THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Rupert Resources Ltd (“Rupert” or “the Company”) is pleased to announce that it intends to complete a non-brokered private placement of up to 6,024,096 common shares (“Common Shares“) of the Company at a price of $0.83 per Common Share for gross proceeds of up to $5,000,000 (the “Private Placement“). The Company has the option to increase the size of the Private Placement by up to an additional 903,614 Common Shares, for total gross proceeds of up to $5,750,000
The Private Placement is subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four month hold period, in accordance with applicable securities laws.
The Company intends to use the proceeds from the Private Placement for its continued exploration program of the Pahtavaara project and general corporate purposes.
The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
The Company has entered into a binding letter of intent with Northern Aspect Resources Ltd. (“NARL”) to complete a business combination, whereby the Company has agreed, subject to certain conditions, to acquire all of the issued and outstanding securities of NARL. NARL is a privately owned, British Columbia incorporated company with a 100% beneficial interest inthe Hirsikangas and Osikonmaki properties in Central Finland. See the Company’s January 15, 2018 press release for additional information.
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.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the completion of the proposed Private Placement, deadlines, and the anticipated use of proceeds. 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, 2017 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”) announces its results for the third quarter of 2017 and provides an update on exploration and development at its permitted Pahtavaara gold project in the Central Lapland Greenstone Belt of Northern Finland. During the nine months ended November 30, 2017, the Company spent $6,070,112 (nine months ended November 30, 2016 – $2,937,904) on exploration activities at Pahtavaara. As at November 30, 2017, the Company had cash and cash equivalents of $4,976,184.
James Withall, Chief Executive Officer of Rupert Resources said, “We made progress on a number of fronts during the third quarter notably the consolidation and reinterpretation of the historical 300,000 metres of historical diamond drilling and the identification of a number of new exploration targets which will provide strong foundations to move the Pahtavaara Project forward. Post period the acquisition of the Northern Aspect properties gives us a presence in a second significant gold region of Finland with a number of drill ready targets.”
Pahtavaara gold mine, Northern Finland
The geology program at Pahtavaara is comprised of two main work streams. Firstly, the drill definition of new resources in close proximity to underground mine infrastructure and at surface within 4km of the Pahtavaara mill. Secondly, evaluation of the resource potential on the wider licence areas held by Rupert.
In September 2017, the Company was granted a further 124km2 of exploration licences and now has reservation and exploration applications pending over a further 101km2 of contiguous ground, which would increase the Rupert land position in the centre of the CLGB by over 80%. The land package already has a significant amount of data from geophysical surveys and geochemical sampling undertaken by previous operators which can be integrated with new information to generate and rank targets on an accelerated timeframe versus a grassroots jurisdiction. The increased land package also included the Hookana prospect where near surface drilling by the GTK (the Geological Survey of Finland) in 1986 identified gold mineralisation. None of the new claims are located on the Natura 2000 reservations.
Following an extensive re-evaluation of previous drilling, geophysics and geological data, combined with the results of the summer 2017 fieldwork, a planned 6,210 metre surface drilling program recommenced in November 2017. Of this drilling, 3,760 metres is planned for in-mine infill or extension targets, and a further 2,450 metres on nine ranked exploration targets, all within 4km of the Pahtavaara mill. Resource modelling work continued and separately the potential for a low cost start-up of the mine and mill was assessed by an internationally recognised consultancy firm.
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 nine months ended November 30, 2017, the Company spent $nil (nine months ended November 30, 2016 – $nil) on general exploration costs.
Financial Highlights
During the nine months ended November 30, 2017, the Company spent $6,070,112 (nine months ended November 30, 2016 – $2,937,904) on exploration and project development at Pahtavaara and $nil on its other properties.
At November 30, 2017, the Company had a cash and cash equivalents of $4,976,184 (August 31, 2017 – $7,182,752). The decrease during the three months ended November 30, 2017 was due to expenditure on corporate operating activities, together with exploration at Pahtavaara.
The Company recorded a net loss for the three and nine months ended November 30, 2017 of $ (1,468,424) and $(4,421,794) respectively (three and nine months ended November 30, 2016: $(758,938) and $(1,766,553) respectively.
