold producer funded the drill program as part of last year’s deal that would see AngloGold 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.
Be the first to comment on "Rubicon encouraged at Slate Bay"