New management at Rubicon Minerals promise a more thorough, responsible and transparent approach toward getting its shuttered Phoenix Gold Project back on track. The would-be Red Lake miner provided the details on its exploration plans over the next two years on Jan. 10.
“We have finalized the details of our 18- to 24-month exploration program that will advance our understanding of the F2 Gold Deposit at the Phoenix Gold Project,” said Rubicon president-CEO George Ogilvie in a news release.
Coming out of creditor protection and refinancing, Rubicon is out to restore investor confidence and attempt to shake off its reputation as one of Northern Ontario’s biggest mining blunders.
Fast-tracked into production in the summer of 2015, the company threw up the white flag in November of that year in announcing a “geologically challenging” environment at Red Lake was forcing them to halt all underground development during a trial stoping period of its F2 Gold Deposit.
It forced the layoff of more than 300 miners and contractors. 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.
Rubicon’s new bosses promise it will put the project through the proper paces, beginning with this year’s exploration program that involves the re-logging of 10,000 metres of old drill core to get a better handle on the property’s geological structure.
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