Rubicon Minerals reports it has received a positive preliminary economic assessment (PEA) at its Phoenix Gold Project in Red Lake.
The Vancouver explorer said a report prepared by AMC Mining Consultants presents a case at its F2 Gold System for an underground mine capable of producing more than 2 million ounces of gold over a 12-year mine life.
The initial capital investment is pegged at $214 million.
The average mined gold grade is being measured at 13.87 grams per tonne.
Company president David Adamson called the PEA a “very good start” that the F2 gold system is a “potentially viable project” capable of producing 180,000 ounces per year and more than 200,000 ounces at its peak.
Adamson said the deposit remains open in all directions.
.jpeg;w=120;h=80;mode=crop)
