Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) provides additional assay results from its 2019 drilling program at the Phoenix Gold Project.

(This news release contains information regarding Mineral Resource estimates and other forward-looking information about potential future results and events. Please refer to the Cautionary Statements at the end of this this news release.)

Assay Results Highlights (as of September 30, 2019) representing approximately 13,000 metres of drilling:

Drilling program at the 610- and 685 m Levels with the objective of 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:

• 685L-19-06: 7.25 g/t Au over 3.6 m (High-Ti Basalts);
• 685L-19-07: 22.89 g/t Au over 1.3 m (including 91.91 g/t Au over 0.8 m) (High-Ti Basalts);
• 685L-19-07A: 9.88 g/t Au over 1.0 m (High-Ti Basalts);
• 685L-19-10: 6.94 g/t Au over 2.0 m (including 12.80 g/t Au over 1.0 m) (High-Ti Basalts);
• 685L-19-11: 8.35 g/t Au over 7.1 m (including 17.45 g/t Au over 2.5 m) (High-Ti Basalts).

2019 drilling results to-date

The 2019 oriented diamond drilling program was designed to upgrade a significant portion of the Inferred Mineral Resource estimate to the Measured and Indicated categories, as well as advance the current understanding of the high-grade mineralization potential at depth, below the anticipated 854 m Level. Assay results from exploration drill hole samples collected to-date show the likely potential to convert the Inferred Mineral Resource estimates in targeted areas, especially between the anticipated 854 m Level and the 1,220 m Level. The assay results also demonstrate continuity of high titanium basalt units (“High-Ti Basalts“) and associated gold mineralization to depth. Please see Table 1 and Diagrams 1 to 12 for the summary of the assay results and the plan and section views of the drilling, respectively. Please see May 23, 2019 news release for previously released assay results (and diagrams) from the 2019 drilling program.

Rubicon continues to encounter high-grade mineralization at both narrow and wider horizontal widths, intersected within the High-Ti Basalt, the main host rock of gold mineralization at the Project. The Company also continues to build on the current understanding of the structural geology at depth with the use of oriented drill core. Rubicon has continued to expand its preliminary models of the High-Ti Basalt lithology and of the East Bay Deformation Zone, both created from the ongoing oriented core diamond drilling program. This has enhanced the understanding of the mineralization and improved drill targeting at depth.

Path forward

Rubicon is scheduled to release an updated Mineral Resource estimate sometime between late fourth quarter 2019 to early first quarter 2020. The potential to expand the Measured and Indicated Resource estimates above a 750,000-ounce threshold would give the Company confidence to proceed with additional feasibility work on the Project, mostly targeted at generating a new life of mine plan. The Company has commenced preliminary feasibility work on the Project related to the surface infrastructure upgrades (tailings management facility, ammonia treatment plant, crushing plant and minor mill equipment, buildings, etc.) and gathering quotes on underground mobile equipment.

CEO’s Comments

George Ogilvie, P.Eng., President and CEO of Rubicon, commented, “Over the last couple of years, we have systematically expanded the Measured and Indicated Resource estimates of the Phoenix Gold Project with our targeted infill and expansionary orientated diamond drilling programs. These diamond drilling programs have improved the average drill spacing for the potential Measured and Indicated Resource categories to 15.7 m and 32.3 m centres, respectively. We have a strong understanding of where to drill the deposit to give us the drill-density needed to upgrade and add Resource blocks in the model, which will build upon the conceptual mine plan that was outlined in our new Preliminary Economic Assessment. Based on the continuity of mineralization that we are seeing in the assay results collected this year, we are anticipating a similar trajectory in the expansion of Measured and Indicated Resource estimates. We plan to release the updated Mineral Resource estimate for the Project in late 2019 or early 2020, which could give us the green light towards commencing a full Feasibility Study in early 2020. In the interim the Company will begin some preliminary feasibility work, mostly around costing and planning for additional surface infrastructure.”

For further information on the new Preliminary Economic Assessment for the Project  see the Company’s news release dated August 19, 2019 and the updated NI 43-101 Technical Report for the Project effective as of the same date and filed on September 23, 2019, both of which are available under the Company’s profile on www. sedar.com and on our website www. rubiconminerals.com.

Qualified Persons and QA/QC

The content of this news release has been read and approved by Michael Willett, P.Eng., Director of Projects, and, was also verified by, Isaac Oduro, P.Geo., Manager of Technical Services, for Rubicon. Both are Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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 Section 12 of the updated NI 43-101 Technical Report for the Project effective August 19, 2019 and filed on September 23, 2019 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 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 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.

Table 1: Summary of the 2019 Drilling Assay Results, up to September 30, 2019

Diagram 1: 2019 Drilling Results 2019 Mineral Resource Block Model Zone 2 (@ 3.0 g/t Au Cut-off Grade) Longitudinal view looking east (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 2: 2019 Drilling Results 2019 Mineral Resource Block Model Zone 2 (@ 3.0 g/t Au Cut-off Grade) (CNW Group/Rubicon Minerals Corporation)

Diagram 3: 2019 Drilling Results Section view (1) hole 610L-19-06 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 4: 2019 Drilling Results Section view (2) hole 610L-19-08 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 5: 2019 Drilling Results 2019 Mineral Resource Block Model Zone 2 (@ 3.0 g/t Au Cut-off Grade) (CNW Group/Rubicon Minerals Corporation)

Diagram 6: 2019 Drilling Results Section view (1) hole 685L-19-08 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 7: 2019 Drilling Results Section view (2) hole 685L-19-06 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 8: 2019 Drilling Results Section view (3) hole 685L-19-09 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 9: 2019 Drilling Results Section view (4) hole 685L-19-10 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 10: 2019 Drilling Results Section view (5) hole 685L-19-11 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 11: 2019 Drilling Results Section view (6) hole 685L-19-05 looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)

Diagram 12: 2019 Drilling Results Section view (7) hole 685L-19-07 looking north (mine grid) Section view (8) hole 685L-19-07A looking north (mine grid) (CNW Group/Rubicon Minerals Corporation)