Rupert Resources drills 3.1 g/t gold over 145.7 metres at Rupert Lapland, Finland

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Rupert Resources Ltd. [RUP-TSX; RUPRF-OTCQX] reported drilling results from its 2022 to 2023 exploration program at its multimillion-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.

Highlights from today’s published results include the following.

Resource infill: Hole No. 123019 returned 3.1 g/t gold over 145.7 metres from 36.0 metres (31 m vertical) and 2.9 g/t gold over 28 metres, including 43 g/t gold over one metres from 302 metres (265 m vertical) on a western section of the deposit. This further defines high-grade mineralization from surface in a part of the deposit currently classified as inferred resources and with lower estimated grade than the new intercept.

Hole No. 123040 returned 6.5 g/t gold over 22 metres from 225 metres, including 10.2 g/t gold over 11 metres from 227 metres in the eastern portion of the PEA open pit.

Hole No. 123042 returned 3.9 g/t gold over 96 metres from 146 metres, including selected subintervals of 5.8 g/t gold over 17 metres from 168 metres and 9.1 g/t gold over 18 metres from 194 metres also in the eastern portion of the PEA open pit.

Extensions: Hole No. 123026 returned 1.3 g/t gold over 88.7 metres from 487.3 metres (429 m vertical), including 3.1 g/t gold over 13.0 metres from 495 metres and 2.7 g/t gold over 7.0 metres from 521 metres 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 No. 123030 returned 3.2 g/t gold over 44 metres from 534 metres at depth (476 m vertical), including 8.9 g/t gold over seven metres from 552 metres. 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 No. 123032 returned 2.5 g/t gold over 28 metres from 617 metres at depth (508 m vertical), below the limits of the indicated resource, including 19.3 g/t gold over one metre from 621 metres and 23.4 g/t gold over one metre from 641 metres extending the high grades in the centre of the deposit to depth.

James Withall, CEO, commented: “We have received more positive results from the winter 2022/23 drill program 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 focused 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 derisk and optimize the critical mass of high-margin resources we have already defined at Ikkari in the November, 2022, PEA.”

The 2022/2023 work program commenced in August, 2022, with over 52,000 metres completed by the end of April, 2023. The 30,000 metres allocated to Ikkari infill and project drilling have been completed so that an update to the current resource can be commenced once all assays are received. Programs to test extensions at Ikkari as well as potential satellites and new regional targets across Rupert’s 634 km2 land position were undertaken in the latter two months of the winter drilling season (March and April) and results are pending.

The infill holes being completed target remaining areas of inferred resources within the indicated resource outline, they continue to upgrade the geological confidence and the continuity of mineralization within the deposit. This drilling program aims to convert all the inferred resources above 500 metres vertical to the indicated resource category for inclusion in the PFS study and provide greater confidence and resolution for mining engineering and trade-off studies in the PFS.

The extension drilling program was designed to increase the indicated category resources beyond the current limits at depth and demonstrate the open nature of the Ikkari deposit by confirming the interpreted western plunge to the mineralization at depth. Hole No. 123026 intercepted several zones near surface but also 1.3 g/t gold over 88.7 metres from 487.3 metres.

On receipt of all the assays for the drilling programs discussed in the release, work will commence on an updated resource with a target completion in early calendar year Q4 2023.

Ikkari is part of the company’s Rupert Lapland project, which also includes the Pahtavaara gold mine, mill and exploration permits.


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