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:
Significant results to date,outside of the current block model include:
James Withall, CEO of Rupert Resources commented “We 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”
