Rubicon Minerals is posting new high-grade showings at its Phoenix Gold Project in northwestern Ontario.
The Toronto junior miner plans to announce a full scale exploration program this summer which involves going underground using a former gold mine shaft. The results of an ongoing drilling has returned one gold intercept of 2.01 ounces per ton of gold over 13.1 feet (or 68.8 grams per tonne over 4.0 metres).
The company is steadily expanding the resource at its F2 Gold Zone on the property located in the middle of the Red Lake gold district. In a March 23 statement, Rubicon president and CEO David Adamson said these latest results are building on other "impressive gold intercepts" at the F2.
The company plans further drilling on the gold system which remains "open in all directions."
Adamson said following the closure of their recent $40 million financing, the company expects to announce a larger exploration program very shortly. The company is de-watering a former gold producing shaft and workings which is near this gold zone. Once that's done by the end of March, the shaft will be a platform to do underground drilling.
Rubicon holds more than 65,000 acres of ground in the Red Lake camp which hosts the Red Lake Mine.
