Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three months ending May 31, 2022 and accompanying Managements 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 3 months ending May 31, 2022, the Company spent $8,716,489 (3 months ended May 31, 2021 – $5,947,360) on its exploration projects. As of May 31, 2022, Rupert held cash or cash equivalents of $45,755,018. The Company recorded a net loss and comprehensive loss for the quarter of $(5,144,977) (3 months ended May 31, 2021 – $(3,479,066)) and a net loss per share of $(0.01) (3 months ended May 31, 2021 – $(0.01)).
During quarter to end-May 2022 and up to the date of this document, Rupert’s operational activities have been primarily focussed on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (“CLGB”) together with more limited exploration activity at Hirsikangas in Central Finland.
Rupert Lapland Project Area, CLGB, Northern Finland
The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert’s land package in the CLGB.
Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets. Excluding the Pahtavaara Mine, some 73,100m had been drilled during 2021/22, including 46,500m at Ikkari. A similar amount of diamond drilling is anticipated in 2022/23 – some sixty percent of drilling is budgeted for infill and extension drilling at Ikkari with the balance allocated to regional exploration.
Base of till (“BoT”) sampling continues across the Rupert Lapland Project Area, specifically over geophysical anomalies of interest and programs will begin on recently granted permits in the coming months.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of the Ikkari Technical Report, and the on-going regional diamond and BoT drilling and sampling programs, a NI 43-101-compliant Preliminary Economic Assessment of Ikkari (“Ikkari PEA”) is currently underway and is expected to be completed along with an update to the MRE in the second half of 2022.
The Ikkari PEA project is led by Tetra Tech, and encompasses an evaluation of the economic potential of the Ikkari and Pahtavaara mineral resources as well as satellite deposits that have continued to be drilled during the recent 2021/22 winter exploration program, as well as subsequently. Various studies have been initiated and which will contribute to the PEA, including but not limited to: optimisation of planned mining methods, schedules and site layouts, hydrogeological and geotechnical evaluations and metallurgical studies, including assessment of processing options. The aim of the Ikkari PEA is to better define the optimum parameters that will be used in a Pre-feasibility Study (“PFS”) that is expected to be initiated subsequent to its completion.
Ikkari and Pahtavaara Environmental Assessments
An Environmental Impact Assessment (“EIA”) was initiated during 2021/22 at each of Ikkari and Pahtavaara, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari in addition to those already held at Pahtavaara. The Ikkari PEA is also drawing from this process as appropriate.
Further to the drilling programs at the Pahtavaara Mine as reported in October 2020 and July 2021, a trade-off study of Pahtavaara is to be completed as part of the Ikkari PEA in order to define the most suitable mining methods and cut-off grades and to complete an updated National Instrument 43-101 Technical Report. The Ikkari PEA will also review the opportunity to develop Pahtavaara as a satellite mine to a new central processing facility at Ikkari, which may allow Pahtavaara to benefit from cost synergies and shared infrastructure.
Central Finland Properties
In 2022, IP surveys and drill testing are planned for both Ullava and Purontaka targets. Field work continues at the Lesti Arc area and southern extent of Himanka volcanic belt, which also hosts the Hirsikangas deposit. A new area for field exploration 2022 is the gold potential in the Pihtipudas region in Middle-Finland, some 70 km SSE of Nivala.