Rubicon Minerals drills 130.60 g/t gold over 4 metres at Phoenix Project

Rubicon’s Phoenix Gold Project in the Red Lake mining camp of northwestern Ontario. Source: Rubicon Minerals Corp.

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Rubicon Minerals Corp. [RMX-TSX; RBYCF-OTCQX] reported assay results from the Phoenix gold project infill drilling program at the F2 gold zone. The project is in the Red Lake District of northern Ontario.

F2 gold zone assay result highlights for the 2020 drill program (as of May 11, 2020)

The 2020 drilling program at the 610-metre and 685-metre levels is focused on expanding the current measured and indicated mineral resource estimate produced the following highlights.

Hole 610L-20-03: 130.60 g/t gold over 4.00 m (2.69 m true width), including 49.30 g/t gold over 1.0 m, 385.00 g/t gold over 1.0 m, and 86.40 g/t gold over 1.0 m
Hole 610L-20-05: 19.52 g/t gold over 1.54 m
Hole 610L-20-01: 10.15 g/t gold over 2.85 m, including 18.80 g/t gold over 0.6 m, and including 12.90 g/t gold over 0.8 m
Hole 610L-20-02: 19.20 g/t gold over 1.00 m and 7.11 g/t gold over 2.00 m
Hole 685L-20-02: 8.13 g/t gold over 0.59 m

Assay Highlights not included in 2020 resource estimate:

Hole 685L-19-15: 8.82 g/t gold over 7.6 m, including 56.10 g/t gold over 0.8 m
Hole 685L-19-16: 13.82 g/t gold over 1.6 m, including 30.60 g/t gold over 0.6 m

Rubicon President and CEO George Ogilvie, PEng, stated: “The significant high-grade intersection of 130.60 g/t gold over a 4.00-metre core length at a vertical depth of 962 metres at the Phoenix gold project’s F2 gold zone confirms key structural corridors in our geological model that contain mineralization. More importantly, our successful orientated infill drilling program gives us confidence that our measured and indicated mineral resource estimate will expand and can potentially extend the mine plan in the anticipated feasibility study. Feasibility work on the Phoenix gold project is progressing well, with more than 59% of the work completed. The feasibility study remains on schedule for delivery in the second half of this year.

“We encountered mineralization between the 976-metre and 1,098-metre levels in areas where we needed more orientated drilling data, which we believe increases the probability of converting a portion of the current inferred mineral resource estimate to the measured and indicated categories. The potential incremental measured and indicated mineral resource estimates could be added to the planned feasibility study mine plan.”

The company has drilled approximately 6,612 metres of orientated infill drilling since October, 2019, targeting the area between the 976-metre and 1,098-metre levels, which the company estimates hosts approximately 190,000 ounces of the current inferred mineral resource estimate. Assay results have encountered mineralization providing the company with confidence to potentially upgrade a portion of the current inferred mineral resource estimate to the measured and indicated categories. The company continues to make steady progress on its feasibility study, which remains on schedule to be delivered in the second half of 2020.


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