Rupert Resources Ltd. (“Rupert” or “the Company”) announces the closing of the non-brokered private placement with Agnico Eagle Mines Limited (“Agnico”), which was previously announced by the Company on February 10, 2020. As a result, Agnico now holds 9.9% of the issued and outstanding common shares of Rupert (“Common Shares”) on a non-diluted basis, and warrants to acquire an additional 11,543,704 Common Shares, representing an aggregate of 16.1% of the issued and outstanding Common Shares on a partially-diluted basis.
Agnico has acquired 15,391,605 units of the Company (the “Units”) at a subscription price of C$0.85 per Unit, for gross proceeds to Rupert of C$13,082,864. Each Unit is comprised of (i) one Common Share; and (ii) 0.75 of a non-transferrable, common share purchase warrant, which will entitle Agnico to purchase, for a period of three years from the date of issue, one Common Share for each whole warrant at an exercise price of C$1.00 per Common Share. The warrants provide that, beginning two years from the date of issue, if the price of the Common Shares on the TSX Venture Exchange exceeds C$1.25 per Common Share for at least 20 consecutive trading days, Rupert shall have the right to accelerate, by notice to Agnico, the expiry date of the warrants to 30 calendar days after the date of such notice (such that Agnico may either exercise all or a portion of the warrants in such 30 day period, or failing such exercise, any unexercised warrants would expire). Concurrently with the strategic investment, Agnico and Rupert have entered into an investor rights agreement.
The proceeds will be used to further advance exploration of Rupert’s 100% owned Pahtavaara Project in Northern Finland. In accordance with applicable securities laws, the securities issued to Agnico are subject to a four month hold period, expiring on June 12, 2020.
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Rupert Resources Ltd. (“Rupert” or “the Company”) announces a non-brokered private placement with Agnico Eagle Mines Limited (“Agnico”) that will result in Agnico holding, after giving effect to the placement, 9.9% of the issued and outstanding common shares of Rupert (“Common Shares”), on a non-diluted basis, and warrants to acquire an additional 11,543,704 Common Shares, representing an aggregate of 16.1% of the issued and outstanding Common Shares on a partially-diluted basis. Agnico subscribed for 15,391,605 units of the Company (the “Units”) at a subscription price of C$0.85 per Unit, for gross proceeds to Rupert of C$13,082,864. The proceeds will be used to further advance exploration of Rupert’s 100% owned Pahtavaara Project in Northern Finland.
James Withall, CEO of Rupert commented “The strategic investment by Agnico, one of the world’s premier gold mining companies and the operator of the Kittilä mine, Europe’s largest gold mine located 50km from Rupert’s Pahtavaara Project, will help unlock the potential of our ground and validates Rupert’s exploration in the region. The new investment is expected to fund Rupert’s exploration campaign for at least 12 months and may lead to synergies in the event Rupert’s projects progress to the development stage.”
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200210_AEM $13.1m strategic investment for 9.9% of RUP
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has today published unaudited financial results for the three and nine months ending November 30, 2019 together with Management’s Discussion and Analysis for the same period. Both of the above will be published on the Company’s website www.rupertresources.com and will also be available on SEDAR at www.sedar.com.
Operating highlights at the Company’s projects in Finland for the period are provided below.During the nine months ended November 30, 2019, the Company spent $6,017,803 (nine months ended November 30, 2018: $4,937,215) on exploration and evaluation assets. As at November 30, 2019, the Company had cash and cash equivalents of $5,075,754.
James Withall, Chief Executive of Rupert Resources commented:
“Rupert intensified its activities over the quarter with the commencement of a 7,000m drilling program at the Pahtavaara mine in October immediately yielding spectacular results in the Harpoon and NFE zones, confirming the effectiveness of the new geological model for the mine. The first results from the 15,000m regional program were also reported over the quarter with the Heina Central gold and copper discovery now shown to strike over 350m, with mineralised widths of between 10m and 75m. We are now approximately 50% through the planned regional and mine drilling campaigns.”“
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Q3 2019 results announcement
Q3 2019 – Financial Statements
Q3 2019 – MD&A
Rupert Resources Ltd (“Rupert” or “the Company”) reports further results from the 7,000m Pahtavaara mine exploration program (tables 2 & 3). The results reported today include high-grade intercepts in holes from the NFE zone where two mineralised trends are being drilled. These intersections are outside of the current known resource, in areas of limited historic drilling and in close proximity to the existing open pits and underground infrastructure.
