Rupert Resources drills 3.6 g/t gold over 141 metres at Rupert Lapland, Finland
Rupert Resources Ltd. [RUP-TSXV; 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 and provided further project updates.
In November 2022, the company published a preliminary economic assessment (PEA) for the project, demonstrating the potential for a 24-year life of mine (LOM) at an average annual production of 200,000 troy ounce gold. The PEA estimated an after-tax net present value (NPV) (5% discount) of $1.6-billion with unlevered internal rate of return (IRR) of 46% and payback after two years, assuming a gold price of $1,650/oz. An expected lowest-quartile all-in sustaining cost (AISC) of $759/oz is outlined over LOM, and $596/oz during the open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio is also detailed.
Highlights from infill drilling results aimed at further upgrading areas of inferred resources at Ikkari include: No. 122190 that returned 52.6 metres of 2.3 g/t gold from 515 metres in the east, adding confidence to the inferred resources at this depth.
No. 122206 returned 25.3 metres of 3.2 g/t gold from 291 metres and 141 metres of 3.6 g/t gold from 322 metres in the central portion of the deposit. The intercept extends to 100 metres below the open pit considered by the PEA, confirming the continuity of high-grade mineralization.
No. 122214 returned 15.4 metres of 5.4 g/t gold from 341 metres, 35 metres of 1.9 g/t gold from 370 metres and 15 metres of 3.3 g/t gold from 448 metres, also in the centre of the deposit.
No. 122221 returned 27 metres of 2.9 g/t gold from 452 metres in the west of the deposit. No. 123001 returned 27 metres of 3.7 g/t gold from 128 metres and 22 metres of 2.3 g/t gold from 234 metres in the east of the deposit.
Significant results to date, outside of the current block model, include No. 123003 that returned six metres of 74.1 g/t gold from 361 metres, including one metres of 445 g/t, suggesting high-grade mineralization potential in the west.
No. 122269 returned 14 metres of 1.5 g/t gold from 816 metres, including one metre at 11.2 g/t, 230 metres below the deepest intercept on this section and a 160-metre step-out west from the closest hole at a similar depth (No. 121036: 44 m of one g/t from 797 m, including 12 m of 2.4 g/t from 823 m).
James Withall, CEO, commented, “We are now at the mid-point of the 2022/23 drilling campaign with winter conditions allowing drilling of Ikkari at depth. Initial results confirm the exceptional continuity of the Ikkari resource and the potential for resource expansions in the west and at depth. We have also identified further mineralisation 7km east from Ikkari along the main regional structure on our land package at Koppelo.”
The 2022/2023 work program commenced in August 2022 and is planned to include up to 72,800 metres of drilling. Around 30,000 metres has been allocated to Ikkari infill and project drilling with the balance divided equally between Ikkari extension, potential satellites; and regional exploration across Rupert’s 634 km2 land position, targeting additional discoveries of scale.
Work is commencing on the Pre-feasibility Study for the Ikkari project.
Ikkari is part of the company’s Rupert Lapland Project, which also includes the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt of Northern Finland. The company also holds a 20% carried participating interest in the Gold Centre property located adjacent to the Red Lake mine in Ontario.