Rubicon Minerals (NYSE:RBY) PT Raised on Phoenix Gold Deposit

Rubicon Minerals (NYSE:RBY) has justifiably received a lot of press lately on the news of their high-grade resource estimates in connection to their Phoenix Gold Project, which the 100 percent own.

TD Newcrest said, "The initial estimate outlined a significant, high-grade deposit, in our view, that markedly exceeded our modeled resource inventory of 3.0 mm ounces (6.4 mm tons grading 16 g/t)."

They maintain a "Speculative Buy" rating on the company.

Rubicon was trading at $5.83, down $0.21, or 3.48 percent as of 12:13 PM EST. TD has a price target of C$10.00 on them, raising it from C$6.00.

Trading volume is almost four times the usual daily 3-month average.