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Rubicon Minerals Provides Encouraging Drill Results at Depth at the Phoenix Gold Project

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Rubicon Minerals Provides Encouraging Drill Results at Depth at the Phoenix Gold Project

 

 

 

 

 

Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) provides assay results from its 2019 drilling program at the Phoenix Gold Project.

 

Assay Results Highlights (as of May 23, 2019) representing approximately 8,000 metres of drilling in 2019:

 

Drilling program at the 610- and 685 m Levels with the objective of potentially upgrading and expanding the 2019 Mineral Resource Estimate (not true widths, more details in the ‘Qualified Persons and QA/QC’ section below) produced the following highlights:

 

  • 610L-19-04: 9.52 g/t Au over 2.0 m (High-Ti Basalts)
  • 685L-19-01: 6.31 g/t Au over 16.9 m (including 19.21 g/t Au over 0.8 m) (High-Ti Basalts)
  • 685L-19-02: 7.63 g/t Au over 3.0 m (including 22.23 g/t Au over 0.8 m) (High-Ti Basalts)
  • 685L-19-04: 4.00 g/t Au over 21.3 m (including 7.70 g/t Au over 2.0 m and 6.93 g/t Au over 2.9 m) (High-Ti Basalts)

 

2019 Drilling Results

 

The 2019 oriented diamond drilling program was designed to upgrade and expand the Inferred Mineral Resource estimate, and advance the current understanding of the high-grade mineralization potential at depth, below the 854 m Level. The Company’s most recent NI 43-101 2019 Mineral Resource Statement is comprised of 589,000 gold ounces in the Measured and Indicated Resources category located above the 854 m Level and 540,000 gold ounces in the Inferred Mineral Resource category, of which more than 340,000 ounces are located below the 854 m Level1. There are also 0.9 to 1.0 million tonnes of sparsely-drilled (greater than 80-metre drill centres) mineralized material grading between 5.0 to 7.0 g/t Au, where estimated Mineral Resources could potentially be expanded with further drilling.

 

Results from the 2019 drill program so far have been encouraging. Rubicon encountered high-grade mineralization at both narrow and wide (>10 m) horizontal widths, intersected within the high titanium basalt units, the main host rock of gold mineralization at the Project. The mineralization at depth, especially at wider widths, could potentially translate to sizable stopes in future mining and enhance the economics of the Project. The Company is getting a better view of the structural geology at depth with the oriented drilling and is currently analyzing the resulting data. Rubicon has a preliminary model of the East Bay Deformation Zone created from the structural data, which has enhanced the understanding of the mineralization and improved drill targeting at depth. Rubicon will continue to build on the current understanding of the geology at depth with further drilling. Please see Table 1 at the end of the news release for the summary of the assays. Longitudinal, plan, and section views of the drilling are represented in Diagrams 1 to 13 at the end of the news release.

 

CEO’s Comments

 

George Ogilvie, P.Eng., President and CEO of Rubicon, commented, “Drill results to-date give us confidence that we will upgrade some of the estimated Inferred Mineral Resources at depth to Measured and Indicated categories, and grow the Mineral Resource estimates of the Project. We saw a robust conversion of Inferred Mineral Resources in our 2018 drilling, which was reflected in our most recent NI 43-101 2019 Mineral Resource Statement and we are anticipating healthy conversion rates as we continue to drill at depth. Expanding the Measured and Indicated Mineral Resource estimates are  key for us to advance the Project to Feasibility Stage. We are well underway in putting together the New Preliminary Economic Assessment for the Project and anticipate its delivery in the second half of this year.”

 

Qualified Persons and QA/QC

 

The content of this news release has been read and approved by George Ogilvie, P.Eng., President and CEO, and, was also verified by, Michael Nerup, P.Geo., Senior Geologist, for Rubicon. Both are Qualified Persons as defined by NI 43-101.

 

Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Rubicon exploration team. All assays reported are uncut unless otherwise stated. All samples reported herein were performed by SGS Mineral Services of Red Lake, Ontario.  All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.

 

The data verification procedures applied in this drilling program largely mirror those performed by Golder Associates Ltd. (2018) and confirmed by T. Maunula and Associates for the 2019 Mineral Resource Estimate. Please refer to the NI 43-101 Technical Report for the Project dated April 25, 2019 available under Rubicon’s profile on www.sedar.com.

 

Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30o and +30o. True width determinations are estimated at 75-95% of the core length for the 610- and 685-m level drilling.  Rubicon’s quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision. 

 

About Rubicon Minerals Corporation

 

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 over 285 square kilometres of prime exploration ground in Red Lake 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.

 

Posted May 23, 2019

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