Rupert rallies on Finland gold results
Rupert Resources Ltd. [RUP-TSXV] shares rallied Tuesday after the company released significant new drilling results from its 100%-owned Ikkari Discovery in northern Finland.
Highlight results include hole 121160, which returned a record 103 metres of 8.0 g/t gold from 155 metres in the central section of the resource, as well as a nearer surface interval of 2.5 g/t gold over 80 metres from 48 metres.
Rupert shares advanced on the news, rising 7.14% or 35 cents to $5.25. The shares are currently trading in a 52-week range of $6.08 and $3.44.
Ikkari is part of the Rupert Lapland Project, which also includes the Pahtavaara gold mine, mill, and exploration permits, plus concessions, which are located in the Central Lapland Greenstone Belt. Pahtavaara operated between 1996 and 2014, producing almost 450,000 ounces of gold, and still contains an inferred resource of 474,000 ounces, according to a NI 43-101 technical report released in April, 2018.
Rupert recently reported a maiden inferred resource estimate for Ikkari of 49 million tonnes at 2.5 g/t gold or 3.95 million ounces. It said the estimate is based on 36,000 metres of drilling that was completed by the end of June, 2021.
The company is planning to complete an estimated 80,000 metres in 2022. Of that amount, 60% is expected to be focused on upgrading and expanding the Ikkari resource, which it said remains open at depth and along strike. The balance is allocated towards regional exploration.
The main highlight intersections released Tuesday come from the central section of the resource. The company said infill drilling continues to return significant intervals of gold mineralization, in places, at higher than estimated in the September, 2021 resource estimate.
Ikkari is located 30 kilometres from the town of Sodankyla and is accessible via a 30-kilometre tarmac road as well as 5.0 kilometres of forestry gravel roads.
The deposit was discovered using systematic exploration that initially focused on geochemical sampling of bedrock/till interface through glacial till deposits of 5.0 metres to 40 metres thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.
Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE] recently made a strategic investment in Rupert Resources, spending $13.1 million to acquire a 9.9% stake in the junior. Rupert’s cash position was $49 million when last reported in November, 2021, with $11 million in proceeds expected from the exercise of Agnico-Eagle warrants expected in February 2022.
Rupert’s Finland properties are adjacent to Agnico’s Kittila gold mining operation in northern Finland.
Rupert also holds a 100% interest in the Surf Inlet property in British Columbia, a 100% interest in properties in Central Finland, as well as a 20% carried interest in the Gold Centre property, which consists of mineral claims near Red Lake Ontario.