Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
The Company has demonstrated further scale to the significant gold-hosting structural zone at the recently identified Ikkari discovery. The target was identified using base of till sampling at Area 1, a 5km long highly prospective section of a regional domain-bounding structure (figure 1), 20km of which is contained within Rupert’s contiguous land holding. Two rigs are currently active at Ikkari, targeting areas that could expand the currently identified envelope of mineralisation.
Highlights
* highlights only, from 12 intercepts within the mineralised interval of >5g/t Au (see tables 3 and 4 for details)
James Withall, CEO of Rupert Resources commented “These are the best results so far from Ikkari and indicate potential for a very wide zone of gold mineralisation which, if sub-vertical, could be up to 200m horizontal width in the first complete section of the main zone, and with evidence of a higher-grade component. Ongoing drilling will attempt to further define the extent of the mineralised envelope at Ikkari which remains open in all directions with mineralisation shown to commence at surface to a vertical depth of at least 230m (the limit of current drilling).”
For full release including diagrams and tables please follow the link below
Rupert Resources Ltd. (“Rupert” or the “Company”) reports that it has entered into an arm’s length, definitive agreement to joint venture the Company’s Gold Centre property in Red Lake, Ontario with Trillium Gold Mines Ltd (“Trillium” or “TGM”).
Rupert and Trillium will form an unincorporated joint venture with respect to the Gold Centre property. Trillium will have an 80% participating interest (a “Participating Interest”) in the joint venture and Rupert will have a 20% carried Participating Interest. In order to maintain its 80% Participating interest, Trillium will be required to spend CAD $2,000,000 per annum in each of the first five years and CAD $500,000 in each subsequent year. Further, Trillium will issue to Rupert 500,000 common shares upon the start date of the joint venture and on each anniversary thereof for the subsequent three years, for a total of 2,000,000 common shares. A management committee will be established comprising members from both Trillium and Rupert to administer decision making of the joint venture.
Rupert will not be required to contribute any funds for the benefit of the Joint Venture on account of its 20% carried Participating Interest. After the completion of a positive feasibility study and a decision to proceed to production, expenditures representing Rupert’s 20% Participating Interest will be treated as a loan by Trillium to Rupert (the “Carried Interest Loan”). The Carried Interest Loan is non-recourse against Rupert except through payment of Rupert’s 20% share of output from the Gold Centre property or of earnings from the production of minerals at the Gold Centre property. Rupert will have the right at any time to pay all, or any portion of, the amounts outstanding under the Carried Interest Loan without notice, bonus or penalty, provided that any such repayment is accompanied by all accrued but unpaid interest.
James Withall, Chief Executive of Rupert Resources said “This transaction fits with our aim to demonstrate the potential value of all the assets of the Company whilst also ensuring the Company can remain focussed on the Pahtavaara project that continues to yield significant new discoveries. Trillium have committed to spend at least CAD $10M over the first 5 years of the agreement at Red Lake and have defined an exploration strategy to target the potential extension of the Red Lake mine on to the property. Furthermore, Rupert Resources shareholders are free carried to a production decision, retain a 20% direct ownership in the asset and have a direct equity position in Trillium that has a portfolio of highly prospective projects in the Red Lake Mining Camp.”
For pdf of full release including further details of the transaction please follow the link below:
Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
The Company has demonstrated further scale to the significant gold-hosting structural zone at the recently identified Ikkari discovery. The target was identified using base of till sampling at Area 1, a 5km long highly prospective section of a regional domain-bounding structure, 20km of which is contained within Rupert’s contiguous land holding. Two rigs are currently active at Ikkari, targeting areas that could expand the currently identified envelope of mineralisation.
Highlights
James Withall, CEO of Rupert Resources commented “These initial holes represent just 1200m of the planned 50,000m regional programme and continue the success of previous drilling at the significant Ikkari discovery. The mineralised envelope of the system remains open in all directions and further results will be released as they become available in the weeks ahead.”
Rupert Resources Ltd (“the Company”) announces the issue of options to acquire shares in the Company (“options”) in accordance with the Company’s Stock Option Plan dated August 6, 2010 (the “plan”).
