Rubicon, Golden Tag find VG at Red Lake

Drilling at the McCuaig project, in the Red Lake gold district of northwestern Ontario, is providing Rubicon Minerals (RMX-V) and Golden Tag Resources (GOG-V) with a bigger target to explore.

The partners are following up last year’s discovery of 10.54 grams per tonne over 0.55 metre of hole MC01-2. So far, they have sunk 14 holes to test mineralized projections along 165 metres of strike length.

The best results came from hole 17, which was collared 40 metres northeast of the discovery hole. The hole yielded 19.6 grams over 0.25 metre and 19.31 grams over 0.4 metre, starting at 130.1 and 131.7 metres down-hole, respectively.

Collared 15 metres to the southwest, hole 15 cut several narrow intercepts over 49 metres of core, starting at 121.5 metres and ending at 165.2 metres. Grades ranged from 1.01 to 3.71 grams, with two of the intercepts displaying visible gold.

Holes 7 and 8 are two others for which results are currently available. Both were collared roughly 100 metres to the northeast of hole 15 and returned 9.28 grams over 0.2 metre (starting at 123.6 metres) and 1.48 grams over 0.5 metre (starting at 120.5 metres), respectively.

Assay results are still pending for hole 16 and holes 18 through 26.

Gold mineralization is associated with intensely silicified and deformed ultramafic rocks and quartz-carbonate veins. Sulphide mineralization is common, the principal minerals being pyrrhotite and arsenopyrite, and so is magnetite.

“The system shows signs of carrying significant grade, and our exploration is at a very early stage,” says Rubicon President David Adamson. “Although our drilling to date has been confined to a small area around the zone, we will be looking at ways, including additional drilling, to continue to explore this area and other targets.”

Rubicon and Golden Tag each hold a half-interest in the project, though the former can boost its stake to 60% by funding $522,000 in drill-related expenses. Rubicon expects to cover that amount with the current campaign.

Rubicon is also exploring, with AngloGold (AU-N), a group of claims immediately west of McCuaig, near where the gold-bearing structure was discovered. The South African major can earn a 70% interest by funding US$3.2 million worth of exploration and development costs over five years.

The pair recently sank 6,199 metres on the property, results for which are pending.

Nearby, Rubicon has flown an airborne geophysical survey over the McFinley property, which it acquired earlier this year. The property is immediately northeast of the Abino zone of Goldcorp (G-T), where drilling has intersected up to 621 grams gold over 0.77 metre.

In all, Rubicon owns more than 270 sq. km in the Red Lake district. Proceeds from a $3-million private placement are being used to explore that ground.