Highlights
• NFE Lower Trend
Hole 119519 intersected 181.1g/t Au over 1.7m from 165.3m (including 438g/t Au over 0.7m) extending the width of the high-grade shoot from previous drilling by 28m. Hole 119512 intersected 111g/t Au over 0.65m from 121m in hole 119512 extending the shoot towards surface from previous drilling. The vertical extent is now estimated to be in excess of 200m
• NFE Upper Trend
Hole 119519 intersected 4.2g/t Au over 11m from 82.4m (including 6.5g/t Au over 1.3m and 25.1g/t Au over 1.1m) demonstrating increased width of this zone with depth. Holes 119509 and 119511 intersected 5.6g/t over 1.1m and 10.7g/t Au over 1.0m at between 50 to 60m depth, demonstrating the zone extends below the previously mined shallow open pit.
James Withall, CEO of Rupert Resources commented “Today’s results demonstrate increased continuity to the significant high-grade mineralisation identified in the NFE zone. The current drilling is demonstrating un-mined mineralisation with grades far higher than the April 2018 Inferred Resource.”
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Rupert Resources’ (“Rupert” or “the Company”) on-going systematic drilling campaign has confirmed a second parallel zone of mineralisation at the Heinä Central discovery in Area 1, 25km from the Pahtavaara mill.
Highlights
• Hole 119062 intersected a mineralised zone of 3.3g/t Au and 1.5% Cu over 10.6m from 84m (including 12.3g/t Au over 2.0m and 1.8% Cu over 6.0m) confirming a second higher grade mineralised zone, parallel to the main zone of mineralisation at Heinä Central
• Heinä Central continues to grow. Drilling has now intersected similar sulphide-rich breccias over a strike length of 600m of the 700m EM anomaly. The recently completed down-hole EM survey has also indicated depth potential to at least 350m
James Withall, CEO of Rupert Resources commented “These latest higher grade assay results, near to surface, and in a second zone at Heinä Central further demonstrate the potential for economic continuity of mineralisation. The results show the ongoing effectiveness of Rupert’s exploration approach to generate positive drill results across its 297km2 land package in the Central Lapland Greenstone Belt.”
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191205_high grade intercepts at Heinä Central
Rupert Resources Ltd (“Rupert” or “the Company”) is pleased to report initial results from the first 1,200m of the planned 7,000m Pahtavaara mine exploration program (tables 1 & 2). These holes are outside of the current known resource, in areas of limited historic drilling and in close proximity to the existing open pits.
Highlights
• Hole 119503 at Harpoon intersected multiple high grade zones: 5.6g/t over 6m from 69m, 13.8g/t over 3m from 83m and 62.7g/t over 11.9m (including 145g/t over 5m) from 169.6m, extending mineralisation to the north and below the existing NW open pit.
• Hole 119507 at NFE intersected 220.3g/t Au over 5m from 150m, including 2m at 550g/t Au. This hole extends mineralisation 29 metre down plunge from a previous intersection of 432g/t over 1m, hole 116051, and 40m down plunge from 245g/t over 1m, hole 116011.
James Withall, CEO of Rupert Resources commented “These extremely exciting results highlight the resource expansion potential that still exists at the Pahtavaara mine, adding new zones at Harpoon and extending a very high grade zone at NFE.“
“The drilling, planned using our latest geological model for the deposit, is demonstrating a far higher hit rate than in previous campaigns and has identified significant new mineralisation, near to surface and close to the mine infrastructure. The Pahtavaara deposit limits remain undefined, both along strike and below existing mine development which extends to 450m.”
