Our recommended speculative junior gold exploration stock, RBY hit an all-time high of $ 3.13 shortly before closing at $ 3.11. Even as the price of gold has declined from $990 to about $952 yesterday, RBY and other mining stocks continued their upward trend. Congratulations to all our readers and clients who are RBY stockholders.
This week, Rubicon Minerals released an update on its drilling program at its flagship Phoenix Gold project in Red Lake, Ontario:
- Near surface drilling results confirmed more high grade gold measured at 1.25 oz/ton gold over 6.6 feet and 3.6 oz/ton gold over 3.3 feet
- Below surface drilling at 4,714 confirmed the existence of low grade gold
The implications of this week’s news are that the Phoenix Gold project will likely contain more gold than anyone previously imagined. The company has recently raised $ 16 M to start a new below surface drilling program that will help us begin to understand just how much gold is there.
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