Rupert Resources Ltd (“Rupert” or the “Company”) is pleased to provide an update on exploration activities at the Pahtavaara gold project in the Central Lapland Greenstone Belt (“CLGB”) of Northern Finland.
The regional exploration program beyond the mine has identified an extensive gold anomaly in base-of-till (“BOT”) called Paskamaa East just 1km to the north west of the Pahtavaara mine and mill.
Furthermore, in-mine exploration, through extensive underground sampling and infilling previous gaps in assaying of historic diamond drill core continues to reaffirm and demonstrate potential for extensions to the resource model announced earlier in 2018. Highlights from underground channel sampling in the east of the mine are 24g/t Au over 1m in a previously untested development drive in the K-Zone and, in the western extents, 4g/t Au over 3m in the Whaleback zone and 4.2g/t Au over 3m in the Karoliina East area.
James Withall, CEO of Rupert Resources, commented,
“Understanding of the geological controls on mineralisation continues to grow both at the mine and on a regional scale. The significant anomaly at Paskamaa East, so close to the mine, had not been identified by prior companies due to historic sampling and assay techniques. Improvements in exploration methodology for areas with glacial till cover, utilising detailed geophysics to identify structural controls and geochemical sampling both at surface, and at the bedrock interface with base-of-till rigs are being used to great effect by the geology team. A second base-of-till rig starts this week, allowing us to continue testing Paskamaa East and other near-mine targets whilst also pushing on with reconnaissance at our larger target areas in the west and south west of the licences. At the mine, drilling will recommence in November to test selected areas identified by the infill and underground sampling programs. Through an approach that combines international gold exploration experience with local knowledge and skills, we have confidence that the potential of this region for further significant gold mineralisation will be demonstrated”.
For full announcement including diagrams please use the URL below:
181029 – RUP Exploration Update
Rupert Resources Ltd (“Rupert” or the “Company”) announces results for the second quarter ending August 31, 2018 and provides operating highlights for the period at the Company’s projects in Finland.
Rupert Resources Ltd (“Rupert” or the “Company”) announces results for the second quarter ending August 31, 2018 and provides operating highlights for the period at the Company’s projects in Finland. During the six months ended August 31, 2018, the Company spent $2,894,015 (six months ended August 31, 2017 – $4,283,844) on exploration and evaluation activities. As at August 31, 2018, the Company had cash and cash equivalents of $3,720,820.
James Withall, Chief Executive Officer of Rupert Resources said, “Rupert achieved a number of key milestones through the quarter, the most important being the completion of a new geological interpretation for the Pahtavaara Project. This has confirmed the potential for significant gold and base metals mineralisation on Rupert’s licence area in the Central Lapland Greenstone Belt and has provided us with a number of new areas of interest. These targets are being followed up with base of till drilling ahead of a new diamond drilling campaign which we expect to commence by the end of the year”.
Pahtavaara, Northern Finland
Geology and Exploration
On July 30, 2018 Rupert published a new geological interpretation for Pahtavaara and the surrounding land package. The new interpretation, combined with historical data will provide the basis for ongoing exploration for gold and base metals. Over the summer fieldwork season, six student geologists mapped and sampled outcrops over the entire Rupert licence area with 947 samples collected including 133 from outcrop. Rupert has also commenced base of till “BOT” drilling at a number of near mine areas (all within 5km of the Pahatavaara mill) with the intention of generating a number of new drilling targets. The BOT drilling will continue over the rest of the year, when the campaign will be expanded to include new distal targets generated by the summer fieldwork and new UAV magnetic survey data that was gathered in 2018.
At the Pahtavaara mine the geology team is continuing with their programme to increase confidence in, and potentially expand the resource through to selective re-logging and assay portions of the >100km of unsampled diamond drill core. This work has been augmented by underground channel sampling of the ramp and existing underground development where there is evidence of previously unrecognised mineralisation in multiple areas.
Central Finland properties
On September 11, 2018. Rupert announced the results of its 2018 drill program at Hirsikangas. The program comprised 1,318m in ten diamond drill holes and targeted areas close to the historic
resource estimate, including one hole under the main deposit, four holes to extend a known parallel or offset structure and a further five holes along the strike of the defined mineralisation to identify further parallel or offset structures to the east, testing a resistivity high. Eight out of ten drill holes intersected the target structures. Fieldwork comprising geological mapping and sampling of boulder, outcrop, soil and heavy minerals will continue on the property until the onset of winter.
