Rubicon is a mineral exploration company engaged in the acquisition, exploration, and development of gold and base-metal exploration properties. Currently, Rubicon is focused on its 100% owned Phoenix Gold Property which is located approximiately six kilometers north of the operating Red Lake Gold Mine. The Phoenix Gold Property consists of 746 ha. Rubicon controls over 65,000 acres of exploration ground in the Red Lake gold camp in the province of Ontario. [Source: Preliminary Short Form Prospectus, September 17, 2010]
The Phoenix project site is clearly visible from Google maps here. The copyright notice on the bottom of the image suggests this image is from January 2011.
Please see my Rubicon valuation blog for a view of the current fair market stock price. The price estimates in the blog are updated with closing market prices daily. The blog also includes my notes from David Adamson's January 25, 2011 interview with Brett Harris of BNN.
The Rubicon Minerals Corporation website is at www.rubiconminerals.com.
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View the June 29, 2011, company AGM webcast here.
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-10-25.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$19.41 |
| Average Ore Value per Tonne | US$916.19 |
| Metal Value Leverage (MVL) | 4.51 |
| Market Capitalization as a Percentage of Metal Value | 22.1% |
| Recent Closing Stock Price | C$4.27 [note 1] |
| Fully Diluted Share Count | 248.19 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 0% |
| Percentage In Situ Measured + Indicated Resource | 17% |
| Percentage In Situ Inferred Resource | 83% |
| Metric | Value on 2012-02-03 |
|---|---|
| Gold Reserves + Resources | 2.79 M oz |
| Average Gold Ore Grade | 16.5 g/t |
| Market Capitalization per oz of Gold In Situ | US$382.27 ( C$379.68 ) |
| Gold Equivalent Ounces Estimate | 2.79 M oz |
| Market Capitalization per oz of Gold Equivalent | US$382.27 ( C$379.68 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count taken from the June, 2011 financial statement plus the additional shares issued, in October, 2011, to extinguish the NSR on the Phoenix Gold Project. More...
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | ||
|---|---|---|---|
| Total Counts (reserves + resources) | 2.79 M oz | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $19.41 | ||
| Percentage of Total Metal Value | 100.00% | ||
| Metal Value Percentage Proven + Probable | 0% | ||
| Metal Value Percentage Measured + Indicated | 17% | ||
| Metal Value Percentage Inferred | 83% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|
| Phoenix | Ontario, Canada | $19.41 ( 100.0% ) | US$916.19 | 2.79 M oz | 0 | 17% | 83% |
| Nevada | Nevada, USA | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| Alaska | Alaska, USA | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| Other Red Lake | Ontario, Canada | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| DMC | Ontario, Canada | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| Adams Lake | Ontario, Canada | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| East Bay | Ontario, Canada | $0.00 ( 0.0% ) | 0 | 0 | 0 | ||
| Slate Bay | Ontario, Canada | $0.00 ( 0.0% ) | 0 | 0 | 0 |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
The Adams Lake property comprises 35 unpatented mining claims (236 units) located approximately 5 kilometres east of the Red Lake mine complex. Titan 24 geophysical surveys support the presence of large structures extending to depth that are thought to be similar to structures which host gold mineralization elsewhere in this prolific gold district. [Source: MD&A Filing, June 30, 2010, p. 7 of 17]
Latest NI43-101 Report:
(0 pages).
Project Location: Ontario, Canada in the Red Lake mining region.
Rubicon Holds the Largest Land Position in Alaska - 380,800 Acres in the Area of the Pogo Mine [Source: company website, June 2011]
Latest NI43-101 Report:
(0 pages).
Project Location: Alaska, USA.
The DMC property comprises 130 contiguous unpatented mining claims (263 units) located 7.5 kilometres northwest of the Red Lake mine complex and covers over 17 kilometres strike length of the northeast-trending Red Lake Greenstone Belt (“RLGB”). The property is considered strategic to the Company and a Titan 24 geophysical survey covering the core of the DMC property was completed in April, 2009. This survey technique has the potential to provide targeting information from surface to up to one kilometre below surface. [Source: MD&A Filing, June 30, 2010, p. 7 of 17]
Latest NI43-101 Report:
(0 pages).
Project Location: Ontario, Canada in the Red Lake mining region.
The East Bay Property comprises 43 unpatented mining claims (123 units) that occupies four-kilometres of strike length of the East Bay Trend, immediately adjacent to, and on strike with, the GAZ zone of the East Bay property of Goldcorp/Premier Gold (an inferred resource of 1.4 million tonnes grading 8.0 g/t gold - Source: Premier Gold News Releases). [Source: MD&A Filing, June 30, 2010, p. 7 of 17]
Latest NI43-101 Report:
(0 pages).
Project Location: Ontario, Canada in the Red Lake mining region.
