Wednesday, 22nd October 2008 (319 views)

Rubicon Minerals has announced that it has identified "significant" zones of high-grade gold at the F2 area of the Phoenix project, situated in the "prolific" Red Lake district of Ontario.

It follows the firm's recent revelation that it had encountered bonanza gold grades in the region.

A high-grade gold intercept of 41.9 g/t gold over 2.2 metres has been recorded at a vertical depth of 880 metres, confirming that mineralisation continues further than the company previously expected.

President and chief executive officer David Adamson said that the firm is "very encouraged" with the figures from the F2 zone.

"The system is growing in size and our interpretation suggests the presence of multiple parallel high-grade, gold-bearing zones. This effectively expands potential," he commented.

Additional drilling is needed to expand the known areas of mineralisation, he added.

Recently, Northern Gold Mining expanded its operations on the Kirana project in Kirkland Lake.

It completed 19 holes of a regional drilling programme at the Mallard Lake zone at the project.

 

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