September 19, 2022 – Rupert Resources is pleased to report drilling from the start of its 2022-23 exploration program and provide an operational update on advancing its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland
Ikkari has a maiden National Instrument 43-101 mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million Inferred ounces (see Sept. 13, 2021 press release) 1
James Withall, CEO of Rupert Resources commented “We are in the unique position in our industry of having delineated the 4Moz Ikkari maiden resource less than two years out from the first discovery hole. We continue to add to our understanding of the Ikkari’s value and future potential through the PEA work, metallurgical data continue to support extremely beneficial metallurgical characteristics previously released, coarse grind size, >95% recovery which underpin the potential for a low-emission, high margin operation. Building on the achievements to date, drilling has recommenced, focussed on expanding the limits of the Ikkari resource and at regional targets to demonstrate further opportunities in the emerging Central Lapland gold belt.”
2022-2023 Exploration Program
The 2022/2023 work program, as of August 2022, is planned to include 72,800m of drilling. Around 30,000m will be allocated to Ikkari infill and project drilling with the balance divided equally between Ikkari extension and satellites; and regional exploration across Rupert’s 634km2 land position targeting additional discoveries of scale. Rupert is particularly focused on near-term resource additions over the upcoming winter drilling season to ensure these can be included in future economic and environmental assessments and the eventual permitting application for the Project.
Rupert is pleased to report results from the first hole of the 2022/2023 drilling season targeting extensions of mineralised zone in the east from previous holes.
Further infill drilling results from Ikkari that were received after the cut off date for the current resource update, demonstrate the broad, robust grades which the deposit delivers, including:
A key milestone for Rupert will be the completion of a preliminary economic assessment (PEA) planned for Q4 2022. The PEA will include an updated mineral resource estimate for Ikkari incorporating 37,000m of additional drilling (2021 maiden resource based on 36,000m of drilling).
2022-23 Development Program
Metallurgy
Fourth round metallurgical test-work will commence this month. Approximately 1 tonne of samples along with 6m3 of site water have been shipped from Ikkari. These tests will provide further data for the feasibility study stage of the project. This follows the third-round test-work in early 2022 that reiterated potential for overall gold recoveries in excess of 95%. Furthermore, the test-work continues to demonstrate the potential for a coarse grind size which should have a significant positive impact to site power requirements. All the results to date continue to demonstrate a simple, highly efficient processing route for gold doré production is possible at the project.
Environmental monitoring and permitting
Rupert continues to progress key base line and monitoring programmes to enable timely completion of the Environmental Impact Assessment (“EIA”) and permit application stages. Initiatives include:
Completed 2021-22 Exploration Programs
Our completed 2021/22 program, as of July 2022, included a total of 80,817m of drilling, both Ikkari and regional. Infill drilling at Ikkari continued to return significant intervals of gold mineralisation, in places, at higher grades than estimated in September 2021’s maiden resource estimate. Of note, as part of infill drilling, Hole #121160 returned a record 103m of 8g/t Au from 155m in the central section of the resource (see Feb. 1, 2022 release). Rupert is also pleased with regional target drilling that included the following highlights:
New drilling from Ikkari
Hole #122180 was drilled in the eastern part of the Ikkari deposit and is the deepest hole on this section of the deposit. The hole intersected the mineralised zone at >500m vertical depth and the intercept of 32m of 2.2g/t Au provides robust continuity, extending the mineralised zone to depth (figure 2, table 2 for details of other mineralised intercepts within this hole). Even further east than this hole, #122142 intersected 7.1m of 4.3g/t Au from 183m and on the easternmost section drilled to date, #122138 intersected 16m at 1.1g/t Au from 486m (385m vertical). Neither of these sections have been drilled to the same depth extent as the intercept of 32m of 2.2g/t Au in 121180, and follow up drilling to depth on these sections is planned as a priority. Other drill holes in the eastern extent of the deposit, reported here (#122122, #122133 and #122138), are not as well mineralised, but are considered likely to have missed a potential mineralised plunge to the east and north. Further drilling in this area is planned for the upcoming drilling season.
Other drilling reported here comprises predominantly infill holes that support the resource, with key results from the central part of the deposit continuing to reflect the excellent continuity of the high-grade zone in this section. For example, #122115 intersected 34.2m of 7.1g/t Au from 99.8m and 27m of 4.3g/t Au from 143m and #122033 intersected 32m of 2.8 g/t Au from 406m (including 2m of 7.7g/t and 2m of 17.7g/t Au) and 26m of 1.6g/t Au from 461m.
In the western part of the deposit, infill drill further confirmed previous drilling from this area with results from the main mineralised zone including #122102 that intersected 86m of 1.2g/t Au from 199m and 10m of 3.5g/t Au from 515m, and #122051 that intersected 23m of 2.1g/t Au from 387m.
