Rupert Resources

New drilling from Ikkari and Heinä South extending known limits

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.

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.