Rubicon Minerals has hired Golder Associates to do a structural geology review, the geological modelling and provide a new mineral resource estimate on its F2 Gold Deposit at its Phoenix Gold Mine in Red Lake.
T. Maunula & Associates Consulting is peer reviewing the exploration work programs that will be undertaken over the next two years.
"The Golder Associates team brings invaluable experience and technical capabilities,” said George Ogilvie, Rubicon president-CEO on Feb. 8, “particularly in the areas of structural geology and mineral resource estimation, that we believe is a good fit with what we would like to accomplish over the next 18 to 24 months with our exploration work programs.”
A “challenging” geological environment at the Red Lake mine site forced the company to stop gold mining operations and development, lay off miners and contractors, and replace its senior management in late 2015.
A revised resource calculation released by Rubicon in January 2016 revealed the gold estimates had shockingly dropped from 3.3 million ounces to just 413,000 ounces.
Part of Golder’s review involves advising Rubicon on its 10,000-metre drill core re-logging program and providing both an outline of findings and recommendations, along with an updated structural geology report on the deposit.
Rubicon expects it will spend between $14 million to $15 million on exploration, consultants, equipment leases, utilities and environmental obligations. After a fall of refinancing and corporate restructuring, Rubicon has $27 million in the treasury.
