Rupert Resources Ltd (“Rupert” or “the Company”) announces a baseline resource for its Pahtavaara Project in the Central Lapland Greenstone Belt of Northern Finland (the “Pahtavaara Project”). The Pahtavaara Project comprises a permitted 1,400tpd mill, 35km of underground infrastructure and a land package of 225km2.
The new Inferred Resource of 4.6Mt grading 3.2g/t Au (474koz) is reported using a 1.5g/t cutoff and is based on an updated geological interpretation of the deposit following a review all available data that has been collected over the past 30 years. The new estimate represents a significant uplift in grade and tonnage from the historically disclosed Measured and Indicated Resource of 1.3Mt grading 2.1g/t in Measured and Indicated categories (85koz) and 1.5Mt grading 1.8g/t in Inferred category (84koz) calculated using a 0.5g/t cutoff prepared in 2014 (see Rupert’s September 8, 2016 press release). The new resource includes over 50,000m of drilling completed by Rupert up to the end December 2017 along with drilling by the previous owners since the last resource estimate. The drilling has confirmed that the Pahtavaara deposit is demonstrably open at depth and along strike. The modelling work also estimated that 441koz has been mined from Pahtavaara historically (consistent with production data from 1996 to 2014) indicating a yield of over 2,000oz/vertical meter for the Pahtavaara Project.
James Withall, Chief Executive of Rupert Resources said “The resource reported today represents a significant increase from the historical resource and confirms that Pahtavaara is indeed a larger deposit than previously considered with a mineralisation style consistent with other Greenstone belts. Gold mineralisation is believed to continue both along strike and at depth in close proximity to the existing resource.”
Work in 2018 is focussed on increasing the confidence level of the new resource. A 5,000m underground channel sampling program is underway within the current underground infrastructure to delineate new additional mineralisation with potential to add further to the new resource. Further to this, 42% of almost 320km of diamond drilling remains unsampled at Pahtavaara and a significant amount of this drill core remains at the site. All sampling gaps in diamond drilling have been assumed to have no mineralisation for the purpose of the new resource model so an infill assay program is planned to sample these intersections within the model and additional prospective areas based on the updated geological interpretation.
For full announcement including diagrams and technical appendices see 160416 – Pahtavaara baseline resource_FINAL