Rupert Resources Ltd (“Rupert” or “the Corporation”) announces changes to its Board to take place with immediate effect. Michael Ouellette, Chief Executive Officer of a US based family office and George Ogilvie: P.Eng., President and Chief Executive Officer of Rubicon Minerals Corporation will join the Board as Non-Executive Directors. Robert Suttie, a Non-Executive Director since November 2017 is to retire from the Board.
Chairman of Rupert Resources, Gunnar Nilsson said “Michael and George bring extensive financial, technical and operational experience to Rupert as we look to build on the new discoveries at Area 1 and advance the Pahtavaara Project. I would also take this opportunity to thank Rob Suttie for his valued contribution to the Company since 2017.”
Michael Ouellette currently serves as Chief Executive Officer for a US-based family office and has over two decades of executive leadership in the family office industry. Throughout most of his career, he has worked with closely-held companies, private and public investments, and on board governance including several appointments as a Director or an advisor for private and non-profit organizations. He has a degree in Business Management from the University of Maine and also holds a Masters Degree in Public Policy with a specialization in Financial Management from the Muskie School of Public Policy at USM. Mr. Ouellette will chair the Audit Committee of the Corporation.
George Ogilvie is a mining industry executive with more than 30 years of management, operating, and technical experience in the mining industry. Previously, Mr. Ogilvie was the CEO of Kirkland Lake Gold Inc., where he and his team improved operations at the Macassa Mine and elevated the company’s profile with the acquisition of St. Andrew Goldfields. Prior to this, Mr. Ogilvie was the CEO of Rambler Metals and Mining PLC (“Rambler”), where he and his team guided the evolution of the company from grassroots exploration to a profitable junior producer. Mr. Ogilvie began his mining career in 1989 with AngloGold in South Africa working in the ultra-deep, high-grade, gold mines in the Witwatersand Basin. In 1997, he was the Mine Superintendent at the Ruttan Mine in Northern Manitoba for HudBay Minerals Inc. (formerly Hudson Bay Mining and Smelting Co. Ltd.). In 2004, Mr. Ogilvie joined Dynatec Corporation as their Area Manager for the Sudbury Basin and later worked at the McCreedy West Mine as Mine Manager. In 2007, he joined Rambler as Chief Operating Officer, later becoming President and CEO. Mr. Ogilvie received his B.Sc. (Hons.) in Mining and Petroleum Engineering from Strathclyde University in Glasgow, Scotland, holds his Mine Managers Certificate (South Africa) and is a registered Professional Engineer in Ontario, Canada
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 intersected gold mineralisation within a pyrite-quartz vein stockwork that is up to 20m wide and has a projected strike length from drilling to date of at least 400m. The mineralisation remains open to the north east, the west and at depth with latest IP geophysics suggesting an un-tested offset to the sulphide zone. Heinä South is located 1km north-west of the new Ikkari discovery where hole 120042 intersected 1.8g/t Au over 137m (see release dated May 12, 2020).
Highlights
The Heinä South target area is approximately 1km2 (figure 1) with a high concentration of base of till anomalies. Drilling to date has focused on the northern-most part of the prospect.
James Withall, CEO of Rupert Resources commented “The exploration drilling program at Area 1 has delivered some fantastic results from numerous targets. Heinä South, under up to 20m of cover has recorded the highest-grade intersection to date outside of our Pahtavaara mine. We have yet to test the full extent of the gold anomalism at this target with mineralisation identified in both a stockwork vein setting and within neighbouring intrusive rocks. The geology team continue to build up our inventory of close proximity targets at Area 1 that itself represents just a fraction of the almost 300km2 licence package.”
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Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 29, 2020 and accompanying Managements Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website and on Sedar at www.sedar.com.
During the 12 months ending February 29, 2020, the Company spent $9,571,101 (12 months ended February 29, 2019 – $6,579,680) on its exploration projects. As of February 29, 2020, Rupert held cash or cash equivalents of $14,313,403. The Company recorded a net loss and comprehensive loss for the year of $(5,159,127) (12 months ended February 28, 2019 – $(6,171,061)) and a net loss per share of $(0.04) (12 months ended February 28, 2019 – $(0.05)).
