Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Rubicon Minerals has released the results of infill drilling and provided an update on its plans for the Phoenix project.
While infill work focused on upgrading resources between the 976 metre and 1,098 metre levels was completed in the fourth quarter, its results were excluded from the resource update released earlier this year. The infill highlights include:
The resource update released on Jan. 7 features 811,000 oz. of gold in the measured and indicated category – the company has started a feasibility study on this resource set and expects it to be completed in the second half of the year. Rubicon is also targeting up to 7,500 metres of infill drilling in the first half of this year, aimed at upgrading 190,000 of inferred oz. between the 976 metre and 1,098 metre levels. Any upgraded ounces between these elevations could also be included in the feasibility study mine plan.
The infill results appear to demonstrate continuity of the host rock and its associated mineralization.
“Our infill drilling program continues to yield positive results, which gives us great confidence that our measured and indicated mineral resource estimate will continue to expand at depth,” George Ogilvie, Rubicon’s president and CEO said in a release.
Rubicon has also started oriented core drilling on the McFinley and Pen targets, located 500 metres from existing infrastructure with the goal of generating NI 43-101 compliant resource estimates.
(This article first appeared in the Canadian Mining Journal)
