Suite 114, 186 Sutton Place, Beaconsfield, Quebec H9W 5S3
Phone : (514) 426-8542; Fax : (514) 426-8543: email: [email protected]
HIGH-GRADE GOLD MINERALIZATION INTERSECTED
AT McCUAIG RED LAKE PROJECT, ONTARIO
- Visible gold evident in six holes to date -
Golden Tag Resources Ltd. (GOG:CDNX), is pleased to announce that is has been informed by Rubicon Minerals Corporation, its partner on the McCuaig project, that high-grade gold mineralization has been intersected in a drill program in progress at its McCuaig gold project, Red Lake, Ontario. To date, Rubicon has completed 13,665 feet (4165 metres) in twenty diamond drill holes on the project. The drill program is designed to test a gold-bearing structure first intersected in drill hole MC-01-02 in 2001 which assayed 0.30 oz/ton Au (10.54 g/t Au) over 1.80 feet (0.55 metres). For more information see Golden Tag's March 9, 2001 news release at its website www.goldentag.ca .
During this spring 2002 program, 14 holes (10,191 feet; 3107 metres), have been completed in the area of the initial discovery over a strike length of 165 metres. Results received to date are tabulated below and include two closely associated but separate intercepts of 0.56 oz/ton Au over 1.31 feet (19.31 g/t over 0.4 metres) and 0.57 oz/ton Au over 0.82 feet (19.6 g/t over 0.25 metres) in hole MC-02-17. These intercepts are approximately 40 metres to the northeast of last year’s MC-01-02 intercept at approximately 110 metres below surface. Assays are pending for mineralized sections for an additional nine holes completed to date. Further drilling and interpretation of results is required to establish the orientation of mineralization and structures. Drilling is ongoing and should be completed by the end of the first week of April 2002.
Gold mineralization, including visible gold noted in six holes to date, occurs within heavily silicified and deformed ultramafic rocks in association with disseminated sulphide zones (pyrrhotite, magnetite, pyrite +/- fine-grained arsenopyrite) and in quartz-carbonate (ankerite) veins. Both mineralization types occur in close proximity to major fault zones. The gold-bearing zone occurs at the western part of the McCuaig property, close to the boundary with claims currently under option by Rubicon to AngloGold (Canada) Explorations Ltd.
Golden Tag holds a 50% interest in the McCuaig project with Rubicon holding the remaining 50%. Rubicon is the operator and can earn an additional 10% interest in the project at the end of the current program by completing $522,000 in drilling related expenditures. (See news release of February 5, 2002)
The McCuaig project lies within the prolific Red Lake Mine Trend which contains over 24 M oz of high-grade gold (past production and reserves). The project forms part of the Dorion McCuaig Corridor target area and is approximately 1.2 kilometres northwest of the former Cochenour Mine (past production 1.24 M oz gold at 0.56 oz/ton) and six kilometres west of the high-grade Campbell (Placer Dome) and Red Lake (Goldcorp) mines.
The McCuaig exploration program is led by independent QP John Watkins, P.Geo. Drilling utilized NQ (46 mm diameter) or NQ2 (50 mm diameter) core. Sampled sections of core were split at a secure Rubicon facility and half of the section was shipped in tamper-proof bags to ALS Chemex Labs in Vancouver. Assays were conducted using standard fire assay or metallic screen fire assay techniques. Sample batches include blank and independent gold standards in each analytical batch.
David Adamson, President and CEO of Rubicon said: “We believe this to be a significant discovery for Rubicon. To find a new gold-bearing zone in the shadow of headframes and in the richest gold district in the world is obviously encouraging. Visible gold is developed in a setting interpreted to be similar to that of the major gold mines in the district. The system shows signs of carrying significant grade and our exploration is at a very early stage. Although our drilling to date has been confined to a small area around the zone we will obviously be looking at ways, including additional drilling, to continue to explore this area and other targets on the McCuaig property.”
