Canaccord Maintains Speculative Buy On Rubicon Minerals Following The Infill Program Update
Today, Rubicon Minerals Corporation (RBY) updated the market on its infill program at the F2 Zone of its Phoenix Gold project in the Red Lake District of NW Ontario.
Canaccord analyst Joe Mazumdar noted, “Drilling is confirming continuity of the mineralization. Also, there exists the potential to add more mineable resource above the 610 m level, which would potentially have a positive impact on our valuation while increasing the vertical ounce per metre profile. We maintain our Speculative Buy rating and our C$1.80 target, as we await further progress from the drill program and development updates with commercial production by H2/15E”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Joe Mazumdar currently has a one-year average return of 5.9% and a 40% success rate. Mazumdar has a 0% average profit recommending RBY, and he is ranked #1870 out of 3123 analysts.