Gold Centre Property, Ontario and Surf Inlet Property, British Columbia
A new database of all historic data for Rupert’s two Canadian properties has been compiled and an assessment will be made of prior planned work programs for the project.
Rupert’s net loss totalled $1,169,927 for the three months ended August 31, 2018, with basic and diluted loss per share of $0.01. This compares with a net loss of $1,572,792 with basic and diluted loss per share of $0.02 for the three months ended August 31, 2017. No revenue was recorded in either period.
The net loss decreased by $402,865 due to the following:
Share-based payments decreased by $492,624 as a result of the stock options vested.
General and administrative expenses increased to $574,484, which was $55,360 higher than the comparable period primarily due to increases in salaries and benefits of $8,191, office and sundry of $72,220, and professional fees of $72,923. The increase was offset by decreases in travel of $72,073, transfer agent cost of $11,413 and consulting fees of $21,415
Accretion & interest expense of $310,277 was incurred as a result of the convertible debentures, as compared to $274,291 for the three months ended August 31, 2017.
All references to currency in this press release are in Canadian dollars.
On June 25, 2018 Mr. Gunnar Nilsson assumed the role of non-Executive Chairman of the Company, replacing Mr. Brian Hinchcliffe, who was the Executive Chairman until that date. Mr. Nilsson was previously a Director of NARL. Prior to this Mr. Nilsson held senior roles at Johnson & Johnson and Svenska Cellulosa/Mölnlycke before retiring to act as a private investor. Mr. Nilsson has over 30 years experience of developing and operating businesses in Europe and through joint venture companies outside Europe.
On July 30, 2018. Dr. Charlotte Seabrook joined the Company as Group Exploration Manager. Prior to joining Rupert, Dr. Seabrook was District Geologist for Newcrest in West Africa. She has 13 years experience in geology and mining having completed her PhD at the University of Witwatersrand and holds an MSc Mineral Resources (Cum laude) from the University of Wales (Cardiff) and is based in Finland.
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 has an Inferred mineral resource at a 1.5 g/t Au cut off grade of 4.6 Mt at a grade of 3.2 g/t Au (474 koz) (see the technical report 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). The Company also holds a 100% interest in two properties in Central Finland – Hirsikangas and Osikonmaki; 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.
For further information, please contact:
James Withall
Chief Executive Officer
jwithall@rupertresources.com
Thomas Credland
Head of Corporate Development & Investor Relations
tcredland@rupertresources.com
Rupert Resources Ltd
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
Web: https://rupertresources.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the completion of the proposed Transaction, deadlines, regulatory approvals, business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company’s annual Management’s Discussion and Analysis for the year ended February 28, 2018 available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
Rupert Resources Ltd (“Rupert” or the “Company”) reports drill results from its 2018 drilling campaign at its Hirsikangas Project, a Palaeoproterozoic orogenic gold deposit located on a 30km crustal scale shear zone in Central Finland (see Figure 1). The mineral deposit comprising the Hirsikangas Project is contained within 1.2km of strike length and drilled at shallow levels with the deposit outcropping at surface. The drilling reported today confirms the deposit extends at depth and also the presence of parallel or offset structures. Rupert holds exploration licences and reservations totalling over 300km2 covering 30km strike length of the regional Ruhaperä shear structure, is progressing fieldwork and has just completed a detailed UAV magnetic survey.
James Withall, Chief Executive Officer of Rupert Resources said “Rupert plans to use the approach which has been successfully applied at Pahtavaara to explore a new gold district, wholly owned by Rupert, in Central Finland. Having acquired an known deposit, expanded Rupert’s land position and generated some positive results through the drill bit, we will now systematically work through historical data, develop revised deposit and regional scale geological models, and investigate further targets through mapping, geochemical sampling and ultimately further drilling along this belt scale project.”
For full announcement including diagrams please use the URL below:
180911 – Exploration update for the Hirsikangas Project
Rupert Resources Ltd (“the Company”) announces that materials relating to its forthcoming Annual General and Special Meeting of Shareholders (the ‘AGM’), including as appropriate, the Notice and Information Circular (the ‘Circular’), have been mailed as required to registered holders of shares by the Company’s agent. By way of correction of the Circular, the Record Date for the purposes of the AGM is August 7, 2018.
The Circular is available to download on Sedar at www.sedar.com.
The Meeting will be held on September 11, 2018 at 11:30 a.m. (Toronto time) at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Commerce Court West, Toronto, Ontario, Canada, M5L 1A9.
