Rupert Resources drills 4.2 g/t gold over 72 metres at Rupert Lapland, Finland

Rupert Resources Ltd. [RUP-TSX; RUPRF-OTCQX] reported drill results from its 2022/2023 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 a preliminary economic assessment (PEA) for the project demonstrating the potential for a high-margin, low-impact mine with a life of over 20 years.

Ikkari: further results from infill and extension program: No. 123027 intersected 2.1 g/t gold over 52 metres from 228 metres, including 4.4 g/t gold over 10.0 metres from 249 metres highlighting higher grade mineralization within the felsic unit in the northern part of the deposit.

No. 123047 intersected 4.2 g/t gold over 72 metres from 235 metres including 6 g/t gold over 10.3 metres from 247 metres and 13.1 g/t over 4 metres from 277 metres confirming the high-grade core in the central portion of Ikkari.

No. 123055 intersected 1.7 g/t gold over 52 metres from 108 metres confirm the continuity of mineralization in an area of Inferred Mineral Resources within the felsic sediment unit to the west of the deposit. The hole also intersected 1.9 g/t gold over 24 metres at depth from 424 metres, including 8.4 g/t gold over 1.0 metre and 8.8 g/t gold over 2.0 metres up-dip from previously reported mineralization at depth in the west of Ikkari.

No. 123063 intersected 5.9 g/t gold over 9 metres from 540 metres (420m vertical) including 49.6 g/t gold over 1 metre extending the western plunging mineralization at depth with a step-out from hole No. 123026 (1.3 g/t Au over 88.7m from 487.3m including 3.1 g/t Au over 13.0m from 495m) reported earlier in the spring.

No. 123080 intersected 1.3 g/t gold over 43 metres from 565 metres (445m vertical) confirming the presence of wide zones of mineralization beyond 450m vertical depth in the eastern parts of the deposit.

Ikkari North (0.5 km north of Ikkari): New drilling at Ikkari North successfully targeted the Eastern continuation of mineralization hosted within an E-W structural corridor. Within this trend multiple intense breccia zones host gold and pyrite mineralization. Drilling during the winter 2023 has extended the footprint of the mineralization 200m to the east from previous drilling during the winter 2022.

No. 123059 intersected 2.7 g/t  over 35.1 metres from 233.1 metres (165m vertical), including 56.6 g/t gold over 1.0 metre. No. 123069 intersected 1.1 g/t gold over 14.6 metres from 291.4 metres, including 4.3 g/t gold over 0.5 metres.

James Withall, CEO, commented: “Diamond drilling for the 2023/24 season has commenced on several targets with the base of till program set to resume in September after the summer break. The results published today highlight the potential of the mineralizing system in area 1 to yield more discoveries. A significant portion of the drilling in 2022/23 was allocated to infill drilling to upgrade the confidence level of Ikkari resource ahead of the upcoming pre-feasibility study; with this work behind us, the focus can switch back to exploration, both in area 1 and along the 15km structural corridor extending eastwards from the multi-million ounce Ikkari discovery where new base of till and geophysical anomalies have been identified.”

The 2022/23 infill and exploration drill program at Ikkari successfully extended the mineralized envelope at depth to the west and across the strike extent of the deposit. Infill drilling successfully targeted areas of Inferred resource present within the open pit defined in the PEA and down to approximately 450 metres vertical depth. The database for assays to be included in an updated NI 43-101 MRE, the basis of a pre-feasibility study to be completed in H1 2024, was closed at the end of June 2023 and the aim is to complete the update in Q4 2023.

The 2023/24 exploration drilling program has now commenced. Following a further update to our geological model and structural interpretation of area 1, and the completion of the immediate requirements for Ikkari infill drilling, the focus of the drilling is returning to exploration.

Further exploration is also underway at a number of targets that have been identified along the original 20km domain boundary, the initial regional target structure identified in 2019.

The prefeasibility study (PFS) for the Ikkari project has now begun and is being led by Rupert’s owner’s team and consultancy firm WSP.

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