Rubicon Minerals Reports 110% Increase in Measured and Indicated Resources, Further Improving Confidence at the Phoenix Gold Project

  • Rubicon Minerals released an updated 2019 Mineral Resources Report for the Phoenix Gold Project. The company plans to file an updated NI 43-101 Technical Report for the Project within 45 days .
  • Key points in the report are:
  • Measured and Indicated Resources increased 110% to 589,000 ounces of gold compared to the 2018 Indicated Resources of 281,000 ounces of gold;
  • Measured and Indicated grades decreased 2% to 6.26 g/t Au compared to 2018

  • Measured and Indicated gold grades of 6.37 g/t Au;

  • As a result of the successful conversion to Measured and Indicated Resources, Inferred Resources decreased 28% to 540,000 ounces of gold compared to the 2018 Inferred Resources of 749,000 ounces of gold. Inferred grades increased 9% to 6.53 g/t Au compared to the 2018 Inferred grades of 6.00 g/t Au;

  • The increase in Measured and Indicated Resources is mainly attributed to the Company's successful 20,000-metre oriented infill drilling program in 2018, with the primary objective to improve confidence in the Mineral Resources above the 854-metre Level;
  • The Company has increased the Measured and Indicated Resources by 456% over a two-year period from 2016; and
  • Rubicon commenced a Preliminary Economic Assessment (the "New PEA") on the Project, scheduled to be released in the second half of 2019. The Company will continue oriented infill drilling to expand the Measured and Indicated Resources to a threshold of more than 650,000 ounces of gold, which Rubicon believes is the required level to advance the Project to the Feasibility Study-level stage.

Rubicon Minerals Corporation is an advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls the second largest land in Red Lake consisting of over 285 square kilometres of prime exploration ground, and more than 900 square kilometres of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States.

Rubicon Minerals 2019 Mineral Resources Report for Phoenix Gold Project