Change of Management
On November 7, 2017 Jeffrey Karoly assumed the duties as Chief Financial Officer of the Company. Mr. Karoly is a Chartered Accountant with a degree in Geology from the University of Bristol. He has worked in the mining sector for over 20 years including 11 years in corporate finance roles with Anglo American on three continents. Since 2008 he has been Chief Financial Officer of several listed junior resource companies including South American Ferro Metals, listed on the ASX in 2010, AIM & TSX-listed Horizonte Minerals (2010 to 2016) and Altus Strategies, listed on AIM in 2017
Events after the Reporting Period
On January 15, 2018, the Company announced that it has entered into a binding letter of intent (“LOI”) with Northern Aspect Resources Ltd. (“NARL”) to complete a business combination, whereby the Company has agreed, subject to certain conditions, to acquire all of the issued and outstanding securities of NARL (the “Transaction”). NARL is a privately owned, British Columbia incorporated company with a 100% beneficial interest in the Hirsikangas and Osikonmaki properties in Central Finland. The Hirsikangas property consists of six (6) claims, plus two (2) reservations, all of which are valid. The Osikonmaki property consists of seven (7) claims, plus one (1) reservation, that are valid, and two (2) claims that are in application for renewal.
The LOI is to be superseded by a definitive agreement (“Definitive Agreement”) to be signed on or before February 28, 2018 (or such other date as is agreed by the parties). The Company proposes to acquire all of the issued and outstanding securities of NARL pursuant to the terms of the Definitive Agreement, in exchange for 4,913,466 common shares of the Company. Given that the last closing price of the common shares of the Company prior to the issuance on January 15, 2018 of the press release regarding entering into the LOI was $0.85 per share, aggregate consideration payable pursuant to the Transaction is deemed to be approximately $4.18 million. The Transaction is conditional upon, among other things: (i) the parties and all shareholders of NARL entering into a Definitive Agreement in respect to the Transaction and any collateral issues or matters on or before February 28, 2018; and (ii) the parties receiving all requisite regulatory approval, including the approval of the TSX Venture Exchange, and any third party approvals and authorizations.
The Company’s interim financial statements and Management’s Discussion and Analysis for the period ended August 31, 2017, which can be found under Rupert’s profile on SEDAR. More detailed information about Rupert’s exploration activities at Pahtavaara and the NARL transaction can be found in the press releases dated September 26, 2017, November 16, 2017 and January 15, 2018.
All references to currency in this press release are in Canadian dollars.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
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, 2017 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”) is pleased to announce that it has entered into a binding letter of intent dated effective January 15, 2018 (“LOI”) with Northern Aspect Resources Ltd. (“NARL”) to complete a business combination, whereby the Company has agreed, subject to certain conditions, to acquire all of the issued and outstanding securities of NARL (the “Transaction”).
James Withall, Chief Executive Officer of Rupert Resources said, “The transaction augments Rupert’s asset portfolio in Finland at a very competitive acquisition cost. Rupert will have a presence in two of the most prospective regions for gold in Finland with a primary focus on the Pahtavaara Project in the high profile Central Lapland Greenstone Belt.”
NARL is a privately owned, British Columbia incorporated company with a 100% beneficial interest in the Hirsikangas and Osikonmaki properties in Central Finland. The Hirsikangas property consists of six (6) claims, plus two (2) reservations, all of which are valid. The Osikonmaki property consists of seven (7) claims, plus one (1) reservation, that are valid, and two (2) claims that are in application for renewal.
Using a 0.5 g/t cut off grade, Hirsikangas has Indicated mineral resources of 3.002 Mt at a grade of 1.23 g/t Au (119koz) and Inferred mineral resources of 2.673 Mt at a grade of 1.27 g/t Au (106koz) (collectively, the “Hirsikangas Resources”). Using a 0.5 g/t cut off grade, Osikonmaki has Indicated mineral resources of 1.296 Mt at a grade of 1.70 g/t Au (68koz) and Inferred mineral resource of 3.542 Mt at a grade of 2.09 g/t Au (244koz) (collectively, the “Osikonmaki Resources”).
