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Rubicon gains better understanding of F2

Rubicon Minerals (CN:RMX) believes it has established the primary structural controls on mineralisation at the F2 gold deposit as it looks towards restarting mining at the Phoenix project in Ontario.
Rubicon gains better understanding of F2 Rubicon gains better understanding of F2 Rubicon gains better understanding of F2 Rubicon gains better understanding of F2 Rubicon gains better understanding of F2

Underground development progressing ahead of trial mining

Staff reporter

Rubicon said its updated preliminary structural interpretation simplified the understanding of the deposit and brought the gold-bearing Riedel vein system to light, which seemed to create more continuity of gold mineralisation within the host rock compared with the 2016 geological model.

The company had shuttered the mine in 2015 shortly after pouring first gold, after discovering the deposit was much more geologically complex than first thought.

It raised C$10.9 million (US$8.5 million) last month in a bought-deal placement at $1.53 per share towards its planned C$15-18 million 2018 programme, which includes test mining, bazooka drilling and a resource update.

President and CEO George Ogilvie said underground development was progressing well and the company was on track to process material from test stopes mid-year.

An updated geological model and resource estimate are expected in the second half of 2018.

Shares in the company have ranged between C$1.13-$1.99 over the past year and rose 1.63% yesterday to $1.25, capitalising it at $73.2 million.

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