Short but positive gold grades from its Phoenix project in the Red Lake district pushed Rubicon Minerals (RBY-V) shares up by nearly 10% today.
Rubicon shares rose 18 to $2.04 on a trading volume of more than 1.1 million.
Drilling at the West Mine target of the McFinely mine returned 42.99 grams gold per tonne over 1.55 metres from a fault zone containing visible gold, hosted by mafic volcanic rocks.
Rubicon interpreted a hole drilled 30 metres south of the West Mine as being part of the same fault but no visible gold was observed.
The company also drilled the North Peninsula target where a 1.5-metre intersection returned 10.41 grams gold per tonne, including 50 cm grading 24.8 grams gold and 90 cm grading 28.07 grams.
Assay results from other holes in the same section have yet to be released.
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