Rupert Resources

Ikkari Discovery

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EXPLORATION AND GEOLOGY

Ikkari was discovered using systematic regional exploration that focused on geochemical sampling of bedrock/till interface through glacial till deposits of 5 to 40m thick. No outcrop is present, and topography is dominated by low-lying swamp areas. In the Ikkari area, a single anomalous base of till sample of 0.2ppm Au was followed up with infill sampling to a 50 x 25m grid, and a small cluster of anomalous samples up to 1ppm Au was identified. The first drill hole into this geochemical anomaly (hole 120038) was drilled in April 2020 and assayed 54m grading 1.5g/t Au from 25m, under 13m of glacial till cover material. Follow-up drill hole intercepts demonstrated very broad mineralised zones with a high-grade component over an initial strike length of >500m.

The Ikkari deposit occurs within rocks that have been regionally mapped as 2.05-2.15 Ga old Savukoski group greenschist-metamorphosed mafic-ultramafic volcanic rocks, part of the Central Lapland Greenstone Belt (CLGB). Gold mineralisation is largely confined to the structurally modified unconformity between Savukoski and Kumpu groups strata. The two units are complexly interleaved, the result of early low angle thrusting and folding and subsequent upright folding and shearing.

The mineralised zone is bounded to the north by a steeply N-dipping cataclastic zone and is closely associated with intercalations of Kumpu sediments within the Savukoski komatiite-dominated strata he mineralised zone is overprinted by a complex history of hydrothermal brecciation, the latest stages associated with a second phase of high-grade gold mineralisation.

MINERALISATION

Within the mineralised zone, sedimentary slivers are interleaved with komatiite-dominated strata and these are mantled by Fe-metasomatic halos, which enclose the bulk of the Au resource. The main mineralised zone is strongly altered and characterised by intense veining and foliation that frequently overprint original textures. An early phase of finely laminated, grey ankerite/dolomite veins is overprinted by stockwork-like irregular siderite ± quartz ± chlorite ± sulphide veins. These vein arrays are often deformed with shear-related boudinaging and in situ brecciation. Magnetite and/or haematite are common, in association with pyrite. Hydrothermal alteration commonly comprises quartz-dolomite-chlorite-magnetite (±haematite).

Gold is hosted by disseminated and vein-related pyrite, frequently occurring as ~1mm visible gold grains. Multi-phase breccias are well developed within the mineralised zone, with early silicified cataclastic phases overprinted by late, carbonate- iron-oxide- rich, hydrothermal breccias which display a subvertical control. All breccias frequently host disseminated pyrite, and are often associated with bonanza gold grades, particularly where magnetite or haematite is prevalent.  In the sedimentary lithologies, albite alteration is intense and pervasive, with pyrite-magnetite (± gold) hosted in veinlets in brittle fracture zones.

SEPTEMBER 2021 BASELINE RESOURCE

The mineral resource estimate for Ikkari is reported in accordance with NI 43-101 and has been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”. This mineral resource estimate was calculated using the multiple indicator kriging method (MIK) and is classified as inferred mineral resource as defined by the CIM. Numbers are affected by rounding. The estimate was reported using cut-offs of 0.6g/t Au for mineralisation potentially mineable by open pit methods and 1.2g/t Au for that portion that is potentially extractable by underground methods. The cut-offs were based on a gold price of US$1430/oz Au, with a 92% overall recovery and costs derived from benchmarks and first principles (see the technical report entitled “NI 43-101 Technical Report: Ikkari Project, Finland” with an effective date of September 13, 2021 prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an independent qualified person as defined in NI 43-101).

METALLURGY AND MINERAL PROCESSING

Metallurgical test work has been completed on two representative samples from the Ikkari deposit. The results showed up to 99.5% of gold could be recovered using conventional processing methods. Initial recoveries of 94 to 97% have been demonstrated, using a conventional gold extraction process, and additional regrind of flotation concentrate resulted in total gold extraction of over 99%. Given the preliminary nature test work to date a recovery of 92% has been used for the Mineral Resource estimate reporting.  Results also show moderate grinding work index and reagent consumption and acid mine drainage tests indicate that the host lithology is naturally neutralising

INFRASTRUCTURE

Ikkari is located 30km from the town of Sodankylä by 30km tarmac road and a further 5km of well-maintained forestry gravel roads managed by Metsähallitus, the state-owned forestry company. The site is located 3km from 220kv power lines and 5km from an existing transformer station. The site has excellent 4G connectivity.