Full release including tables and images
Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland (Figure 1), is pleased to provide an update on drilling from its ongoing regional drilling campaign, with promising results received from targets proximal to its flagship Ikkari discovery and Pahtavaara mill (figure 2).
Ikkari has a maiden National Instrument 43-101 mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million Inferred ounces (see Sept. 13, 2021 press release) 1 and a preliminary economic assessment (PEA) is planned for completion in H2 2022.
Highlights
Ikkari North (0.5km north of Ikkari)
Blind (i.e. without base of till anomaly) drilling of new geophysical target intersected:
Further results from Heinä Central (1km north of Ikkari)
Sisnakka (10km south of Pahtavaara mill)
James Withall, CEO of Rupert Resources commented “In a little over three years this previously untested district has delivered a multi-million ounce gold deposit along with a number of smaller potential satellites. In parallel to advancing Ikkari through to PEA this year, we continue to apply our geological understanding of the area to improve our exploration model and methodology with the goal of making further discoveries of scale. Ikkari North is hidden mineralisation that has no surface expression and was discovered using a new deep geophysics survey. Sisnakka, 10km from the Pahtavaara mill, has been identified as part of a program targeting regional mineralising structures in similar geological settings.”
June 14, 2022
Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that pursuant to the Company’s amended and restated equity incentive plan dated August 4, 2021 (the “Plan”), the Company has granted 140,852 performance share units (“PSUs”) to certain officers and employees of the Company or its subsidiaries. The PSUs will vest according certain corporate performance objectives and each PSU will convert into up to one common share of the Company, or the cash equivalent thereof, subject to the level of achievement of such performance objectives. Following the award of the PSUs, there are 381,253 performance share units outstanding under the Plan.
The Company furthermore announces that in accordance with the rules of the Plan it granted a total of 745,000 options to a certain certain officers and employees of the Company or its subsidiaries (the “Options”). The Options were granted on June 14, 2022 with an exercise price of $5.23 per share, being the closing price of the Company’s shares on the TSX-V on June 13, 2022. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the options vesting after 12 months, 1/3rd after 24 months and the remainder after 36 months. Following the award of the Options, there are 6,708,500 options outstanding under the Plan, representing 3.5% of the issued and outstanding shares of the Company.
Further details regarding the Plan are set out in the management information circular of the Company dated July 8, 2021, which is available on SEDAR at www.sedar.com.
June 7, 2022 – Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, is pleased to announce that new drilling (figure 1) at its flagship Ikkari discovery has extended near-surface, high-grade mineralisation.
Ikkari has a National Instrument 43-101 mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million inferred ounces (see Sept. 13, 2021 press release). Over 45,000 metres (“m”) of drilling has now been completed at Ikkari since its maiden resource statement, focused on upgrading and exploring the limits of the Ikkari resource estimate.
Highlights
New drilling at Ikkari extends near-surface high-grade zone to the east:
#122057 returned
o 59m of 8.0g/t Au from 148m (116m vertical)
o and 26m of 4.5g/t Au from 223m
In central Ikkari, further high-grade results were received, confirming widths of mineralised zones:
#122090 returned
o 24m of 6.3g/t Au from 206m (173m vertical)
o and 47m of 5.8g/t Au from 267m
o and 29m of 1.9g/t Au from 349m
o and 12m of 1.2g/t Au from 382m
#122091 returned
o 49.5m of 3.6g/t Au from 184m (including 5m of 9.7g/t Au)
o and 31.7m of 4.0g/t Au from 283m
Drilling at depth in the Ikkari deposit continues to confirm gold intercepts at the limits of September 2021’s maiden resource estimate:
#122068 returned
o 80m of 1.4g/t Au from 276m
o and 13m of 3.7g/t Au from 540m (440m vertical)
James Withall, CEO of Rupert Resources commented “The new drilling at Ikkari continues to impress with more indications of near-surface, high-grade material in the eastern section of the deposit with the drilling providing yet further proof of Ikkari’s characteristic exceptional continuity and potentially broad mining widths, which we expect to be captured in the preliminary economic assessment.”
May 11, 2022. Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, is pleased to announce new drilling from its Ikkari and Heinä South discoveries (figures 1 and 2).
Ikkari has a National Instrument 43-101 inferred mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million ounces (see Sept. 13, 2021 press release) 1. Over 44,000 metres (“m”) of drilling has now been completed at Ikkari since the maiden resource statement in September 2021 (location of new holes see figure 3), focused on upgrading and expanding the Ikkari resource estimate. Elsewhere, regional exploration continues with around 25,000m drilled on targets excluding Ikkari since September 2021.
