Rupert Resources reports new drilling from Ikkari showing potential for higher open pit grades and further extensions to depth and west

Toronto (May 23, 2023) – 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.

In November 2022, the company published a mineral resource estimate (“MRE”) and preliminary economic assessment (“PEA”) for the project demonstrating the potential for a high margin, low impact mine with a life of over 20 years (see November 28, 2022 press release and footnotes 1&2).

Highlights from today’s published results (figure 1) include:

Resource Infill

  • Hole #123019 – 3.1 grams per tonne gold (“g/t Au”) over 145.7m from 36.0m (31m vertical) and 2.9g/t Au over 28m including 43g/t Au over 1m from 302m (265m vertical) on a western section of the deposit. This further defines high grade mineralisation from surface in a part of the deposit currently classified as Inferred Resources and with lower estimated grade than the new intercept (figures 2 and 3). 
  • Hole #123040 – 6.5g/t Au over 22m from 225m including 10.2g/t Au over 11m from 227m in the eastern portion of the PEA open pit.
  • Hole #123042 – 3.9g/t Au over 96m from 146m including selected sub intervals of 5.8g/t Au over 17m from 168m and 9.1g/t Au over 18m from 194m also in the eastern portion of the PEA open pit.


  • Hole #123026 – 1.3g/t Au over 88.7m from 487.3m (429m vertical) including 3.1g/t Au over 13.0m from 495m and 2.7g/t Au over 7.0m from 521m (figure 2) at depth in the west of the deposit. The hole confirms the interpreted plunge direction in the west of Ikkari and provides further drill targets to the west of Ikkari at depth.
  • Hole #123030 – 3.2g/t Au over 44m from 534m at depth (476m vertical) including 8.9g/t Au over 7m from 552m.  This intercept demonstrates potential for the expansion of higher-grade resources at depth in the Ikkari deposit below the current limits of the Indicated Resource.  
  • Hole #123032 – 2.5g/t Au over 28m from 617m at depth (508m vertical), below the limits of the Indicated Resource, including 19.3g/t Au over 1m from 621m and 23.4g/t Au over 1m from 641m extending the high-grades in the centre of the deposit to depth.

James Withall, CEO of Rupert Resources commentedWe have received more positive results from the winter 2022/23 drill programme that demonstrate the exceptional continuity of the Ikkari deposit, potential for grade uplift in the core of Ikkari and extensions at depth in the west in previously untested areas. We have a significant number of results pending from drilling undertaken in recent months that has been focussed on extensions at Ikkari and targets with satellite potential. Our business model in its simplest form, is to continue finding low cost ounces whilst advancing engineering and permitting to de-risk and optimise the critical mass of high-margin resources we have already defined at Ikkari in the November 2022 PEA.”