Rubicon Minerals (AMEX:RBY) Announces Gold Discovery

Rubicon Minerals Corp. (AMEX:RBY) (TSE:RMX) is up over 10 percent today as they announced a gold discovery in the Red Lake Gold District of Ontario, at their Phoenix Gold Project.

The Phoenix Gold Project is 100 percent owned by Rubicon, adding to the potential value of the discovery for them.

They desribed the actual discovery this way: "...results from drill hole 305-05 at its 100%-owned Phoenix Gold Project. Reported lengths are thus interpreted to be true thicknesses. The hole intersected 1.24 oz/ton gold over 22.6 feet (42.5 g/t gold over 6.9 metres) part of a broad vein zone grading 0.59 oz/ton gold over 49.2 feet (20.1 g/t gold over 15.0 metres).

"This is a very important as well as impressive drill hole. It demonstrates excellent horizontal thickness and outstanding gold grade in the F2 Core Zone and is significant from a potential mining standpoint. Drilling to date extends the F2 Core Zone vertically for at least 1968 feet (600 metres). This suggests significant tonnage potential can be developed in this zone alone, which is only one of numerous zones we have discovered to date within the F2 Gold System. We are excited to have commenced drifting and we look forward to seeing the F2 Core Zone up close underground. In the meantime, we have a total of six rigs exploring the F2 Gold System" said David Adamson, President and CEO, in a press release.