Rubicon Minerals has released gold assay results from channel sampling of trenches on the Wing's Point Titan project, which is currently optioned out to Crosshair Exploration and Mining. The Wing's Point Titan project is located 40 kilometres north of Gander, Nfld., and consists of 118 map staked claims.
Gold mineralization at the Titan prospect is hosted within areas of intensely quartz-carbonate veined and altered gabbros and host sedimentary rocks. Widespread quartz veins range up to two metres thick and locally contain appreciable visible gold. Visible gold also occurs within heavily altered host rocks. The Titan prospect, first identified by Rubicon in 2002, was further exposed in late 2003 in four excavator trenches over a length of 485 metres (for project and trench locations and complete tabulated results, see Rubicon's Web site at www. rubiconminerals.com). Crosshair has recently completed assaying of 195 channel and panel samples. Results include:
High-grade gold in continuously sampled channel assays of:
15.25 grams per tonne gold over 3.00 metres (trench 7);
48.22 grams per tonne gold over 0.8 metre (trench 7); and
9.41 grams per tonne gold over 4.25 metres (trench 9).
Panel samples (continuous chips over a surface area) of:
23.55 grams per tonne gold (0.30 metre by 0.30 metre in trench 7);
5.52 grams per tonne gold (average of five panels in trench 7);
12.37 grams per tonne gold (0.50 metre by 0.60 metre in trench 9);
12.03 grams per tonne gold (0.45 metre by 0.40 metre in trench 9); and
7.21 grams per tonne gold (average of six panels -- trench 9).
Of 195 channel and panel samples analyzed to date, 43.6 per cent contain more than 1.00 grams per tonne (60.5 per cent greater than 0.50 grams per tonne gold) gold with an overall weighted average of 2.22 grams per tonne gold for 183 channels and 6.26 grams per tonne gold for 12 panels.
Given the presence of appreciable visible gold and attendant nugget effect, 55 samples are being resubmitted for metallic screen fire assay. Thirty-nine samples containing less than 5.5 grams per tonne gold in the minus 150 mesh fraction have shown an average 30-per-cent increase in grade using the metallic fire assay procedure. Crosshair is in the first year of an option agreement with Rubicon where it can earn a 60-per-cent interest by spending $1.5-million and issuing 400,000 shares to Rubicon.
Rubicon and Crosshair are encouraged with both the widespread nature of gold mineralization, overall grades and local high grade, which suggest further potential for both bulk tonnage and/or lode gold mineralization. Crosshair is planning a 10-hole drill program to commence in the second quarter of 2004 to further test the mineralization.
Sample preparation and gold analysis were carried out at Eastern Analytical Limited in Springdale, Nfld. The Newfoundland and Labrador Department of Mines and Energy is thanked for its support of this work through the JCEAP program. The overall exploration activities on this Wing's Point Titan gold project were directed by Garfield MacVeigh, of Rubicon Minerals Corporation, with trench and channel sampling supervision by Ian Russell, consultant to Rubicon, who is the qualified person as defined by National Instrument 43-101.
WARNING: The company relies upon litigation protection for "forward-looking" statements.