Panoramic view of the Phoenix project from the headframe when Rubicon acquired the property in 2002. (Image: Rubicon Minerals)
ONTARIO – Toronto-based Rubicon Minerals Corp. has released an updated resource estimate for its Phoenix gold project in the Red Lake district. The latest numbers for contained gold in the measured and indicated category have more than doubled, to 281,000 oz. from 132,000 oz. of gold.
Using a 3-g/t cut-off, the total measured and indicated portion is 1.4 million tonnes at 6.37 g/t gold. The inferred portion is 3.9 million tonnes at 6.00 g/t gold for 749,000 contained oz.
The previous resource estimate, made in 2016, had no measured estimate, only 719,000 indicated tonnes grading 5.71 g/t gold and 2.5 million inferred tonnes at 5.18% gold.
Test mining of the Phoenix F2 deposit was curtailed in late 2015 when a new resource estimate cut 91% of the contained indicated ounces and 86% of the contained inferred ounces from the total. Now with a clearer understanding of the challenging geology of the property, the company is more optimistic.
President and CEO George Ogilvie said in a statement, “Other factors, such as finalizing the structural geology interpretation, the encouraging initial results from the closely spaced 2018 test stope infill drilling and development samples during test mining, and the review by two reputable external consultants in Golder Associates and Tim Maunula and Associates Consulting, give us additional confidence in the 2018 mineral resource estimate.”
A discussion of the Phoenix geology is available at www.RubiconMinerals.com.