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Rubicon Minerals’ ongoing drilling finds more gold bearing intercepts at Phoenix project

Rubicon Minerals Corporation (TSX: RMX, AMEX: RBY) has reported the latest diamond drilling results from the wholly-owned Phoenix gold project in the prolific Red Lake Gold District of Ontario. The new drill results, focused on the central and northern parts of the F2 Gold System, continue to intersect numerous high-grade and broad gold-bearing intervals which further expand the system.

"The more we drill, the more gold-bearing intercepts we see” Rubicon President and CEO David Adamson commented. “We now have seven rigs turning, testing a number of target areas and look forward to the next installment in our systematic exploration of the F2 Gold System as we await the commencement of drifting to the F2 Core Zone scheduled for June of 2010". 

Approximately 116,000 metres of drilling has been completed to date. Ongoing exploration is part of a 158,000 metre drill program aimed at testing and infilling a 1200x1600m target area - referred to as the '9X drill plan'.

In the Central Area, Rubicon reported significant new intercepts, 926m below surface. Underground drill hole 122-56 intersected an impressive 24 grams per tonne (gpt) gold over 5.5m as part of a broader zone grading 7.7gpt gold over 26.4m.

According to Rubicon this intercept is particularly noteworthy for the presence of a significant amount of needle-like arsenopyrite visible gold. Whilst Arsenopyrite is well documented at other deposits in the Red Lake gold camp, to date it has been a very minor constituent in the F2 Gold System.

Furthermore, the company said that the new intercept at 926m below surface, and along with other holes, fills in part of target area 2, and provides confidence that significant gold intercepts now extend from surface to over 1,437m below surface in the central part of the F2 Gold System.

Rubicon also noted that, with the recent initiation of drilling from the 305m level underground, drill access to deeper parts of the system will be enhanced.

Another highlight of the drilling results is the underground drill hole F2-88 in the northern extension area. The hole intersected 7.6gpt gold over 11.9m including 25.8gpt gold over 2m at a depth of 614m below surface in target area 6.

According to Rubicon, this intercept is significant because it is the deepest intercept in the northern target area to date, and the company also noted that other new drilling between 150- 400m below surface continues to fill in shallow to moderate depths in target area 4.

Elsewhere, between the F2 corridor and the F2 Hanging Wall, underground drill hole 122-48 intersected two shallow narrow high grade intervals of 43.3gpt gold over 0.5m and 128.6gpt gold over 0.5m. The intervals are approximately 25m apart at depths of 315 and 336m below surface, respectively.

The intercepts are found in a new area between the main F2 corridor and the hanging wall sequence, and Rubicon said that they are associated with felsic intrusive, and silica altered and brecciated ultramafics units.

Although more drilling is required, these intercepts are further evidence of the very robust nature and multiple zones present in the F2 Gold System, Rubicon stated.

Last week, the group announced it received the Northwestern Ontario Developer of the Year award, which recognized it as “an outstanding northwestern Ontario developer or development project during the previous calendar year.” The award was presented by the Northwest Ontario Prospectors Association (NWOPA) at a recent ceremony in Thunder Bay, Ontario.

Rubicon controls over 65,000 acres of exploration ground in the Red Lake gold district of Ontario which hosts Goldcorp's (TSX: G, NYSE: GG) high-grade Red Lake Mine. In addition to its Red Lake holdings, Rubicon also controls over 380,000 acres surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast Nevada.

The company has recently reported the completion of the extension of the Phoenix shaft to allow underground development work at the F2 Gold Zone, Phoenix Gold project at Red Lake. Results to date have revealed bonanza grades near to surface and just a few hundred metres from an existing shaft, unused tailing facility and partly built mill.

Disclosure: The author holds no positions in the company