The Transaction
The LOI is to be superseded by a definitive agreement (“Definitive Agreement”) to be signed on or before February 28, 2018 (or such other date as is agreed by the parties). Rupert proposes to acquire all of the issued and outstanding securities of NARL pursuant to the terms of the Definitive Agreement, in exchange for 4,913,466 common shares of the Company. Given that the last closing price of the common shares of the Company prior to the issuance of this press release was $0.85 per share, aggregate consideration payable pursuant to the Transaction is deemed to be approximately $4.18 million.
The Transaction is conditional upon, among other things: (i) the parties and all shareholders of NARL entering into a Definitive Agreement in respect to the Transaction and any collateral issues or matters on or before February 28, 2018; and (ii) the parties receiving all requisite regulatory approval, including the approval of the TSX Venture Exchange, and any third party approvals and authorizations.
Mr. James Withall, a director and CEO of the Company, is the CEO of NARL, and therefore the Transaction constitutes a “related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements of MI61-101 based on a determination that the securities of the Company are listed on the TSX Venture Exchange and that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Transaction, in so far as it involves interested parties, exceeds 25% of the market capitalization of the Company.
NI 43-101 Reports in Respect of NARL Properties
A National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report titled “Hirsikangas Gold Deposit, Central Ostrobothnia, Finland” and dated November 30, 2009 (the “Hirsikangas Report”) was prepared for Belvedere Resources Ltd. (“Belvedere”) by Thomas Lindholm, M.Sc, MAusIMM, Senior Mining Engineer of GeoVista AB, and sets forth the Hirsikangas Resources. The Hirsikangas Report was filed by Belvedere under its profile on SEDAR (www.sedar.com) on November 30, 2009. To the best of the Company’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the Hirsikangas Resources in the Hirsikangas Report inaccurate or misleading. Since the Hirsikangas Report, Belvedere Resources Ltd. completed a 16 hole, 1106 metre drill campaign at Hirsikangas. The results of this drilling program were filed on SEDAR by Belvedere on July 3, 2012. This drilling was outside the area of defined mineralisation and whilst promising is not expected to materially change the existing resource. As such, the Company considers the Hirsikangas Report to be current, pending further investigation/work by the Company. Michael Sutton, P. Geo., a “qualified person” for the purposes of NI 43-101, has reviewed the Hirsikangas Report on behalf of the Company. A NI 43-101 report will be completed within 180 days to support the Hirsikangas Resources estimate.
A NI 43-101 technical report titled “Mineral Resource Estimate of the Rantasalmi Gold Deposit in Finland” and dated October 10, 2011 (the “Osikonmaki Report”) was prepared for Belvedere by Alexandra Akyurek, M.Sc, CSci MIMMM, Project Manager and Reviewer and of Golder Associates (UK) Ltd., and sets forth the Osikonmaki Resources. The Osikonmaki Report was filed by Belvedere under its profile on SEDAR (www.sedar.com) on October 19, 2011. To the best of the Company’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the Osikonmaki Resources in the Osikonmaki Report inaccurate or misleading. Since the Osikonmaki Report was written, 22 holes totalling 2,227m were drilled on the periphery of the resource pursuant to an option agreement and Belvedere filed the results thereof in a news release on SEDAR on April 23, 2012. Although encouraging the results are not expected to materially change the 2011 resource. As such, the Company considers the Osikonmaki Report to be current, pending further investigation/work by the Company. Michael Sutton, P. Geo., a “qualified person” for the purposes of NI 43-101, has reviewed the Osikonmaki Report on behalf of the Company. A NI 43-101 report will be completed within 180 days to support the Osikonmaki Resources estimate.
Both the Hirsikangas Report and the Osikonmaki Report were prepared by authors that are independant of the Company. For the parameters/methods used in estimating the mineral resource estimates set forth in those reports, please refer to each of the reports themselves (as referenced above, the Hirsikangas Report and the Osikonmaki Report were filed by Belvedere under its profile on SEDAR (www.sedar.com).
Qualified Persons
In compliance with NI 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person for Rupert who supervised the preparation the scientific and technical disclosure in this news release.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com |
Thomas Credland Head of Corporate Development & Investor Relations tcredland@rupertmining.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, 2017 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.
Estimates of Measured, Indicated and Inferred Mineral Resources
Information concerning the properties and operations discussed in this news release has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms “mineral resource”, “Indicated mineral resource” and “Inferred mineral resource” used in this news release are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms “mineral resource”, “Indicated mineral resource” and “Inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inferred mineral resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an “Inferred mineral resource” exists, or is economically or legally mineable. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.
