Rupert Resources Ltd. (“Rupert Resources” or the “Company”) reports that it has published its financial results for the three months ending May 31, 2020 and accompanying Management 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.
During the quarter the Company demonstrated continued success with its systematic exploration both at the Pahtavaara mine and on regional exploration. The highlight in the period was the Ikkari discovery where significant broad structurally hosted gold mineralisation has been demonstrated over a strike length of 450m. Post period, in July 2020 Rupert commenced a 40,000m to 50,000m diamond drill program to further evaluate the six new discoveries made to date in an area within the Pahtavaara licence package known as Area 1, as well as to continue testing new regional targets generated by the exploration team. Base of till (“BoT”) sampling continues across the Pahtavaara licence area, with circa 10,500 samples collected to end-June 2020 over geophysical anomalies of interest.
During the three months ending May 31, 2020, the Company spent $3,302,462 (3 months ended May 31, 2019 – $1,514,781) on its exploration projects. As of May 31, 2020, Rupert held cash or cash equivalents of $9,523,963. Post period the Company raised a further $25,600,000 (before expenses) through concurrent equity financings. The Company recorded a net loss and comprehensive loss for the quarter of $(1,059,544) (3 months ended May 31, 2019 – $(1,306,280)) and a net loss per share of $(0.01) (3 months ended May 31, 2019 – $(0.01)).
James Withall, Chief Executive of Rupert Resources said “Following the completion of the $25.6million equity financings at the end of July the company is well positioned to increase the intensity of our regional exploration activities at the Pahtavaara Project. Drilling recommenced in mid-July with the goal of defining the scale of the new Ikkari discovery as well as following up and identifying multiple new targets along the 20km long structural corridor that makes up part of our wholly owned 325km2 land package.”
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