Rupert Resources Ltd. [RUP-TSXV] has released a maiden resource estimate for the Ikkari gold discovery at its 100%-owned Rupert Lapland project in northern Finland.
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 has 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 said the timeline from discovery hole to multi-million-ounce base line resource is under 18 months. Rupert said it plans to “keep the momentum going” by completing 28,000 metres of drilling during the balance of 2021, and an estimated 62,000 metres in 2022.
Of that amount, 60% is focused on upgrading and expanding the Ikkari resource. It said the Ikkari remains open at depth and along strike.
Rupert shares eased 2.5% or 14 cents to $5.50 in light trading volume. The shares are currently trading in a 52-week range of $6.20 and $2.77.
“Today’s maiden resource confirms Ikkari as a multi-million-ounce gold discovery whose value we are unlocking at an accelerated pace,’’ said Rupert CEO James Withall. “We believe the demonstrated size, grade, cohesive mineralization and growth potential, combined with non-refractory metallurgy and proximity to infrastructure, positions Ikkari as one of the most high-quality advanced-stage assets of recent years.’’
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 Finland properties are adjacent to Agnico’s Kittila gold mining operation in northern Finland. Pahtavaara previously operated between 1996 and 2014, producing almost 450,000 ounces of gold.
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.