Rupert Resources reports further drilling results from Ikkari and provides Update on other activities

March 21, 2022 – Rupert Resources (“Rupert” or “The Company”) is pleased to report drilling from its 2022-23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland and provides further project updates.

In November 2022, the company published a preliminary economic assessment (“PEA”) for the project demonstrates the potential for a24-year life of mine (LoM) at an average annual production of 200,000 troy ounce (“oz”) gold. After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion with unlevered Internal Rate of Return (“IRR”) of 46% and payback after two years, assuming a gold price of $1,650 per oz. An expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz is outlined over LOM, and $596/oz during the open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio is also detailed. (see November 28, 2022 press release).

Highlights from infill drilling results aimed at further upgrading areas of inferred resources at Ikkari include:

  • #122190 – 52.6m of 2.3g/t from 515m in the east adding confidence to the inferred resources at this depth
  • #122206 – 25.3m of 3.2g/t Au from 291m and 141m of 3.6g/t Au from 322m in the central portion of the deposit. The intercept extends to 100m below the open pit considered by the PEA, confirming the continuity of high-grade mineralisation.
  • #122214 – 15.4m of 5.4g/t Au from 341m, 35m of 1.9g/t Au from 370m and 15m of 3.3g/t Au from 448m also in the centre of the deposit
  • #122221 – 27m of 2.9g/t Au from 452m in the west of the deposit
  • #123001 – 27m of 3.7g/t Au from 128m and 22m of 2.3g/t Au from 234m in the east of the deposit

Significant results to date,outside of the current block model include:

  • #123003 – 6m of 74.1g/t from 361m including 1m of 445g/t, suggesting high-grade mineralisation potential in the west
  • #122269 – 14m of 1.5g/t from 816m, including 1m at 11.2g/t, 230m below the deepest intercept on this section and a 160m step-out west from the closest hole at a similar depth (#121036: 44m of 1.0g/t from 797m including 12m of 2.4g/t from 823m, see press release dated September 13, 2021)

James Withall, CEO of Rupert Resources commentedWe are now at the mid-point of the 2022/23 drilling campaign with winter conditions allowing drilling of Ikkari at depth.  Initial results confirm the exceptional continuity of the Ikkari resource and the potential for resource expansions in the west and at depth. We have also identified further mineralisation 7km east from Ikkari along the main regional structure on our land package at Koppelo”

Link to full release including images and tables