TSX:FNV 101.61 +0.49 +0.48%
Volume 421,412
February 19, 2019
NYSE:FNV 76.94 +0.52 +0.68%
Volume 841,314
February 19, 2019
Gold 1,344.85 +2.55 +0.19%
Volume
February 20, 2019
Contact Share

Location: Ontario
Operator: Rubicon Minerals Corporation
Royalty: NSR: 2%

Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on the water claims (which cover the majority of Mineral Resources) of the Phoenix gold project in Red Lake, Ontario operated by Rubicon Minerals Corporation (“Rubicon”). The Phoenix project is located 10 km north of Goldcorp’s Red Lake mine. In November 2015, Rubicon announced a temporary shutdown of underground activities to enhance its geologic model and develop an implementation plan as the gold mineralization was more geologically complex than anticipated. In January 2016, Rubicon provided an updated Mineral Resource estimate which included a reduction of 91% to the contained gold ounces in the Indicated Mineral Resource and an 86% reduction to the contained gold ounces in the Inferred Mineral Resource. Rubicon has since reorganized its debts and has put in place a new management team. Rubicon is currently focused on extensively drilling the deposit to gain a better understanding of the orebody. An updated Mineral Resource estimate is expected within 18–24 months following Phase 1 of the exploration program. Activities for 2017 included 28,500 metres of oriented drilling and 10,000 meters of historical core relogging. For 2018, additional drilling is planned as well as underground development and test mining.