James Withall, Chief Executive Officer of Rupert Resources said,
“We ended the financial year with a greatly improved capital structure and healthy balance sheet following the $13.1million strategic investment by Agnico Eagle in February. These funds have allowed acceleration of exploration efforts across the Pahtavaara project. At Area 1 we have now made six new discoveries within 12 months (including the 1.8g/t over 137m intercept at the Ikkari discovery in May 2020). Looking forward, our disciplined exploration approach will begin the progression of our top ranked prospects towards resource status and following a mine resource update work will begin to better understand the economic parameters at the Pahtavaara mine.“
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Rupert Resources Ltd (“Rupert” or “the Company”) reports results from ongoing exploration activities at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
The Company has completed 8,858m of exploration drilling at the Pahtavaara Mine, since October 2019, successfully defining multiple new high grade gold intersections outside of the current known resource, in areas of limited historic drilling and in close proximity to the existing open pits and underground infrastructure.
T-Vein and East Vein lie to the south of main trend targeted by prior operators in a relatively underexplored area of the Pahtavaara mine. The strike length of this structure is 600m and potentially links to the Karoliina zones in the west.
James Withall, CEO of Rupert Resources commented
“The exploration at the mine since late 2019 demonstrates the effectiveness of systematic drill targeting based on our new geological model at the mine. The results show continuity of the gold mineralisation, define extensions to surface and very high-grade intersections compared to previous mining and resource statements. This drilling will contribute to an updated resource in the coming months. More importantly, it has provided the geological confidence to step out drilling further to explore potential extensions to the known deposit.”
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Rupert Resources Ltd (“Rupert” or “the Company”) today reported results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
The Company has drilled a significant gold hosting structural zone at a newly identified target called Ikkari. 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 (see Figure 1).
The Ikkari target is a linear anomaly extending over 500m of strike in base of till sampling. The first two drill holes into the target are located 100m apart (see Figure 2).
James Withall, CEO of Rupert Resources commented
“These first two holes at Ikkari are the most significant intersections of our regional exploration program to date, showing continuity of grade, across a broad shear-zone structure. So far, we have only drilled 100m of the interpreted strike; the base of till anomaly has a strike extent over 500m and this is limited only by the current extent of our sampling. Our recent Saittä discovery is proximal to the same regional structure 5km to the east. Rupert’s exploration team have demonstrated yet again the success of their systematic approach to exploration delivering a sixth new discovery in just over 12 months.”
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Rupert Resources Ltd (“Rupert” or “the Company”) provides detail of response to the COVID-19 pandemic and an update on exploration activities in Finland at the Pahtavaara Project. The Company is committed to the ensuring the health and safety of its staff and is following the recommendations of the Finnish Government. To date no-one has been diagnosed with COVID-19, staff are working from home where possible, minimising direct contact and ensuring strict hygiene standards. Rupert’s geology and care & maintenance teams are resident in Sodankylä, Finland, a 35km drive from the Pahtavaara Project which has enabled the exploration programs to continue. Rupert has a strong balance sheet following the $13.1million investment by Agnico Eagle in February and has the flexibility to scale up and down the planned work programs. The Company is actively monitoring the situation and will take appropriate actions as circumstance or advice changes.
Exploration update
Over 15,000m of regional exploration and 6,500m of mine exploration drilling has now been completed this winter with results confirming multiple new gold / gold-copper occurrences across the licence holding and extensions to known mineralisation. Assay results remain pending for approximately 6,000m of drilling and will be released with further updates.
Area 1 – Five new gold discoveries in the first 15 months exploring an area with no previous work. Area 1 represents just 10% of the Pahtavaara Project licences and only 5km of the 20km long domain bounding structure that is a focus of our regional exploration. The end of this year’s winter drilling program has focussed on the Heinä South prospect. This prospect has the highest concentration of high-grade base of till anomalies (up to 11g/t Au) on Rupert’s property. The first holes have intersected a pyrite-quartz vein stockwork that trends towards the ENE, is up to 10-20m wide and so far has a projected strike length of 240m, remaining open to the north east, the south and at depth.