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191119_Pahtavaara_MineEx_Final
Rupert Resources Ltd (“Rupert” or “the Company”) is pleased to report copper assays from initial Heinä Central drilling that show the wide sulphide-rich brecciated zones contain significant copper mineralisation along with the gold assays previously reported. In addition, assay results from hole 119050 extend the strike of mineralised zone at Heinä Central to 350m. New drilling at the “Island” target, 2km east of Heinä Central, provides evidence of another similar mineralised system.
Highlights
• The scale of the multiple sulphide-rich breccias that host gold and copper mineralisation at Heinä Central continues to increase. Drill results over 350m of the 700m EM geophysical anomaly show strong mineralisation. Further drilling is currently underway.
• Hole 119049 intersected two breccia zones. Copper assays from the upper zone show high grades up to 4.3% Cu associated with high grade gold zones. The lower zone which extends up to 82m includes intercepts of: 19m of 0.6% Cu & 0.7g/t Au from 125m (including 1.6% Cu & 0.3g/t Au / 3m from 126m) and 37.5m of 0.8% Cu & 0.4g/t Au from 154m (including: 1.6% Cu & 0.3g/t Au / 1m from 156m, 1.8% Cu & 0.4g/t Au / 1m from 159m, and 2.7% Cu & 0.9g/t Au / 5m from 166m)
• New drilling at a second regional target, the “Island”, following anomalous base of till sampling over EM geophysical anomalies, has intersected similar mineralisation to the Heinä Central system. This target is 2km east of Heinä Central.
James Withall, CEO of Rupert Resources commented “The latest assay results from Heinä Central demonstrate significantly increased widths as a result of the potentially economic contribution from copper, and the ever increasing scale of the mineralising system. Our exploration program continues to deliver excellent results. The intensity of the program is now increasing with three diamond rigs active, a base of till rig testing further new targets and a detailed EM geophysical survey starting next week.”
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191107 – Heina Central exploration update
Rupert Resources Ltd (“Rupert” or “the Company”) discovers a significant new mineralised body at the Pahtavaara Project, Northern Finland. Drill results from seven holes in the Heinä (previously referred to as Vuoma) Central target in Area 1, identify a sulphide body of up to 75m true thickness along a strike of at least 200m. Multiple parallel zones of gold mineralisation were also intersected. The Heinä target is located 25km from the Pahtavaara mill.
Highlights
• Gold and copper mineralisation has been intersected in multiple sulphide-rich breccias. The estimated true width of the broadest zone intersected to date is up to 75m. So far three further parallel mineralised zones have been identified along a strike length of at least 200m and the target remains open in all directions.
• Hole 119044 intersected 1.4g/t Au and 0.5% Cu / 31m from 64m within a broad mineralised sulphide zone of 54m. The hole was drilled to follow up discovery hole 119033 that ended in mineralisation.
• Hole 119046 intersected multiple gold intervals, including 1.2g/t Au / 7.8m from 62.2m, 3.7g/t / 3m Au from 102m and 1.4g/t Au / 4.3m from 140m, within a broad mineralised sulphide envelope of 90m.
• Hole 119049, drilled 120m to NW of 119046, intersected multiple gold intervals with grades of over 1g/t Au, within a wide mineralised zone of 82m. Copper results are still pending. The best intercepts in 119049 include: 6.6g/t Au / 2m from 36m (incl. 12.7 g/t Au / 1m), 8.2g/t Au / 1m from 44m and 6.1g/t Au / 2m from 196m (incl.11.3g/t Au over 1m).
James Withall, CEO of Rupert Resources commented “The first 1,260m of our 15,000m regional exploration drilling program has identified multiple parallel brecciated structures with significant gold and copper mineralisation. “Heinä” Central is the first target to be tested in the ongoing program and increases the confidence in the efficacy of our exploration method and the potential to delineate projects of scale on our land package. Drilling is ongoing at other regional targets as well as at the Pahtavaara mine.”
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