Rubicon Minerals Provides Encouraging Drill Results at Depth at the Phoenix Gold Project

TSX: RMX | OTCQX: RBYCF

TORONTO, May 23, 2019 - Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") provides assay results from its 2019 drilling program at the Phoenix Gold Project (the "Project").

Assay Results Highlights (as of May 23, 2019) representing approximately 8,000 metres ("m") of drilling in 2019:

Drilling program at the 610- and 685 m Levels with the objective of potentially upgrading and expanding the 2019 Mineral Resource Estimate (not true widths, more details in the 'Qualified Persons and QA/QC' section below) produced the following highlights:

• 610L-19-04: 9.52 g/t Au over 2.0 m (High-Ti Basalts)
• 685L-19-01: 6.31 g/t Au over 16.9 m (including 19.21 g/t Au over 0.8 m) (High-Ti Basalts)
• 685L-19-02: 7.63 g/t Au over 3.0 m (including 22.23 g/t Au over 0.8 m) (High-Ti Basalts)
• 685L-19-04: 4.00 g/t Au over 21.3 m (including 7.70 g/t Au over 2.0 m and 6.93 g/t Au over 2.9 m) (High-Ti Basalts)

2019 Drilling Results

The 2019 oriented diamond drilling program was designed to upgrade and expand the Inferred Mineral Resource estimate, and advance the current understanding of the high-grade mineralization potential at depth, below the 854 m Level. The Company's most recent NI 43-101 2019 Mineral Resource Statement is comprised of 589,000 gold ounces in the Measured and Indicated Resources category located above the 854 m Level and 540,000 gold ounces in the Inferred Mineral Resource category, of which more than 340,000 ounces are located below the 854 m Level¹. There are also 0.9 to 1.0 million tonnes of sparsely-drilled (greater than 80-metre drill centres) mineralized material grading between 5.0 to 7.0 g/t Au ("Explore Targets"), where estimated Mineral Resources could potentially be expanded with further drilling.

Results from the 2019 drill program so far have been encouraging. Rubicon encountered high-grade mineralization at both narrow and wide (>10 m) horizontal widths, intersected within the high titanium basalt units ("High-Ti Basalts"), the main host rock of gold mineralization at the Project. The mineralization at depth, especially at wider widths, could potentially translate to sizable stopes in future mining and enhance the economics of the Project. The Company is getting a better view of the structural geology at depth with the oriented drilling and is currently analyzing the resulting data. Rubicon has a preliminary model of the East Bay Deformation Zone ("EBDZ") created from the structural data, which has enhanced the understanding of the mineralization and improved drill targeting at depth. Rubicon will continue to build on the current understanding of the geology at depth with further drilling. Please see Table 1 at the end of the news release for the summary of the assays. Longitudinal, plan, and section views of the drilling are represented in Diagrams 1 to 13 at the end of the news release.

CEO's Comments

George Ogilvie, P.Eng., President and CEO of Rubicon, commented, "Drill results to-date give us confidence that we will upgrade some of the estimated Inferred Mineral Resources at depth to Measured and Indicated categories, and grow the Mineral Resource estimates of the Project. We saw a robust conversion of Inferred Mineral Resources in our 2018 drilling, which was reflected in our most recent NI 43-101 2019 Mineral Resource Statement and we are anticipating healthy conversion rates as we continue to drill at depth. Expanding the Measured and Indicated Mineral Resource estimates are  key for us to advance the Project to Feasibility Stage. We are well underway in putting together the New Preliminary Economic Assessment ("New PEA") for the Project and anticipate its delivery in the second half of this 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, was also verified by, 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.

The data verification procedures applied in this drilling program largely mirror those performed by Golder Associates Ltd. (2018) and confirmed by T. Maunula and Associates for the 2019 Mineral Resource Estimate. Please refer to the NI 43-101 Technical Report for the Project dated April 25, 2019 available under Rubicon's profile on www.sedar.com.

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 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 Ltd. 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 2019 Drilling Assay Results, up to May 23, 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 "anticipates", "build on", "confidence", encouraging", "estimates", "exploration", "likely", "may", "model", "objective", "plans", "potential", "target", "view", "will", or variations of such words, and similar such words, 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 Mineral Resource Estimates, the anticipated timing of the delivery and details of the New PEA, the anticipated outcome of further oriented infill and expansion drilling of the Project, the potential tonnage of mineralized material and its grade estimated in the Explore Target areas, the impact of the data from the drilling planned in 2019 on the 2019 Mineral Resource Estimate, the potential to improve the quantities and classification of the 2019 Mineral Resource Estimate, the further steps necessary to potentially improve upon the 2019 Mineral Resource Estimates, including targeted infill and step-out drilling to potentially convert Inferred Mineral Resource estimates to the Indicated Mineral Resource category, the potential impact of drilling on stope dimensions at depth and its impact on future mining and Project economics, and the understanding of the structural geology, including the EBDZ, at depth. 

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 Resource estimates; 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, receipt and maintenance of permits and other required 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 22, 2019 under the heading "Risk Factors" and in other continuous disclosure documents of the Company filed under its profile 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.

Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred Mineral Resources

This news release uses the terms "Measured" and "Indicated" Mineral Resources and "Inferred" Mineral Resources. The Company advises U.S. investors that while these terms are recognized and required by the Canadian Securities Administrators, they are not recognized by the United States Securities and Exchange Commission (SEC). The estimation of "Measured" and "Indicated" Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Proven and Probable Reserves. The estimation of "Inferred" Mineral Resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources. It cannot be assumed that all or any part of a "Inferred", "Measured", or "Indicated" Mineral Resource estimate will ever be upgraded to a higher category.

Under Canadian rules, estimates of "Inferred Mineral Resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment (or New PEA) under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "Reserves" as in-place tonnage and grade without reference to unit measures. Under U.S. standards, mineralization may not be classified as a "Reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a "Inferred", "Measured" or "Indicated" Mineral Resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and Mineral Resources contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

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SOURCE Rubicon Minerals Corp.