Rupert Resources Ltd. (“Rupert” or the “Company”) is pleased to announce the results of its recently completed Annual General and Special Meeting of shareholders. All matters submitted to shareholders, including the election of James Withall, Susan Milton, Brian Hinchcliffe, Mike Sutton and Robert Suttie as directors, were approved. Mr. Rob Suttie has joined the Board in place of Mr. Arthur Millholland, who did not seek re-election as a director of the Company at the Meeting.
Brian Hincliffe, Executive Chairman said “We are pleased to welcome Rob Suttie to the Board of Rupert Resources, who brings a wealth of expertise as we move the business forward. On behalf of the directors I would like to thank Arthur Millholland for his efforts over the period where Rupert completed its transformational acquisition of the Pahtavaara Project in Finland.”
Mr. Suttie currently works with Marrelli Support Services as its senior manager of financial reporting and compliance, possessing more than twenty years of experience, ten of which were in public accounting prior to his tenure with that company. Mr. Suttie specializes in management advisory services, accounting and the financial disclosure needs of the group’s public client base. In addition to managing the group’s financial-statement and disclosure team, Mr. Suttie also serves as Chief Financial Officer for a number of junior mining companies listed on the TSX and TSX-V, leveraging his skills and experience to become integral to the reporting issuers. Mr. Suttie graduated from the University of Western Ontario with a BA.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com |
Thomas Credland Vice President Corporate Development tcredland@rupertmining.com |
|
| Rupert Resources Ltd 82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1 Tel: +1 (416) 848 6865 Web: https://rupertresources.com/ |
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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.
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, 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, 2017 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”) announces that drilling has recommenced at Pahtavaara with an initial 6,210m program targeting near mine resources and new areas of potential mineralisation within 4km of the Pahtavaara mill.
James Withall, Chief Executive of Rupert said, “Drilling is now underway at Pahtavaara focussed on in-mine resource targets to test our refined geological model and near mine exploration targets defined by our reappraisal of historical data, 2017 fieldwork and the 2016 IP survey. Initial modelling work based on the existing 300,000m of drill data indicates that Pahtavaara is potentially a much larger system than had been previously considered. We expect to extend this campaign, subject to results.”
A surface drilling program totalling 6,210m is underway with 3,760m targeting in-mine infill or extension targets, and a further 2,450m on nine ranked exploration targets, all within 4km of the Pahtavaara mill. Resource modelling work continues with an internationally recognised consultant. Initial work has defined the existing mineralistion at Pahtavaara in a mineralised envelope with 1,400m of strike, 450m of depth and 400m width. The limits of the envelope are unconstrained and the new drilling is intended to extend strike and to define higher grade structurally controlled shoots that are thought to contain the bulk of economic mineralisation at Pahtavaara. Two of these structures, Samurai and DB, mined by previous operators, produced the majority of the 350koz of gold in concentrate over the 16 years of the mine’s operations. Rupert has identified the potential for a further three of these structures in the Karoliina and NFE zones. The nine exploration targets have been ranked according to their prospectivity based on geochemical and geophysical data.
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.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com |
Thomas Credland Vice President Corporate Development tcredland@rupertmining.com |
|
| Rupert Resources Ltd 82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1 Tel: +1 (416) 848 6865 Web: https://rupertresources.com/ |
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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.
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, 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, 2017 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”) announces its results for the second quarter of 2017 and provides an update on exploration and development at its permitted Pahtavaara gold project in the Central Lapland Greenstone Belt in Northern Finland. The Company spent $1.6 million on general exploration and development costs over the quarter (down from $2.6 million in Q1 2017), primarily on definition drilling of near mine mineralisation and works to permit drilling at lower depths of the underground mine. As at August 31, 2017, the Company had cash of $7.2 million.
James Withall, Chief Executive of Rupert said “We continue to make good progress with Pahtavaara and are well advanced with geological modelling work that is re-evaluating over 20 years of exploration data on the deposit. Furthermore, we have now received all assay results from our 2017 fieldwork program and in combination with our extensive geophysical surveys are ranking our near mine exploration targets for drill testing over the winter. ”
Over the quarter Rupert progressed with activities that would allow a restart of the Pahtavaara mine and mill once sufficient resources have been defined. The Company commenced work on a new geological model with an external consultant as a basis for future resource estimation. In addition, Rupert has identified a number of potential mineralisation targets within 20km of the Pahtavaara mill. The Company also added to its land position through the application of a further 101km2 of contiguous reservation and exploration licence applications.
