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Rubicon Minerals invests $60 million in Red Lake program

Rubicon Minerals is pouring $60 million into a second round of exploration drilling at its Phoenix Gold Project in Red Lake. The Toronto-based junior miner discovered a large gold system in 2008, called F2, and is drilling to expand the resource.
Northern Ontario Business Staff

 
Rubicon Minerals is pouring $60 million into a second round of exploration drilling at its Phoenix Gold Project in Red Lake.

The Toronto-based junior miner discovered a large gold system in 2008, called F2, and is drilling to expand the resource. The company has completed 'bought-deal' financing to raise the money for further testing.

The company plans to finish off its $25 million first phase of drilling this year, an 80,000-metre effort.

This next phase, a 120,000-metres program, involves both surface and underground drilling to infill parts of the F2 gold system. If the results are successful, the company said a bulk sample could be taken. This second phase is expected to take 12 months to complete.

There will also be drilling outside the F2 system which includes drill testing on Rubicon's other Red Lake gold projects.

“Our goal is to show that the F2 Gold System can be the next major high-grade gold deposit in the prolific Red Lake gold district,” said Rubicon president-CEO David Adamson in a Nov. 16 statement. The company reports its treasury is well-stocked at $133 million.