A high grade grab sample from the Phoenix gold project near Red Lake, Ont. (Image: Rubicon Minerals)
ONTARIO – Toronto-based Rubicon Minerals Corp., buoyed by the results of its bulk sampling program last November, is making plans for its Phoenix gold project in the Red Lake district.
The company’s 2019 exploration objectives are three-fold. First, produce a new 43-101 resource estimate in the first half of the year, based on the 20,000 metres of diamond drilling results from last year’s program. Second, release a preliminary economic assessment for Phoenix; it is due in mid-to-late 2019. And third, to continue exploration with another 20,000-metre underground diamond drilling campaign this year to test for high grade potential at depth. Drilling will take place from the 224, 610 and 685-metre levels.
The 280-metre, 610 level runs parallel to the F2 deposit, and drilling from this level has taken place down to the 854-metre level. Rubicon plans to extend the 610 level by another 200 metres so that drilling can reach the 1600 level at better angles.
The cost of this year’s exploration program will be between $10 million and $12 million, inclusive of administrative site and corporate costs. Visit www.RubiconMinerals.com when the results are released.