An initial review of previous work and land position of the Gold Centre and Surf Inlet properties has commenced. Opportunities to joint venture the properties to accelerate development are being explored.
During the six months ended August 31, 2017, the Company spent $nil (six months ended August 31, 2016 – $nil) on general exploration costs.
During the three months ended August 31, 2017, the Company spent $1,632,590 (three months ended May 31, 2016 – $2,651,254) on exploration and project development at Pahtavaara and $nil on its other properties.
At August 31, 2017, the Company had a working capital of $6,716,415 (May 31, 2017 – $9,295,215). The decrease in working capital during the three months ended May 31, 2017 was primarily due to the decrease in cash and amounts payable and accrued liabilities as a result of operating activities and expenditures on exploration and evaluation assets and buildings and equipment. The Company had cash of $ 7,182,752 at August 31, 2017 (May 31, 2017 – $10,535,987). The decrease in cash during the three months ended May 31, 2017 was primarily due to the cash used in operating and investing activities.
The Company’s interim financial statements and Management’s Discussion and Analysis for the period ended August 31, 2017, which can be found under Rupert’s profile on SEDAR. Detailed information about Rupert’s exploration activities can be found in the press release dated September 25, 2017.
All references to currency in this press release are in Canadian dollars.
The Corporation also announces that Thomas Credland was been appointed Head of Corporate Development and Investor Relations. A geologist with over 15 years experience in mining, Thomas began his career in the gold mining industry in Western Australia before returning to the United Kingdom to work as a mining analyst. He then moved into an institutional equity sales role at Canaccord before moving into a senior corporate position at a London listed mining company. Thomas contributed to the identification and acquisition of the Pahtavaara mine by 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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com |
Thomas Credland Vice President Corporate Development tcredland@rupertmining.com |
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| Rupert Resources Ltd 82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1 Tel: +1 (416) 848 6865 Web: https://rupertresources.com/ |
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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.
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, 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, 2017 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”) provides an update on the initial results from the 2017 field season at the property and announces the expansion of its wholly owned Pahtavaara claims in the Central Lapland Greenstone Belt (CLGB) by over 80%.
James Withall, Chief Executive of Rupert said “Initial results from our licence wide prospecting and near mine soil sampling have produced a number of compelling results that are coincident with IP anomalies from our 2016 campaign. The targets are now being ranked and we plan to drill the highest priority ones later in 2017. We have applied to expand our contiguous land position in the increasingly significant Central Lapland Greenstone Belt by 80% and are well positioned to advance this enlarged area utilising a wealth of information from previous operators and the GTK along with the new data that continues to be collected by our geology team based at Pahtavaara.”
The company has been granted 124km2 of exploration and mining licences and has now reservation and exploration applications pending over a further 101km2 of contiguous ground which would increase the Rupert land position in the centre of the CLGB by over 80% (see Figure 1). The land package already has a significant amount of data from geophysical surveys undertaken by previous operators (ground magnetic, IP, VTEM) as well as regional GTK (Geological Survey of Finland) including magnetic, gravity, geochemistry and base of till data which can be integrated with new data to generate and rank targets on an accelerated timeframe versus a grassroots jurisdiction. The increased land package also includes the Hookana prospect where near surface drilling by the GTK in 1986 identified gold mineralisation. None of the new claims are located on the Natura 2000 reservations.
A licence scale prospecting and data review was completed in June and July which has provided a number of near mine and regional follow-up targets with 145 outcrop and boulder samples collected so far (results received from 81). The prospectors samples have provided a number of new target areas in addition to those provided by the extensive historical data package provided by the GTK and previous owners. This work has been augmented with a three month geochemical survey with 1012 ionic leach samples (results from 401 pending) and 172 conventional geochemical samples (results from 14 pending) collected across 22 lines over extensions of known mine mineralisation, targets generated by the 2016 IP survey, licence wide geophysical anomalies and areas of interest identified by prospecting. A number of techniques for this work were assessed along with a detailed examination of potential effects of glaciation. A combination of ionic leach, geochemical multi-element analysis of till and heavy mineral sampling methods (panning and micrograin analysis) were selected. The selection was based on the 2016 soil sampling orientation program and 2017 field testing which “ground truthed” a selection of methods over known near surface mineralisation. The programs, while having a primary focus on gold, also incorporated base metals given the known potential on the licence package.
