Rubicon Minerals Provides Results from its 2018 Infill Drilling Program

TSX: RMX | OTCQX: RBYCF

TORONTO, Jan. 16, 2019 -  Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") provides assay results from its 2018 infill drilling program at the Phoenix Gold Project (the "Project").

Assay Results Highlights (as of January 15, 2019) representing approximately 20,000 metres ("m") of infill drilling in 2018:

Infill drilling program at the 305-, 610-, and 685-m levels with the objective of potentially upgrading the 2018 Mineral Resources to higher confidence categories (not true widths, more details in the 'Qualified Persons and QA/QC' section below):

• 305-18-05: 15.16 g/t Au over 4.1 m (High-titanium basalt units ("High-Ti Basalts"))
• 305-18-06: 13.91 g/t Au over 7.6 m (including 24.06 g/t Au over 0.5 m, 20.78 g/t Au over 0.5 m, and 100.94 g/t Au over 0.6 m) (High-Ti Basalts)
• 305-18-08: 32.85 g/t Au over 2.8 m (including 111.87 g/t Au over 0.5 m) (High-Ti Basalts)
• 305-18-12: 45.86 g/t Au over 2.0 m (High-Ti Basalts)
• 610-18-05: 16.73 g/t Au over 7.9 m (including 67.06 g/t Au over 0.6 m, 15.77 g/t Au over 0.4 m, 22.77 g/t Au over 0.8 m, and 42.25 g/t Au over 0.6 m) (High-Ti Basalts)
• 610-18-06: 7.54 g/t Au over 7.1 m (including 19.53 g/t Au over 0.6 m) (High-Ti Basalts)
• 685-18-13: 7.37 g/t Au over 4.4 m (including 18.31 g/t Au over 0.6 m and 22.85 g/t Au over 0.5 m) (High-Ti Basalts)

2018 Infill Drilling Results from the 2018 Exploration Program

In 2018, Rubicon completed approximately 20,000 m of oriented diamond drilling from the 305-, 610- and 685-m levels. The primary purpose of the drilling was to potentially upgrade the Inferred Resources of the 2018 Mineral Resource Estimate of the Project, to the Measured and Indicated categories. At the end of this news release, a summary of the assay results from the 20,000 m drilled in 2018 is presented in Table 1. Longitudinal, plan and section views of the drilling, which highlight intersections in the High-Ti Basalts, are presented in Diagrams 1 to 22 at the end of the news release. In 2019, the Company continues drilling activities from the 685-m level and 610-m level exploration drift to target the deeper portions of the F2 Gold Deposit, between the 854- and 1,600-m levels.

CEO's Comments

Rubicon President and Chief Executive Officer George Ogilvie, P.Eng., stated, "Our infill drill program in 2018 was focused on upgrading Inferred Resources within the Project to Measured and Indicated categories, from the 854-m level and above. Our near-term goal is to grow the Measured and Indicated Resources to a level that will allow us to advance the Project to a Feasibility Study stage. We are currently evaluating the infill drill data, which will contribute towards an updated NI 43-101 Mineral Resource Estimate that we plan to deliver in the first half of 2019. We are also encouraged by the drill results from the 610-m level, which demonstrate robust grades over 7- to 8-m wide intercepts, which we intend to follow up on in 2019. We believe these results provide us an excellent opportunity to grow the Measured and Indicated Resources. Our 2019 Exploration Program also includes the delivery of, at a minimum, a new Preliminary Economic Assessment, in the second half of the year."

Qualified Persons and QA/QC

The content of this news release has been read and approved by George Ogilvie, P.Eng., President and CEO, and Michael Nerup, P.Geo., Senior Geologist, for Rubicon. Both are Qualified Persons as defined by NI 43-101.

Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Rubicon exploration team. All assays reported are uncut unless otherwise stated. All samples reported herein were performed by SGS Mineral Services of Red Lake, Ontario.  All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.

Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30^o and +30^o. True width determinations are estimated at 65-80% of the core length intervals for the 305-m level drilling, and estimated at 75-95% of the core length for the 610- and 685-m level drilling.  Rubicon's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision. 

About Rubicon Minerals Corporation
Rubicon Minerals Corp. is an advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls over 285 square kilometres of prime exploration ground in Red Lake and more than 900 square kilometres of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States. Rubicon's shares are listed on the Toronto Stock Exchange (RMX) and the OTCQX markets (RBYCF). For more information, please visit our website at www.rubiconminerals.com.  

RUBICON MINERALS CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Table 1: Summary of the 2018 Infill Drilling Assay Results, up to January 15, 2019

Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes

This news release contains statements that constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "intends", "may", "will", "should", "plans", "anticipates", "potential", "expects", "estimates", "forecasts", "budget", "likely", "goal" and similar expressions or statements that certain actions, events or results may or may not be achieved or occur in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements reflect our current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to statements regarding the anticipated timing of the delivery and details of a new NI 43-101 Mineral Estimate and new PEA.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions that management considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: possible variations in mineralization, grade or recovery or throughput rates; uncertainty of mineral resources, inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamation activities; uncertainty of future operations, delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of future economic or geological evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; timing and receipt of regulatory approvals; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the ability of Rubicon to comply with its obligations under material agreements including financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms; the ability of third-party service providers to deliver services on reasonable terms and in a timely manner; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX.

Forward-looking statements contained herein are made as of the date of this news release and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Readers are advised to carefully review and consider the risk factors identified in the Company's annual information form dated March 29, 2017 under the heading "Risk Factors" and in other continuous disclosure documents of the Company filed at www.sedar.com for a discussion of the factors that could cause Rubicon's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Readers are further cautioned that the foregoing list of assumptions and risk factors is not exhaustive and it is recommended that prospective investors consult the more complete discussion of Rubicon's business, financial condition and prospects that is included in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

SOURCE Rubicon Minerals Corp.