Rupert Resources Ltd. [RUP-TSXV; R05-FSE] reports new drill results from its ongoing exploration program at the 100%-owned Pahtavaara Project in the Central Lapland greenstone belt, Finland.
The company has demonstrated extension to the significant gold-hosting structural zone at the recently identified Ikkari discovery. The target was identified using base of till sampling at area 1, a 5-km long highly prospective section of a regional domain-bounding structure, 20 km of which is contained within Rupert’s contiguous landholding.
Hole 120059 intersected 15.2 g/t gold over 13 metres from 121 metres, including 36.6 g/t over 5 metres and including 162 g/t over 1 metre. The hole was drilled 300 metres east from hole 120042 drilled previously.
Hole 120061 intersected multiple mineralized zones, the highest grade being 4.1 g/t gold over 47 metres from 273 metres including 11.9 g/t over 13 metres and including 107 g/t over 1 metre. The hole is 70 metres farther east from hole 120059 and demonstrates the potential for depth extension to the mineralizing system.
James Withall, CEO, commented: “These latest Ikkari holes show the gold-mineralizing system remains broad and continuous towards the eastern end of the 500-metre initial base of till (BoT) anomaly. Drilling will recommence in the coming weeks to continue testing this target along with our ongoing new target generation program. Further, we have begun extending the BoT sampling program along structure towards the Saitta discovery some five km to the east.”
The Pahtavaara project is located in the heart of the Central Lapland greenstone belt, northern Finland, where the company owns the permitted Pahtavaara mine that is on active care and maintenance and within a contiguous licence package of almost 300 km2. The company acquired the project for just US$2.5-million in 2016 and is undertaking exploration both at the existing mine and across the region to demonstrate the potential for significant economic mineralization.
Rupert owns the Pahtavaara gold mine, mill, and exploration permits and concessions.
In morning trading, shares of Rupert Resources gained $0.23, or 7.3%, to $3.40 on a volume of 325,100 shares traded.