Rubicon Minerals Reports 110% Increase in Measured and Indicated Resources, Further Improving Confidence at the Phoenix Gold Project
Press Release
TORONTO, March 27, 2019 – Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) (“Rubicon” or the “Company”) is pleased to report an updated Mineral Resource Estimate (“2019 Mineral Resource Estimate”) for the Phoenix Gold Project (the “Project”). The Company plans to file an updated NI 43-101 Technical Report for the Project within 45 days.
Table 1: 2019 Mineral Resource Estimate at 3.0 grams per tonnes of gold (“g/t Au”) Cut-Off Grade 1 – Effective March 18, 2019
|
Resource Category |
Quantity |
Grade |
Contained |
|
Measured (M) |
442 |
6.99 |
99,000 |
|
Indicated (I) |
2,485 |
6.13 |
490,000 |
|
M + I |
2,927 |
6.26 |
589,000 |
|
Inferred |
2,570 |
6.53 |
540,000 |
|
• |
Effective date for this Mineral Resource is March 18, 2019 |
|
• |
Mineral Resource Estimate uses a break-even economic cut-off grade of 3.0 g/t Au based on assumptions of a gold price of US$1,400 per ounce, an exchange rate of US$/C$0.77, mining cash costs2 of C$97/t, processing costs of C$24/t, G&A of C$6/t, sustaining capital C$20/t, refining, transport and royalty costs of C$57/oz, and average gold recoverability of 95% |
|
• |
Mineral Resource Estimate reported from within an envelope accounting for mineral continuity |
|
• |
Mineral Resources are not Mineral Reserves and do not demonstrate economic viability |
|
• |
There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve |
|
• |
All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly |
IBF4
