Getting the Grade in a World-Class Camp

WAYNE HEWGILL, Regulus Resources Inc. (02/26/2009)
Since the March 2008 discovery of the F2 zone on its Phoenix project in Red Lake, Ontario, Rubicon has intersected high-grade gold intersections up to 17 metres widths within the breccia zone, as well as several bonanza grades up to 891 g/t over 1.8 metres.

The deposit has currently been intersected between a depth of 240 metres and 1,100 metres, and remains open at depth, giving the project potential to add additional ounces at depth. Mineralization in the Red Lake Camp is known to continue down to as deep as 2,500 metres.

Since the discovery of the F2 zone, exploration drilling 300 metres west of the F2 zone has also identified additional very high-grade zones, including a 0.5-metre interval of over 3,000 g/t Au.

With over $60 million in cash, the company has budgeted for a 40,000-metre program for 2009. The company is currently drilling the project from the frozen lake and is planning to access the project from underground by reopening the existing shaft later in the spring.

Along with the F2 zone, the company also intends to test a large Titan geophysical anomaly from the underground drill stations."

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