Rubicon holds one of Nevada's largest land positions, controlling 225,000 acres including an extensive property in the area of the Long Canyon discovery. [Source: Company website, viewed online October 2010]
June 27, 2011 update: Rubicon Minerals and West Kirkland Mining Announce an Agreement on Large Claim Block on the Long Canyon Trend, Nevada:
Rubicon Minerals Corporation, TSX:RMX, NYSE AMEX: RBY ("Rubicon") and West Kirkland Mining Inc., WKM-TSXV ("West Kirkland") have entered into an agreement whereby West Kirkland can earn a majority stake in mineral rights held by Rubicon covering approximately 351 square miles (909 sq. kilometers) in the Long Canyon Trend of north eastern Nevada, while allowing Rubicon to retain a significant interest in any future discovery. [Source: June 29, 2011 news release]
Latest NI43-101 Report:
(0 pages).
Project Location: Nevada, USA in the editMiningRegionName mining region.
Humlin: 31 unpatented mining claims located in Fairlie Township
Wolf Bay: 23 unpatented mining claims located in Todd and Hammell Lake Townships of west Red Lake.
Advance: 13 patented mining claims in Todd Township of west Red Lake.
McCuaig JV: 3 unpatented mining claims seven kilometers northwest of the Red Lake mine complex in a JV between Rubicon (60%) and Golden Tag Resources (40%).
Red Lake North: 55% interest in 48 unpatented mining claims known as the Red Lake North project located in Bateman, Black Bear, Coli Lake and McDonough Townships. Solitaire Minerals has options on the property
Westend: 60% interest in 30 unpatented mining claims. Halo Resources has options on the property
English Royalty Division: company's program for acquiring mineral properties for the purposes of optioning out to other mining exploration companies
[Source: MD&A Filing, June 30, 2010, p. 7 and 8 of 17]
Latest NI43-101 Report:
(0 pages).
Project Location: Ontario, Canada in the Red Lake mining region.
Rubicon holds a 100% interest in the Phoenix Gold Project which is comprised of 25 Licenses of Occupation, one Mining Lease, and 16 Patented Claims. The Phoenix Gold Project is underlain by a north northeast trending, west-dipping belt of deformed and intermixed metasediments, basaltic volcanics and ultramafic rocks which define the "East Bay Trend". The rocks are Archean in age and part of the Balmer Sequence.
Rubicon is focused on the F2 Gold system whose discovery was first announced March 12, 2008. Mineralization within the F2 Gold System occurs in a major ultramafic-mafic structural setting which is considered similar to major deposits in the Red Lake gold district. The F2 Gold System is currently contains significant gold intercepts to 1,437 metres below surface and remains open at depth. The mineralized system comprises a number of gold zones which are located approximately 450 metres southeast of the existing exploration shaft which has been extended to 338 metres from its former depth of 130 metres.
[Source: MD&A Filing, June 30, 2010, p. 7 of 17, NR]
Rubicon is fully permitted to complete the current advanced exploration and development phase of the Phoenix Gold Project and is pursuing all additional permits required to allow it to meet its targets for further development, construction and potential production. Barring unforeseen events, Rubicon is on track to secure these major permits by the end of Q1, 2011. [Source: Rubicon Provides Operations and Permitting Update, Phoenix Gold Project, Red Lake, Ontario, October 12, 2010]
Rubicon expects to complete a bulk sample of the F2 Core zone in the December, 2010 to January 2011 timeframe. By the end of Q1 2011, Rubicon expects to have completed 240,000 metres of F2 drilling. [Source: Rubicn Presentation, September 2010]
Latest NI43-101 Report: TECHNICAL REPORT
MINERAL RESOURCE
AND
GEOLOGICAL POTENTIAL ESTIMATES
F2 GOLD SYSTEM – PHOENIX GOLD PROJECT
NTS 52N/04
RED LAKE, ONTARIO
2011-04-11 (170 pages).
Updates: Rubicon Minerals Receives Positive Preliminary Economic Assessment for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario, June 29, 2011 press release.
Project Location: Ontario, Canada in the Red Lake greenstone belt mining region. View the Phoenix project, Goldcorp Red Lake mine and the Madsen project on a Google Map.
Average Ore Value (all estimate types): US$916.19
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $3.33 | 479.24 K oz | 14.500 g/t | 1.03 M t |
Estimate notes:
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $16.08 | 2.31 M oz | 17.000 g/t | 4.23 M t |
Estimate notes:
Rubicon has 100% interest in 30 unpatented mining claims located in McDonough and Graves Townships. Slate Bay, located in the core of Red Lake, is a large property with extensive gold-bearing highly prospective Balmer stratigraphy, which includes key mafic-ultramafic contacts in proximity to a regional scale angular unconformity. The setting is analogous to that at the producing mines in the camp. [Source: MD&A Filing, June 30, 2010, p. 7 of 17]
Latest NI43-101 Report:
(0 pages).
Project Location: Ontario, Canada in the Red Lake mining region.