Canadian Mining Journal

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GOLD: Rubicon updates Phoenix resources



ONTARIO – Since suspending underground mining at its Phoenix project in the Red Lake camp, Rubicon Minerals of Toronto has taken the time to update its resource estimate for the mine.

The company has made significant decreases in both tonnage and contained ounces compared to the 2013 estimate. The new numbers reflect the geological complexity of the F2 deposit and the less continuous nature of the high grade gold mineralization. The changes were made after additional drilling and modeling.

Contained gold in the indicated category is down 91% to 106,000 oz (compared to 1.13 million oz in 2013). That resource now stands at 492,000 indicated tonnes grading 6.73 g/t Au (compared to 4.12 million tonnes at 8.52 g/t).

The tonnage of the inferred category shrunk by 80% to 1.52 million tonnes grading 6.28 g/t Au (compared to 7.45 million tonnes at 9.26 g/t). Likewise, the contained gold was substantially reduced to 307,000 oz from 2.22 million oz, a drop of 86%.

The Phoenix mine poured its first gold in June 2015, but was not yet in commercial production when the suspension was made. Total output since milling began was 4,906 oz of gold.

A picture of the first gold bar from the Phoenix mine is available at RubiconMinerals.com.