Rupert’s exploration team have so far identified four near mine exploration targets within 5km of the Pahtavaara mill: Western Extension, North IP, South IP and Arthur (see Figure 2). A drilling program incorporating the IP and geochemistry data is currently being prepared to test the targets with the aim to commence this in the fourth quarter of 2017.
Valimaa
Reconnaissance work of the Valimaa area in the north western part of the Pahtavaara licence produced sample 14866 yielding a grade of 6g/t Au. The sample was found adjacent to a 600m long outcrop of possible quartz arenite and conglomerate that may belong to the Kumpu Group which have yielded exceptional gold grades to the south of the Pahtavaara property. Results from follow up boulder sampling and an extensive ionic leach program are expected in the coming weeks. In addition further mapping, boulder, outcrop and till geochemical sampling of this area is to be completed over the next two months.
Koppelokangas
Outokumpu drilled nine diamond holes totalling 1057m in the Koppelokangas prospect, located 14km west of Pahtavaara, between 1971 and 1992. Assay data is available for five of these holes with gold mineralisation in four of them and with best grades up to 2g/t Au. A new interpretation of the mine Skytem survey data indicates a number of conductors that could be related to mineralisation within this 2km x 1km structural corridor.
Saitta
The Saitta prospect in the south west of the property that was identified by a number of anomalous samples collected by the prospecting team early in the field season, lies along the contact between the Kumpu group quartzites and the older Savukoski (mafic and ultramafic) group. Detailed mapping and further sampling of this prospect will be completed before the end of this year’s field season.
The south western extensions of the claims has received little attention by either the GTK or prior operators. This area is contiguous with the Kutuvuoma property that previously operated as a satellite pit for the Pahtavaara mill. Kutuvuoma was drilled by the Aurion / B2 joint venture in 2016 with a number of holes intersecting gold mineralisation. Base of till and detailed geophysics coverage is poor in this region due to poor ground conditions but work can be advanced in the winter months. Reinterpretation of regional gravity data has identified a gravity break passing through this part of the licence that indicates a deep seated structure that follows the drainage eastwards.
Although historically a gold mine, Pahtavaara has a number of significant examples of base metal sulphide mineralisation discovered by previous operators. These include drill hole 112806 which intersected 7.7g/t Au; 218g/t Ag; 6.7% Cu; 0.66% Ni over 6m from 56 m below the Lansi test pit to the west of the main open pits as well as massive sulphide veining on the -40 level in the Karoliina zone. Work is ongoing to better interpret the geological setting in this area with a view to understanding the structural controls on these features. Our 2017 field program has identified a number of base metals anomalies coincident with the IP North, Arthur and IP South anomalies. Progressing these targets will continue alongside our gold exploration program.
Fieldwork including further follow-up mapping, sampling and geochemistry on areas of interest continues. In the winter months base of till drilling and a magnetic survey totalling 815 line km is planned to infill areas with poor coverage to the west of the licence and a further 35km of IP is under consideration after initial drill testing of existing targets.
We have now received all assays back from the 47,710m infill and resource development drill program and geological interpretation is underway. This is the first time that an extensive geological modelling exercise has been attempted for Pahtavaara despite over 25 years of exploration, development and operation. The aim is to provide an improved understanding of geological setting and therefore controls on mineralisation. As part of this exercise the mine database has been upgraded to improve utilisation of the extensive Pahtavaara data package (including over 250km of diamond drilling).
Other initiatives over the next few months will include sampling and re-logging of existing core for some parts of the deposit and looking at new interpretations in previously mined areas to better understand production history. The new geological model will be subjected to peer review by an external consultant with further drilling to infill gaps and test theories on possible extensions. This work will contribute to the design of production drilling programs ahead of any recommencement of production. Further drilling results will be provided in context of this work.
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.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario, and the Surf Inlet gold mine and property in British Colombia.