Information Circular for 2018 AGM
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 2,625,000 options to certain directors, officers and employees of the Company. The options were granted on August 1, 2018 with an exercise price of $1.00 per share. The options are exercisable for a five-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 10,015,000 options outstanding under the plan, representing 9.0% of the issued and outstanding shares of the Company.
Rupert Resources Ltd (“Rupert” or “the Company”) reports an updated regional geology interpretation for the Pahtavaara Project in the Central Lapland Greenstone Belt (“CLGB”) of Northern Finland (the “Pahtavaara Project”). The Pahtavaara Project comprises a permitted 1,400tpd mill, 35km of underground infrastructure and a contiguous regional land package of 290km2.
James Withall, Chief Executive of Rupert Resources said “The updated geological interpretation reported today is the culmination of a number of work programs over the past 12 months and is a demonstration of the results of the systematic approach the Company has taken towards exploration at the Pahtavaara Project. The Company acquired a vast amount of existing data with the Pahtavaara asset and has been able to combine that with high resolution UAV magnetic surveys and updated geological and structural mapping, to develop a comprehensive new regional structural geological and mineralisation model. The results demonstrate the potential for further significant orogenic gold occurrences to be discovered within the licence area held by the Company.”
For full release use following URL.
180730 – New regional interpretation for Pahtavaara
Rupert Resources Ltd (“Rupert” or the “Company”) announces its results for the first quarter ending May 31, 2018 and provides an update on exploration and development at its permitted Pahtavaara gold project in the Central Lapland Greenstone Belt (“CLGB”) of Northern Finland. During the three months ended May 31, 2018, the Company spent $896,010 (three months ended May 31, 2017 – $2,651,254) on exploration activities at Pahtavaara. As at May 31, 2018, the Company had cash and cash equivalents of $6,176,736.
James Withall. Chief Executive of Rupert Resources said “Rupert continues to advance its properties in Finland both at its Pahtavaara Project in Northern Finland as well as at Hirsikangas in Central Finland. Notable events in Q1 2018 were the completion of a CAD4.9M private placement, a 43-101 compliant base line resource for Pahtavaara and the acquisition of two advanced exploration properties in Central Finland. We are well advanced with the summer fieldwork as well as with the programs to assay unsampled core and sampling of underground development.”
Discussion of Operations
Pahtavaara, Northern Finland
Geology and Exploration
The geology program at Pahtavaara is comprised of two main work streams. Firstly, the definition of new resources in close proximity to underground mine infrastructure and at surface within 1km of the Pahtavaara mill. Secondly, evaluation of the resource potential on the wider claims held by Rupert in the region Pahtavaara project .
On March 1st 2018 the Company provided an an exploration update, highlightingthe significant advances in the understanding of the structural controls, chronology of alteration, veining and gold mineralisation of the Pahtavaara gold deposit. This understanding contributed to the development of a new geological model that was used to inform resource modelling.
New NI 43-101 compliant mineral resource estimate for Pahtavaara
On April 16th 2018 the Company announced a Mineral Resource Estimate for Pahtavaara, prepared in accordance with NI 43-101 and comprising 4.64 million tonnes in the Inferred Category, grading 3.2 g/t Au for 474,000 oz Au at a cut off of 1.5 g/t Au.
During the period, exploration activities at the Pahtavaara mine to validate the geological model and potentially expand the resource continued. The team is working on a comprehensive underground sampling program, utilising the 35km of existing underground infrastructure and initial results from this program were announced on May 24th 2018. The program has been designed to sample up to 5,000m of underground development thoughout the vertical extent of the resource and across all the main mineralised zones. The second program at the mine is the infill assaying of the sampling gaps in previous diamond drilling. These have been assumed to have no mineralisation for the purpose of the new resource model. Over 40% of almost 320km of diamond drilling remains unsampled at Pahtavaara and a significant amount of this drill core remains at the site. The program is planned to sample these intersections within the resource model, along withadditional prospective areas based on the updated geological interpretation.
Regional Exploration
The Company has completed the consolidation of historic geological and geochemical information into our inhouse database during the period and also completed the extensive UAV magnetic surveying program. Planning for the 2018 summer fieldwork began in mid-May and post quarter end six additional geologists joined the team to undertake an extensive mapping and sampling program. Furthermore, the Company along with our consulting geologists has been developing a new regional geological interpretation that will be key prioritising our exploration both in proximity to the existing mine and throughout the licence package held by Rupert.