The Company granted a total of 1,885,000 options to certain directors, officers, employeesand consultants of the Company. The options were granted on August 10, 2020 with an exercise price of $3.20 per share. The options are exercisable for a four-year period from the date of grant, with 50% of the options vesting after 12 months and the remainder after 24 months.
Following the award of the options, there are 11,355,000 options outstanding under the plan, representing 6.9% of the issued and outstanding shares of the Company.
About Rupert
Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland (“Pahtavaara”). Pahtavaara previously produced over 420koz of gold and 474koz remains in an Inferred mineral resource (4.6 Mt at a grade of 3.2 g/t Au at a 1.5 g/t Au cut-off grade, see the technical report filed on SEDAR entitled “NI 43-101 Technical Report: Pahtavaara Project, Finland” with an effective date of April 16, 2018, prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an independent qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects). This mineral resource estimate was calculated using the multiple indicator kriging method (MIK) and is classified as Inferred as defined by the CIM. Numbers are affected by rounding. A cut-off of 1.5g/t Au was selected for the reported estimate based on historical breakeven operating costs, recoveries of 85% and a gold price of EUR950/oz. Mineral Resources do not include Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.
The Company also holds a 100% interest in two properties in Central Finland – Hirsikangas and Osikonmäki; the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake, Ontario; and the Surf Inlet Property in British Columbia.
Rupert Resources Ltd. (“Rupert Resources” or the “Company”) reports that it has published its financial results for the three months ending May 31, 2020 and accompanying Management Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
Operating highlights
During the quarter the Company demonstrated continued success with its systematic exploration both at the Pahtavaara mine and on regional exploration. The highlight in the period was the Ikkari discovery where significant broad structurally hosted gold mineralisation has been demonstrated over a strike length of 450m. Post period, in July 2020 Rupert commenced a 40,000m to 50,000m diamond drill program to further evaluate the six new discoveries made to date in an area within the Pahtavaara licence package known as Area 1, as well as to continue testing new regional targets generated by the exploration team. Base of till (“BoT”) sampling continues across the Pahtavaara licence area, with circa 10,500 samples collected to end-June 2020 over geophysical anomalies of interest.
Financial highlights
During the three months ending May 31, 2020, the Company spent $3,302,462 (3 months ended May 31, 2019 – $1,514,781) on its exploration projects. As of May 31, 2020, Rupert held cash or cash equivalents of $9,523,963. Post period the Company raised a further $25,600,000 (before expenses) through concurrent equity financings. The Company recorded a net loss and comprehensive loss for the quarter of $(1,059,544) (3 months ended May 31, 2019 – $(1,306,280)) and a net loss per share of $(0.01) (3 months ended May 31, 2019 – $(0.01)).
James Withall, Chief Executive of Rupert Resources said “Following the completion of the $25.6million equity financings at the end of July the company is well positioned to increase the intensity of our regional exploration activities at the Pahtavaara Project. Drilling recommenced in mid-July with the goal of defining the scale of the new Ikkari discovery as well as following up and identifying multiple new targets along the 20km long structural corridor that makes up part of our wholly owned 325km2 land package.”
Link to full release including disclaimers
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Rupert Resources Ltd. (“Rupert Resources” or the “Company”) reports that it has closed the previously announced concurrent equity financings raising a total of C$25,600,000. The financings comprised two components: a bought deal equity offering (the “Public Offering”); and a private placement (the “Private Placement”) with existing shareholders, including Agnico Eagle Mines Limited (“Agnico Eagle”).
A total of 5,295,999 common shares in the capital of the Company (the “Common Shares”) were issued pursuant to the Public Offering at a price of C$3.20 per Share (the “Offering Price”) for gross proceeds of approximately C$16,947,197, which includes the exercise, in full, of the underwriter’s over-allotment option of an additional 690,782 Common Shares. The Public Offering was conducted by BMO Capital Markets.
The Public Offering was completed pursuant to a short form prospectus dated July 21, 2020 (the “Prospectus”) in British Columbia, Alberta, Ontario and Newfoundland and Labrador, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable state securities laws. The Public Offering and the Private Placement remain subject to the final approval of the TSX Venture Exchange.
