January 29, 2021 - Rupert Resources Ltd (“Rupert” or “the Company”) reports its financial results for the three and nine months ended November 30, 2020
James Withall, CEO of Rupert Resources commented “The Company remains well financed with over $28million of cash to advance its new discoveries to a maiden resource. A 60,000m drill programme is well underway with the goals of expanding the mineralised envelope at Ikkari as well as making other discoveries of scale elsewhere on Rupert’s 451km2 land package.”
The work programme at Pahtavaara is designed to identify and evaluate the mineral potential contained in the Pahtavaara licence area, including in the vicinity of the Pahtavaara mine. In January 2021 Rupert announced an expanded 60,000m diamond drill programme to further evaluate six new discoveries previously made in an area within the Pahtavaara licence package known as Area 1 (including Ikkari) as well as continuing to identify potential prospects of scale elsewhere on the Rupert’s wholly owned 451km2 land package.
Base of till (“BoT”) sampling continues across the Pahtavaara licence area, with circa 12,203 samples collected as of the end of November 2020 over geophysical anomalies of interest and this programme has been extended to continue throughout 2021. Diamond drilling will be undertaken at new targets generated from this programme with the aim to have completed a first pass assessment of the licence area within the coming 12 months.
1,279m of drilling was undertaken over the quarter as part of a planned 10,000m programme at the Pahtavaara mine with the aim of testing a new geological interpretation ahead of updating the Mineral Resource Estimate at the Pahtavaara mine.
During the nine months ended November 30, 2020, the Company spent $10,540,853 (9 months ended November 30, 2019 – $6,017,803) on its exploration projects. As of November 30, 2020, Rupert held cash or cash equivalents of $28,032,497. The Company recorded a net loss and comprehensive loss for the three months and nine months ended November 30, 2020 of $(4,536,505) and $(4,683,061) respectively (three months and nine months ended November 30, 2019 – $(1,076,228) and $(4,164,170) respectively) and a net loss per share for the three months and nine months ended November 30, 2020 of $(0.03) and $(0.04) respectively (three and nine months ended November 30, 2019 – $(0.01) and $(0.03) respectively).