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Rupert Resources

Osikonmaki (Central Finland)


The deposit at Osikonmaki is located in eastern central Finland, 40km south of Outokumpu. The primary mineralisation at Osikonmäki is controlled by a shear zone oriented east-west dipping approximately 40° – 50° to the south and plunging slightly to the east. Mineralisation occurs at the eastern and western parts of the footwall to the shear zone. Gold mineralisation is strongly associated with, but not confined to, zones of moderate to intense shearing. The gold is found within a tonalite intrusive; gold-enriched zones occur as either tightly folded or en-echelon lenses that typically plunge to the east at about 20°.

Mineralisation remains open in several directions at the Osikonmäki deposit. A key area of focus is considered to be the down-plunge extent of the high-grade shoots within the main zone of mineralisation, and extension of the western section of mineralisation. Potential also remains to the east of the deposit where there is evidence of high grade material and multiple zones; as well as for regional exploration of the permit where a program of geophysical targeting coupled with geochemical investigation is warranted.

Rupert is also planning a Corporate Social Responsibility plan be initiated and implemented in order to provide a robust framework for community interaction going forward. This would be complemented by environmental baseline studies.

Rupert Resources reported an Inferred Resource for the Osikonmaki Gold Deposit of 3.23Mt grading 2.7g/t Au (276koz) in November 2018. The Mineral Resource estimate was reported in accordance with National Instrument 43-101 and was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves best Practice Guidelines”.

Technical Information

A cutoff of 1.5g/t Au was selected for the reported estimate based on a geological interpretation of the deposit following a review of all available data that has been collected for the property combined with historical breakeven operating costs for other underground gold mines in Finland. Other assumptions are based on the potential for combined open pit and underground extraction, recoveries of 85-90% and a gold price of EUR1200/oz. Further exploration to increase the confidence level of the resources is required for more detailed economic evaluation.

Certain disclosure contained in this summary of the resource estimate for Osikonmaki of a scientific or technical nature has been summarized or extracted from the technical report entitled “NI 43-101 Technical Report: Osikonmaki Gold Project, Finland” (the “Osikonmaki Technical Report”), with an effective date of November 9, 2018. This report was prepared for Rupert Resources Ltd by Brian Wolfe, BSc(Hons), MAIG, Principal and Director of International Resource Solutions Pty Ltd of Perth, Western Australia, and who is an independent Qualified Person as such term is defined in NI 43-101 and sets forth the estimate. The Osikonmaki Technical Report was filed by Rupert Resources under its profile on SEDAR (www.sedar.com) on November 9, 2018 and can also be found by following the URL below.

Osikonmaki NI 43-101 Resource (November 2018)

The key assumptions used to prepare the resource estimate are as follows. Gold grade estimation was completed using Multiple Indicator Kriging (MIK) for the main mineralised domains with the secondary minor domains estimated by ordinary kriging (OK). Gold (13,215 samples) and multi element (8,268 samples) assays are available from 221 diamond drillholes. The majority of regions are defined on a notional 40mE x 25mN drill spacing. A dry bulk density database was supplied containing a total of 3,395 data. A bulk density of 2.7t/m³ was applied as a tonnage factor to allow for appropriate grade tonnage reporting. In the case of the overburden, a bulk density of 2.0t/m³ has been assumed although there are no direct measurements