Rubicon Minerals Corporation RMX:CA announced an NI 43-101 compliant inferred mineral resource for the F2 Gold System of its Phoenix Gold Project in the Red Lake Gold District, Ontario. At a 5 g/t cut-off, the F2 system has a total inferred resource of 6.2 million tonnes at 20.1 g/t gold, i.e. 4 million ounces gold.
President/CEO David Adamson commented, “We are very pleased with these initial results. They demonstrate that the F2 Gold System is already a significant sized gold deposit. Importantly, the gold grade of 20.1 g/t gold is high compared to most major gold deposits around the world and is consistent with the overall Red Lake camp average grade, which is Red Lake’s key advantage. Our objective now, through our ongoing delineation program is to upgrade part of this large inferred resource, move towards development and to continue to expand the gold system. Underground development on the project has already cross-cut mineralized zones at the 305 metre level and delineation drilling is underway.”
View Company Profile
VP Investor Relations
by Ted Niles