Pahtavaara Mine – Drilling at the fully permitted gold mine was completed in March and geological modelling is now underway. The program successfully identified new mineralised zones at Harpoon, NFE, East Pit and T-Zone. On receipt of remaining assays resource modelling will commence with expected completion in the next 3 months.
James Withall, CEO of Rupert Resources commented “The strategy of Rupert Resources is to demonstrate the economic potential of the entire Pahtavaara Project, including the permitted mine. The team have transformed Area 1 from a conceptual regional target, into a highly prospective mineralised region with multiple gold and gold-copper occurrences. Drilling here will focus defining the scale of these occurrences and our generative exploration program will evaluate other targets on our large strategic landholding. Further, the success of drilling new high-grade zones at the Pahtavaara mine and depth extensions to the Hirvi satellite project bring potential to add to our existing resource base.”
Town hall webinar – April 16, 2020 (11am EST)
James Withall will present an overview of Rupert’s strategy and provide an update on exploration activities at the Pahtavaara Project. Registration is via the following link: Rupert webinar registration – April 16, 2020
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200414_Covid_Response_&_Exploration_Update_Final
Rupert Resources Ltd (“Rupert” or “the Company”) reports results from its Hirvi satellite project, drilled as part of its ongoing regional exploration program. The Hirvi Project is a known gold occurrence with limited historical drilling located in close proximity to the two permitted mills in the region – 53km north west of Rupert’s Pahtavaara mine and 19km south of the Kittilä mine operated by Agnico Eagle Mines (see figure 1).
Highlights
• Hole 119202 intersected 1.4g/t Au over 38.0m supporting broad, structurally controlled quartz-sulphide mineralisation in historic RC drilling.
• Hole 119202 also intersected a parallel, near-surface zone of mineralisation grading 2.2g/t Au over 4m from 15m. This zone was supported by 1.5g/t Au over 7.0m from 58.0m in hole 119204.
• Hole 119209 extended the central mineralized zone to 100m vertical depth with 1.3g/t Au over 53.0m from 72m and hole 119205 intersected mineralisation at 160m vertical depth in the southern extent
• Strike extended from 140m in historic drilling to in excess of 300m by this program
James Withall, CEO of Rupert Resources commented “Initial results from a 1,881m program at the Hirvi target, one of seven advanced targets in Rupert’s exploration pipeline, successfully supported historic mineralisation and demonstrated potential for the wide mineralised zone at surface to extend to significant depth. This is a great result and adds to Rupert’s inventory of exploration discoveries at the Pahtavaara Project in Northern Finland. Following the $13.1 million strategic investment from Agnico Eagle Mines we are now expanding our regional exploration program to drill a further 25,000m over 2020 and further work is planned at Hirvi in the next few months to establish the potential to expand the prospect.”
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Rupert Resources Ltd (“Rupert” or “the Company”) provides an update on regional exploration program at its 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt of Northern Finland. Two new discoveries have been made at Area 1, 20km from the Pahtavaara mill.
Highlights
• Island North discovery
Three mineralised zones within a 60m wide envelope. Hole 120015 intersected 249g/t Au over 0.5m within a 10m mineralised fault zone. Hole 119054 intersected two zones, 1.2g/t Au & 0.4% Cu over 11m from 68m and 15.1g/t Au over 2m from 103m.
• Saitta discovery
First results received from two holes 120m apart include 1.4g/t Au over 11m from the top of bedrock at 9m (incl. 5.2g/t over 1m) in hole 120002 and multiple mineralised intercepts in hole 120003 including 2.6g/t Au over 3m from 121m (incl. 5.4g/t over 1m). This intercept is within a 13m mineralised zone from 117m with 2m of core loss
James Withall, CEO of Rupert Resources commented “Our goal for 2019/2020 exploration program was to develop a pipeline of exploration targets each with the potential of becoming an orebody. In less than 12 months we have made five new discoveries beyond the Pahtavaara mine and importantly the drilling is demonstrating Area 1 has the requisite host rocks, fluid conduits and deep magmatic source to yield significant mineralisation. Recent funding from our new strategic partner, Agnico Eagle Mines, allows us to extend our exploration drilling programs throughout 2020, testing further new targets and following up the multiple discoveries the team has delivered.”
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