Rubicon Minerals Upgrades Red Lake Deposit

Rubicon Minerals Corp saw its share price rise more than 33% as it reported that the Phoenix gold project of the company may have up to 4 million ounces of gold. Located in Red Lake in Ontario the deposit is close to Goldcorp’s Red Lake mine in north western Ontario.

The Red Lake mine is at present the largest gold mine in Canada. It has consistently given an annual production of 600,000 ounces of gold for the last three years. And while analysts are a bit sceptical at this point the Rubicon Minerals Corp is sure that the geological potential of Phoenix gold project equals this.

As per president and CEO David Adamson the gold grade is high compared to most major gold deposits around the world and is consistent with the overall Red Lake camp average grade. He said that their objective now was to upgrade part of this large inferred resource and move towards development.

The Vancouver based Rubicon Minerals believes that the area hosts about 13.3 million to 16.1 million ounces of gold. The exploration results of the company are based on drilling up to July 31 this year.