July 30, 2021
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three months ending May 31, 2021 and accompanying Management’s Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
The work programs at the Rupert Lapland Project are designed to identify and evaluate the mineral potential contained in Rupert’s expanded 509km2 land package, including the Ikkari discovery and the Pahtavaara Mine. In July 2020 Rupert commenced a 40,000 to 50,000m (subsequently increased to over 60,000m) diamond drill program to further evaluate six new discoveries made in an area within the licence package known as the Rupert Lapland Project, as well as continuing to generate new targets. At the end of June 2021 46,330m had been drilled since May 2020 including 36,020m at the Ikkari discovery. This program will be increased with the aim of expanding areas of known mineralisation and delineating further mineralisation from Rupert’s successful base of till (“BoT”) programme. Drill rigs from local contractors have been secured to execute Rupert work programs for the next two years.
BoT sampling continues across the Rupert Lapland Project, with 14,537 samples collected to end-June over geophysical anomalies of interest.
Further to the drilling at the Pahtavaara Mine reported in October 2020 which inter alia identified high-grade, near surface plunging shoots, as well as potential extensions to mineralisation on the southern flank of the deposit, a further 93 holes for a total of 6,561.5m were drilled as part of the circa 10,000m program A further 1,193m in seven holes have also been drilled at other near mine targets. An announcement by the Company of July 29, 2021 refers.
During the 3 months ending May 31, 2021, the Company spent $5,947,360 (3 months ended May 31, 2020 – $3,302,462) on its exploration projects. As of May 31, 2021, Rupert held cash or cash equivalents of $14,229,126. Post period the Company raised a further $48,654,000 (before expenses) through concurrent equity financings. The Company recorded a net loss and comprehensive loss for the quarter of $(3,479,066) (3 months ended May 31, 2020 – $(15,860)) and a net loss per share of $(0.01) (3 months ended May 31, 2020 – $(0.01)).
James Withall, Chief Executive Officer of Rupert Resources said, “We are fully funded for at least the next two years and continue to work towards a maiden resource for Rupert’s 100% owned Ikkari discovery, less than 18 months after it was first drilled in Q2 2020. Our goal remains the same namely to highlight the geological and economic potential of the Rupert Lapland Project in its entirety.”