Rupert Resources also issued 2,704,001 Common Shares at the Offering Price in a concurrent Private Placement on substantially the same terms as the Public Offering (for gross proceeds of C$8,652,803), which includes 352,697 Common Shares pursuant to the option granted to the Private Placement participants to purchase additional Common Shares representing up to 15% of the number of Common Shares subscribed by each of them. Agnico Eagle exercised its participation right to subscribe for 791,500 Common Shares, retaining a 14.9% interest in the Company on a fully diluted basis (when including 11,543,704 common share purchase warrants exercisable at C$1.00 per Common Share acquired by Agnico Eagle in February 2020 as previously disclosed).
The issuance of the Common Shares to Agnico Eagle constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by, Agnico Eagle would exceed 25.0% of the Company’s market capitalization. . The Company did not file a material change report 21 days prior to the closing of the Public Offering, which the Company deemed reasonable in the circumstances in order to complete the Private Placement in a timely manner.
All Common Shares issued under the Private Placement are subject to a four-month and one-day hold period, expiring on November 24, 2020.
The net proceeds of the Public Offering and of the Private Placement will be used for on-going exploration expenditures on the Company’s properties in Finland and for general corporate purposes.
James Withall, Chief Executive of Rupert Resources said “The funds raised allow us to accelerate drilling of the new Ikkari discovery whilst continuing our proven regional campaign which continues to generate new targets along a 20km structural corridor at the Pahtavaara Project. The participation of existing shareholders together with a number of new institutional investors is supportive of the Company’s view of the prospectivity of the Pahtavaara Project and management’s systematic exploration strategy.”
For pdf of full release please follow link below
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Rupert Resources Ltd. (“Rupert Resources” or the “Company”) is pleased to announce that it has entered into an agreement with BMO Capital Markets (“BMO”), as sole underwriter, under which BMO has agreed to buy, on a bought deal basis 4,605,217 common shares (the “Common Shares”), at a price of C$3.20 per Common Share (the “Offering Price”) for gross proceeds of approximately C$14,737,000 (the “Public Offering”). The Company has also granted the Underwriters an option (the “Over-Allotment Option”), exercisable at the Offering Price for a period of 30 days following the closing of the Public Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, on substantially the same terms as the Public Offering.
The Company is also pleased to announce that it has agreed to a concurrent private placement of up to 2,351,304 Common Shares at the Offering Price on substantially the same terms as the Public Offering (the “Private Placement”). In addition, shareholders participating in the Private Placement will each have the option to purchase a number of additional Common Shares representing up to 15% of the number of Common Shares subscribed by each of them on closing.
In respect of the Public Offering, the Common Shares will be offered by way of a short form prospectus in British Columbia, Alberta, Ontario and Newfoundland and may also be offered by way of private placement in the United States. Both the Public Offering and the Private Placement are expected to close on or about July 23, 2020 and such closings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The net proceeds of the Public Offering and of the Private Placement will be used for on-going exploration expenditures on the Company’s properties in Finland and for general corporate purposes.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
Rupert Resources Ltd (“Rupert” or “the Company”) reports new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
The Company has demonstrated extension to the significant gold hosting structural zone at the recently identified Ikkari discovery. The target was identified using base of till sampling at Area 1, a 5km long highly prospective section of a regional domain-bounding structure, 20km of which is contained within Rupert’s contiguous land holding.
Highlights
• Hole 120059 intersected 15.2g/t gold over 13m from 121m including 36.6g/t over 5m and including 162g/t over 1m. The hole was drilled 300m east from hole 120042 drilled previously.
• Hole 120061 intersected multiple mineralised zones, the highest grade being 4.1g/t Au over 47m from 273m including 11.9g/t over 13m and including 107g/t over 1m. The hole is 70m further east from hole 120059 and demonstrates the potential for depth extension to the mineralising system.
James Withall, CEO of Rupert Resources commented “These latest Ikkari holes show the gold mineralising system remains broad and continuous towards the eastern end of the 500m initial base of till (BoT) anomaly. Drilling will recommence in the coming weeks to continue testing this target along with our on-going new target generation program. Further, we have begun extending the BoT sampling programme along structure towards the Saittä discovery some 5km to the east.”
Link to full release including images and tables below