Golden Tag Resources Ltd. is a Beaconsfield, Quebec based Canadian Mineral Exploration Company incorporated in 1982 and trading on the Vancouver and CDNX Exchanges on a continuous basis since that date. There are presently 8.9 million shares issued and outstanding. For more information please contact Marc Carrier, President at (514) 426-8542; Fax (514) 426-8543; email: [email protected]
On behalf of the Board of Directors, Signed by : Marc A. Carrier, President
CDNX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Table of Significant Assay Results as of March 28, 2002
- McCuaig West Zone -
|
Hole Number |
Northing |
Easting |
Length (m) |
Dip |
Az |
From |
To |
Au g/t |
Au oz/ton |
No. of Samples Pending |
|
MC-02-07 |
5660647 |
441962 |
328 |
-69.5 |
225 |
123.60 |
123.85 |
9.28 |
0.27 |
|
|
|
|
|
|
|
|
123.85 |
124.30 |
1.76 |
0.05 |
|
|
|
|
|
|
|
|
131.30 |
131.95 |
1.28 |
0.04 |
|
|
|
|
|
|
|
|
135.60 |
136.50 |
* 2.18 |
* 0.06 |
|
|
|
|
|
|
|
|
138.70 |
139.40 |
* 2.02 |
* 0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MC-02-08 |
5660643 |
441965.2 |
256 |
-70 |
178.5 |
120.50 |
121.00 |
1.48 |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MC-02-15 |
5660547 |
441920.2 |
295 |
-65 |
358 |
121.35 |
121.75 |
* 1.95 |
* 0.06 |
|
|
|
|
|
|
|
|
121.75 |
122.25 |
1.54 |
0.04 |
|
|
|
|
|
|
|
|
124.00 |
124.50 |
3.71 |
0.11 |
|
|
|
|
|
|
|
|
124.50 |
124.90 |
1.17 |
0.03 |
|
|
|
|
|
|
|
|
124.90 |
125.40 |
3.04 |
0.09 |
|
|
|
|
|
|
|
|
125.40 |
125.80 |
1.46 |
0.04 |
|
|
|
|
|
|
|
|
127.70 |
128.10 |
* 3.66 |
* 0.11 |
|
|
|
|
|
|
|
|
130.50 |
131.00 |
1.80 |
0.05 |
|
|
|
|
|
|
|
|
131.00 |
131.50 |
1.11 |
0.11 |
|
|
|
|
|
|
|
|
131.50 |
132.00 |
1.01 |
0.03 |
|
|
|
|
|
|
|
|
132.00 |
132.30 |
2.52 |
0.11 |
|
|
|
|
|
|
|
|
138.50 |
139.10 |
1.26 |
0.04 |
|
|
|
|
|
|
|
|
164.75 |
165.20 |
1.37 |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MC-02-16 |
5660547 |
441920.2 |
250 |
-70 |
358 |
assays pending |
|
* |
* |
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MC-02-17 |
5660564 |
441937.3 |
176 |
-70 |
360 |
130.10 |
130.35 |
* 19.60 |
* 0.57 |
|
|
|
|
|
|
|
|
131.90 |
132.30 |
* 19.31 |
* 0.56 |
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MC-02-18 |
5660564 |
441937.3 |
218 |
-75 |
360 |
assays pending |
|
* |
* |
150 |
|
MC-02-19 |
5660580 |
441866.5 |
207 |
-65 |
43.5 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-20 |
5660564 |
441937.3 |
188 |
-65 |
360 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-21 |
5660553 |
441900 |
179 |
-70 |
360 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-22 |
5660655 |
441905 |
250 |
-70 |
150 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-23 |
5660550 |
441875 |
180 |
-70 |
360 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-24 |
5660553 |
441900 |
180 |
-65 |
360 |
assays pending |
|
|
|
sampling in progress |
|
MC-02-25 |
5660550 |
441875 |
200 |
-77 |
360 |
assays pending |
|
* |
* |
sampling in progress |
|
MC-02-26 |
5660550 |
441800 |
200 |
-65 |
360 |
assays pending |
|
|
|
sampling in progress |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total metres drilled in gold zone March 28, 2002 |
3107 |
|
|
|
|
|
|
|
||