Page 62 By Gregory Reynolds Rubicon Minerals Corporation is on track to deliver an updated NI 43101 Mineral Resource Estimate in the sec ond half of 2018 Rubicon is an advanced gold explora tion company that owns the Phoenix Gold Project located in the prolifc Red Lake gold district in Northwest ern Ontario Canada Additionally Rubicon controls over 280 square kilometres of prime explo ration ground in Red Lake and more than 900 square kilometres of min eral property interests in the emer g ing Long Canyon gold district that straddles the NevadaUtah border in the United States Infrastructure and permits are in place for the Phoenix C770 mill ion will be spent on infrastructure and devel opment Rubicon president and CEO Geor ge Ogilvie P Eng commente d we believe the expanded 2018 explo ration program allows us to gather additional data that is critica l to po tentially improving the classifcation and growing the mineral resources at the Phoenix Gold Project Equally important we believe that the data we will re ceive from the increased 25000 to 30000 tonnes of mineralized mate rial from test mining will help to refne and vali date a new geological model and updated Min eral Resource Estimate As we make substantial progress on the Phoenix Im also pleased to see our exploration activities begin in relation to close proximity tar gets in and around the Phoenix The Phoenix Gold Proj ect is located in the south western part of Bateman T ownship within the Red Lake Mining District of Northwestern Ontario The T own of Red Lake is approximately 150 kilo metres northwest of Dryden Ontario and 265 km northeast of W innipeg Manitoba The total area of the mineral tenure is 5104 hectares The Phoenix is cen tred on the historical McFinley Shaft now called the Phoenix Shaft Recent company highlights Completed a successful 2017 explo ration program at the Phoenix Gold Project with encouraging drill results Exploration continues with an ex panded 2018 Exploration Program that includes 24000 metres of drill ing 25000 to 30000 tonnes of test ing mining and bulk sample process ing and work on the Close Proximity exploration tar gets near the project Preliminary Structural Interpretation of the F2 Gold Deposit demonstrates better continuity of gold mineraliza tion compared to the 2016 interpre tation and T est mining is underway with more than 10000 tonnes of stockpiled mineralized mat erial on surface Deposit type Highgrade Archean lode gold under ground Stage Advanced exploration Infrastructure 1250 tpd mill circuit 9 km UG development shaft Royalties 30 Franco Nevada 20 on water claims Royal Gold 10 on land claims The exploration and mining history of the Red Lake Mining District dates back to 1925 when signifcant gold was frst discovered by prospector L B Howey The Phoenix previously known as the McFinley property was initially staked and owned by McCallum Red Lake Mines Ltd in 1922 After a se ries of ownership changes Rubicon optioned the property from Dominion Goldfelds Corporation in two agree ments in 2002 The surface rights of the Patented Claims are now owned by 0691403 BC Ltd a wholly owned subsidiary of Rubicon Since acquiring the Phoenix Rubicon has conducted an extensive explora tion program which includes geolog ical mapping relogging of selected historic boreholes digital compilation of available historical data ground and airborne magnetic surveys me chanical trenching channel sampling bathymetric survey airborne high resolution resistivity and induced polarization DCIP T itan 24 geo physical survey petrographi c study topographic survey data modelling and processing along with numerous drilling programs Since 2002 and up to Nov 1 2015 Rubicon has completed 523283 m of core drilling 235228 m from the surface and 288055 m from under ground stations on the Phoenix During this period 450175 m of drill ing tar geted the F2 gold system Since Oct 31 2012 561 new core boreholes 94575 m have been drilled with the majority of the new boreholes con sisting of infll drilling tar geting the Main Zone of the F2 Gold Deposit from under ground drilling stations Page 60