For further information, please contact:
| James Withall Chief Executive Officer jwithall@rupertmining.com |
Thomas Credland Head of Corporate Development & Investor Relations tcredland@rupertmining.com |
|
| Rupert Resources Ltd 82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1 Tel: +1 (416) 848 6865 Web: https://rupertresources.com/ |
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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.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, 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, 2017 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”) today announced its results for the first quarter of 2017 and provided an update on exploration and development at its permitted Pahtavaara gold project in the Central Lapland Greenstone Belt in Northern Finland. The Company spent $2.6 million on general exploration and development costs over the quarter ending May 31, 2017, primarily on definition drilling of near mine mineralisation and had cash of $10.5 million as at quarter end.
James Withall, Chief Executive of Rupert said “We made a number of important steps over the quarter including the identification of a number of significant intercepts of high grade mineralisation in close proximity to existing mine infrastructure. We also mobilised underground mining contractors to complete work to allow us to access lower areas of the mine and have undertaken an audit of the mill. We have commenced our first full summer fieldwork program and in July completed our first 47,710m of definition drilling. Our focus is now consolidating this data, along with the 250,000m of previous diamond drilling to update our geological resource model for the property.”
Pahtavaara gold mine, Northern Finland
Geology and Exploration
The geology program at Pahtavaara is comprised of two main work streams. Firstly, the drill 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 124km2 claim held by Rupert.
An initial 47,710m program at Pahtavaara has now been completed. This drilling predominantly focused on infill / definition drilling five zones (Karoliina, Wilhelmiina, North Flank East, North Flank West and Samurai) as well as the Lansi sulphide target in close proximity to existing infrastructure. The current pause in drilling activities will allow Rupert’s geology team to consolidate the new drill data together with the historic 250,000m of drill data produced by previous operators. There have been a number of encouraging intercepts and Rupert intends to evaluate the drill program that was on tighter 25m centers (versus 40 to 50m drilled by previous operators) and should provide a significant increase in geological understanding of the deposit. Rupert is working with an international mining consultant to undertake an audit of the drill program.
Rupert commenced its first full season of summer fieldwork at the end of May. An initial reconnaissance boulder hunting and sampling campaign over the wider licence has been completed and three teams are currently engaged in soil sampling, boulder hunting and outcrop mapping. These programs are primarily focused on a number of potential drill targets within 3km of the mine that were identified by Rupert’s 2016 25km IP program. Rupert is considering further geophysical work towards the end of the the year including a further 35km of IP, both to expand the limits of last year’s program and also to improve resolution over a number of promising areas.
Other Project Work
An underground mining contractor has completed required work underground, including descaling of the lower levels of the mine to allow drilling at depth (Samurai). The contractor has now been demobilised. A new simplified pumping system is being installed. An audit of the processing plant was completed in June by independent consultants with extensive experience in the sector and no fatal flaws were identified. The audit confirmed potential to restart the processing facility with minimal capital expenditure and with a number of low capital intensity options to enhance the flow sheet.
See the Company’s June 26, 2017 and April 19, 2017 press releases for further information.
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 commenced.
Financial Highlights
During the three months ended May 31, 2017, the Company spent $2,651,254 (three months ended May 31, 2016 – $122,584) on general exploration costs at Pahtavaara and $nil on its other properties.
At May 31, 2017, the Company had a working capital of $9,295,215 (February 28, 2017 – $13,186,317). The decrease in working capital during the three months ended May 31, 2017 was primarily due to the decrease in cash and amounts payable and accrued liabilities as a result of operating activities and expenditures on exploration and evaluation assets and buildings and equipment. The Company had cash of $10,535,987 at May 31, 2017 (February 28, 2017 – $14,239,421). The decrease in cash during the three months ended May 31, 2017 was primarily due to the cash used in operating and investing activities.
The Company’s interim financial statements and Management’s Discussion and Analysis for the period ended 31st May 2017, which can be found under Rupert’s profile on SEDAR (www.sedar.com), and which sets forth detailed operating and financial results for the Company.
All references to currency in this press release are in Canadian dollars.
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 (see the Company’s November 9, 2016 press release). The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
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.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the statements with respect to those that address potential quantity and/or grade of minerals, potential for minerals and statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future drilling and geological activities, 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, 2017 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.