Highlights
New drilling at Ikkari extends to the west a previously identified zone of mineralisation at depth (figure 4a):
#122031 returned
o 31m of 1.1g/t Au from 173m
o 16m of 2.2g/t Au from 271m
o 13m of 5.8g/t Au from 431m, including 1m of 51.7g/t Au
o 30m of 2.8g/t Au from 471m (378m vertical)
In central Ikkari, further high-grade results were received, and mineralisation was intersected at depth beyond the limits of previous drilling (figure 4b):
#121071 returned
o 33m of 6.5g/t Au from 299m
o and 16m of 3.0g/t Au from 445m (413m vertical)
Infill drilling in the west of the Ikkari deposit continues to confirm broad gold intercepts from surface (beneath till), as well as at depth at the margin of September 2021’s maiden resource estimate):
#122066 returned 72m of 2.2g/t Au from 10.4m (9m vertical, sub-crop under till cover)
#122058 returned 53m of 2.2g/t Au, from 10m (9m vertical)
#122053 returned 41m of 2.5g/t Au, from 207m (152m vertical) and 19m of 2.7g/t Au, from 493m (377m vertical)
#122025 returned 61m of 1.7g/t Au, from 98m (73m vertical) and 20m of 3.6g/t Au, from 321m (241m vertical)
Drilling at Heinä South, 300m south of the main Heinä South trend and 800m northwest of Ikkari (figure 5), has intersected the following new mineralisation:
#122072 returned 2m of 4.9 g/t Au from 131m, 15m of 1.1 g/t Au from 142m and 3m of 2.5 g/t Au from 204m
James Withall, CEO of Rupert Resources commented “The new drilling at Ikkari continues to expand the mineralised envelope with the infill drilling undertaken this winter season essential to improving resource confidence and maintaining the permitting timeline for the project. We continue to increase our understanding of the broader mineralising system through drilling and a recently completed geophysical survey. This will inform our next round of step out drilling at Ikkari and our exploration programmes to make further discoveries of scale in the region. Ikkari remains the cornerstone discovery in a potential new mining camp in a tier one jurisdiction.”
Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, announces that Agnico Eagle Mines Limited (“Agnico Eagle”) has exercised warrants issued in Rupert’s February 2020 private placement (see press release dated February 11, 2020) to acquire 11,543,704 common shares for net proceeds to Rupert Resources of $11,543,704 (the “Warrants”). Following the transaction Agnico holds 28,644,111 common shares equivalent to 15.1% of the issued ordinary shares in Rupert or 14.5% on a fully diluted basis.
This exercise of the Warrants, which were scheduled to expire on February 11, 2023, related to Rupert’s acceleration of the expiry of the Warrants in accordance with their terms as a result of the trading price of Rupert’s common shares exceeding $1.25 for 20 consecutive trading days on February 11, 2022.
Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, is pleased to announce significant new drilling from its Ikkari Discovery.
Other new drill highlights showcasing broad intervals of gold mineralisation include:
Infill drilling continues to return significant intervals of gold mineralisation, in places, at higher grades than estimated in September 2021’s maiden resource estimate.
Ikkari has a National Instrument 43-101 inferred mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million ounces (see Sept. 13, 2021 press release) 1. Approximately 80,000 metres (“m”) of drilling is planned for 2022; 60% focused on upgrading and expanding the Ikkari resource estimate, with the remainder allocated to regional exploration.
James Withall, CEO of Rupert Resources commented “Infill drilling at Ikkari continues to consolidate grade and ounces through the intersection of significantly broad intervals of high- grade gold mineralisation, which are likely to have a positive impact on the economics of the project. Our 2021/22 winter drilling season is building momentum with more rigs turning at Ikkari and other target areas with potential to deliver further discoveries of scale”.
For full release including images and tables download pdf below
November 29, 2021 – Rupert Resources Ltd (“Rupert” or the “Company”), a company advancing the multi-million-ounce Ikkari gold deposit and new regional discoveries at the company’s 100% owned Rupert Lapland Project in Northern Finland, is pleased to announce new drill results that strengthen our Ikkari resource, demonstrate the potential for a satellite deposit, and introduce a high-grade copper component to mineralization in the district.
Rupert announced on September 13, 2021 a National Instrument 43-101 inferred mineral resource estimate of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”) for 3.95 million ounces1. Rupert is well-funded to maintain momentum: the Company has contracted rig capacity capable of drilling a budgeted 90,000 metres (“m”) to the end of 2022. Approximately 60% of drilling will be focused on upgrading and expanding the Ikkari resource estimate, with the remainder allocated to a regional program targeting potential satellite orebodies and new discoveries of scale.
HIGHLIGHTS
Heinä Central:
Ikkari:
James Withall, CEO of Rupert Resources commented “In a very short-time frame, we have clearly demonstrated our technical understanding in delineating what is becoming a significant mineralized district. Leveraging our exploration methodology, we have advanced from discovery to delineation of a baseline resource of scale at Ikkari in a very efficient timeline, and our regional program continues to show the district’s scale through growing discoveries and identifying new targets. The results reported today from Heinä Central show increased grade and down-hole widths at depth, and highlight its potential to contribute to the critical mass attained by Ikkari.”
