Rubicon Minerals Provides the Remaining Drill Results from its 2017 Exploration Program and Tests McFinley Deep

TSX: RMX | OTCQX: RBYCF

TORONTO, Feb. 20, 2018 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") provides additional assay results from its 2017 Exploration Program and details on exploration drill holes at areas below the historic McFinley Deposit ("McFinley Deep") at the Phoenix Gold Project (the "Project").

Assay Results Highlights (as of February 20, 2017) representing approximately 5,000 metres ("m") of drilling at the end of 2017:

Infill and step-out drilling program at the 610-, and 685-metre levels with the objective of potentially upgrading and growing the 2016 Mineral Resources (not true widths, more details in the 'Qualified Persons and QA/QC' section below):

• 685-17-09: 14.25 g/t Au over 1.8 m (including 61.61 g/t Au over 0.4 m)
• 685-17-10: 23.39 g/t Au over 2.0 m (including 46.73 g/t Au over 1.0 m)
• 685-17-12: 11.03 g/t Au over 1.9 m (including 30.90 g/t Au over 0.7 m)
• 685-17-13: 28.19 g/t Au over 1.6 m (including 61.96 g/t Au over 0.7 m)

Remaining Assay Results from the 2017 Exploration Program

Rubicon elected to drill an additional 5,000 m from the 610- and 685-metre levels, bringing the total oriented drilling to approximately 28,500 m at year end 2017. The focus of this drilling is to potentially expand and upgrade the classification of mineral resources at the deeper parts of the F2 Gold Deposit. At the end of this news release, a summary of the assay results from the additional 5,000 m drilled is presented in Table 1. Plan and sections views of the drilling are presented in Diagrams 1 to 9. The Company continues its drilling activities in 2018, as previously announced.

McFinley Deep Exploration

The Company drilled three exploration holes from the 244- and 685-metre levels to test the potential extension of the historic McFinley Deposit at depth. The historic McFinley Deposit is located on the Phoenix Gold Project property, beneath the peninsula and approximately 400 m northwest of the F2 Gold Deposit. Previous exploration at the historic McFinley Deposit resulted in an undiluted mineral resource estimate of 334,007 short tons (303,006 tonnes) at grade of 0.20 ounces of gold per short ton (6.86 g/t Au) resulting in 66,801 gold ounces in the Inferred Resource category, to a depth of 122 metres below surface.  See Diagrams 10 to 13 at the end of this news release for the plan and section view of the McFinley Deep drilling.

The Company observed that exploration drilling intersected gold-bearing quartz veins and sulphides through four zones, similar to the lithological sequence in the historic McFinley Deposit. Drill hole 685-17-C04 ended in high-titanium basalts ("HiTi basalts"), suggesting that the extent of mineralization remains open to the west (mine-grid). Assay results from the McFinley Deep drilling include:

• 244-17-C02: 2.66 g/t Au over 0.5 m
• 244-17-C02: 1.05 g/t Au over 0.6 m
• 244-17-C03: 4.87 g/t Au over 0.4 m
• 244-17-C03: 2.31 g/t Au over 0.5 m
• 244-17-C03: 3.60 g/t Au over 0.5 m
• 244-17-C03: 1.53 g/t Au over 0.9 m
• 685-17-C04: 3.66 g/t Au over 0.4 m
• 685-17-C04: 2.93 g/t Au over 0.7 m
• 685-17-C04: 3.48 g/t Au over 1.0 m
• 685-17-C04: 5.55 g/t Au over 0.7 m

The Company is encouraged by the results from McFinley Deep and plans to extend the existing 685-17-C04 drill hole to the western claim boundary, as it currently remains in the HiTi basalts. Rubicon also plans to drill another test hole from the 685-metre level to target an area that is more than 500 m below the historic McFinley Deposit.

CEO's Comments

Rubicon President and Chief Executive Officer George Ogilvie, P.Eng., stated, "Our exploration program has yielded encouraging results and we are continuing infill and step-out drilling of the F2 Gold Deposit in 2018. We remain on track to complete our test trial mining in the summer, with an updated Mineral Resource Estimate and accompanying technical report due for release towards year end."

"We are also encouraged with the initial observations from the exploration holes drilled at McFinley Deep. We plan to drill a couple more test holes to gather more information on McFinley Deep, given its close proximity to the infrastructure and development at the Phoenix Gold Project."

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 Mark Ross, B.Sc., P.Geo., Chief Mine 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 a high angle. True width determinations are estimated at 65-80% of the core length intervals for the 305-metre level drilling, and estimated at 75-95% of the core length for the 610- and 685-metre 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 Corporation 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 280 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 2017 Drilling Assay Results, up to February 20, 2018

*Previously released assay results

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 focus, activities, objectives and other details of the 2017 and 2018 Exploration Programs, the nature of the mineralization in the McFinley Deposit and plans for future drilling of the Deposit, the anticipated timing, activities, objectives and other details of the test trial mining program at the Phoenix Gold Project and the anticipated timing of the delivery of the NI 43-101 Mineral Resource Estimate.

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.

SOURCE Rubicon Minerals Corporation