Rubicon Minerals Corporation is happy to provide an update on its drilling and shaft sinking activities at its 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. The company had drilled approximately 65,000 metres on the high-grade F2 Zone since its discovery in March, 2008.
Five drill rigs are currently in operation on the project, three on surface and two from underground on the 122-metre level as part of the ongoing 80,000-metre drill program. Prior to this program, two deep master holes were underway to test target areas 7 and 8. Although the two master holes have not yet reached their designed target depth, both have encountered gold mineralization at shallower levels.
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"Even though we are operating in a deteriorating economic environment, we have made solid progress in our key fundamentals as we opened thousands of new accounts, improved compliance and controllership and continue to assist homeowners through our loss mitigation programs while improving the quality of life in our communities."
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