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Rubicon plans 20,000-meter expansionary drill program at Phoenix gold project

Rubicon Minerals Corp. plans to conduct expansionary drilling of up to 20,000 meters at its Phoenix gold project in Ontario as part of a 2019 exploration program worth up to C$12 million.

The program follows the company's oriented diamond drilling of 20,000 meters in 2018, which will be incorporated in a National Instrument 43-101 compliant resource estimate released in the first half.

The estimate will serve as a basis for a preliminary economic assessment targeted for completion in mid- to late 2019.

This year's drilling will target areas between the 854- and 1,600-meter levels to follow-up on historical high-grade intercepts at depth that were too sparsely drilled for resource estimation.

In the second half of 2018, the company completed a 280-meter exploration drift at the 610-meter level, which runs parallel to the strike of the F2 gold deposit. The company plans to expand the drift to the south up to 200 meters to allow expansionary drilling down to the 1,600-meter level on better angles.

Rubicon recently raised C$5.8 million to help fund the exploration program.

According to an April 2018 estimate, Phoenix hosts measured and indicated resources of 281,000 ounces of gold contained within 1.4 million tonnes grading 6.37 g/t gold and inferred resources of 749,000 ounces of gold contained within 3.9 million tonnes grading 6.0 g/t gold.