Vancouver – With the price of gold showing signs of life and a 3,000-metre program already underway at the McCuaig project, the timing could not be better for Rubicon Minerals (RMX-V) and partner Anglogold (AU-N) to resume drilling on their properties in the prolific Red Lake mining camp of northern Ontario.
The partners have two rigs turning for the proposed 6,000 metre program. Three target areas will be tested: the 2-km long Dorion- McCuaig Corridor (DMC), Slate Bay and Humlin.
Previous shallow drilling in the DMC returned up to 15.8 grams gold per tonne over 1.1 metre.
Moving 3-km to the west, the Slate Bay target was subject to a six hole drill program last year. The project is 11 km northwest of Goldcorp’s (G-T) Red Lake mine. AngloGold and Rubicon are testing 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 150-250 metres. The first hole hit 1.19 grams gold per tonne over 15.6 metres, whereas 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.
The current program will test the mineralization along strike.
The last target area, dubbed Humlin, covers ultramafic rocks with strong alteration and intense structure in a setting interpreted to be similar to the major mines in the Red Lake gold camp.
AngloGold is earning a 60% interest in the project by spending US$3 million over five years. It will then be able to boost its stake to 70% by paying Rubicon US$250,000.
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