Expanded licence package
In the quarter ended May 31, 2018 the Company applied for further reservations expanding Rupert’s contiguous licence holding in the CLGB to an area totalling 290.87km². As of the date of this document, two exploration licence applications were pending. None of the Company’s claims are located on the Natura 2000 areas.
Central Finland Properties
On May 15, 2018, the Company announced that it had completed the acquisition of Northern Aspect Resources Ltd (“NARL”). NARL, through its wholly-owned subsidiaries holds the Hirsikangas and Osikonmaki properties in central Finland. The Hirsikangas deposit in Central Finland is a Paleoproterozoic orogenic gold deposit located on a 30km crustal scale shear zone. Using a 0.5 g/t Au cut off grade, Hirsikangas has a mineral resource in the Indicated category of 3.002 Mt at a grade of 1.23 g/t Au for 119 koz Au and a mineral resource in the Inferred category of 2.673 Mt at a grade of 1.27 g/t Au for 106 koz Au. The Hirsikangas resources are contained within 1.2km of strike length and drilled at shallow levels. The prospect, that outcrops at surface, is open down dip and along strike in both directions and there is evidence of a potential parallel structure.
The exploration team at NARL has been actively exploring the Hirsikangas project over the past 12 months and completed a 1,318m, 10 hole diamond drilling program in Q1 2018. The drilling targeted the depth extension to the known resources and potential parallel structures identified in historic drilling. A further update will be provided on this program when all results are received in the coming weeks. Further, since the close of the acquisition, a summer fieldwork program has been underway consisting of mapping, boulder and outcrop sampling and geochemical sampling along the 30km shear zone that is contained in the exploration licences and reservations held by the Finnish subsidiary of NARL.
The deposit at Osikonmaki is located in eastern central Finland, 40km south of Outokumpu. The model for Osikonmaki is an epigenetic intrusion related shear zone gold deposit. Gold is concentrated in the footwall to the shear zone, In excess of 20km of historic drilling, IP and magnetic geophysical surveys and base of till geochemical sampling has been undertaken at the project with potential for extensions outlined. Using a 0.5 g/t Au cut off grade, Osikonmaki has a mineral resource estimate in the Indicated category of 1.296 Mt at a grade of 1.70 g/t Au for 68 koz Au and a mineral resource in the Inferred category of 3.542 Mt at a grade of 2.09 g/t Au for 244 koz Au.
Gold Centre Property, Ontario and Surf Inlet Property, British Columbia
A review of previous work and land position of the Gold Centre and Surf Inlet properties has been completed. During the three months ended May 31, 2018, the Company spent $nil (three months ended May 31, 2017 – $nil) on general exploration costs.
Financial Highlights
During the three months ended May 31, 2018, the Company spent $896,010 (three months ended May 31, 2017 – $2,651,254) on general exploration costs at its Finland properties and nil at its Canadian properties.
Rupert’s net loss totalled $1,261,400 for the three months ended May 31, 2018, with basic and diluted loss per share of $0.01. This compares with a net loss of $1,380,578 with basic and diluted loss per share of $0.01 for the three months ended May 31, 2017. No revenue was recorded in either period.
The Company announced on March 2, 2018 that it had closed a private placement and issued 5,903,615 common shares in the Company at a price of $0.83 per common share for gross proceeds of $4,900,000.
At May 31, 2018, the Company had a working capital of $5,380,608 (February 28, 2018 – $4,556,163). The $824,445 increase in working capital during the three months ended May 31, 2018 was primarily due to the $689,329 increase in cash, offset by a decrease in prepaids and sundry receivables as a result of operating activities and expenditures on exploration and evaluation assets and buildings and equipment.
The Company had cash of $6,176,736 at May 31, 2018 (February 28, 2018 – $5,487,407). The increase in cash during the three months ended May 31, 2018 was primarily due to the cash raised from the March 2018 financial placement, offset by operating and investing activities.
All references to currency in this press release are in Canadian dollars.
Subsequent Events – Change of Management
On June 25, 2018 Mr. Gunnar Nilsson assumed the role of non-Executive Chairman of the Company, replacing Mr. Brian Hinchcliffe, who was the Executive Chairman until that date. Mr. Nilsson was previously a Director of NARL. Prior to this Mr. Nilsson held senior roles at Johnson & Johnson and Svenska Cellulosa/Mölnlycke before retiring to act as a private investor. Mr. Nilsson has over 30 years experience of developing and operating businesses in Europe and through joint venture companies outside Europe.
Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release.
For full announcement and financial statements please follow URLs below
