Drilling demonstrates ‘sheer quality’ of Rupert Resources’ Ikkari gold deposit ahead of Q3 PEA 

Rupert Resources (TSXV: RUP) has announced new drill results from its Ikkari gold deposit and Heina South property, both part of its 100%-owned Rupert Lapland project in Northern Finland. 

Drill highlights from Ikkari included 110 metres grading 5.1 grams gold per tonne starting from 185 metres in drillhole 121169, and 163.3 metres grading 3.6 grams gold starting from 18.7 metres in drillhole 121171.  

Drilling at Heina South, located about 1 km northwest of Ikkari, yielded 7 metres of 2.4 grams gold per tonne from 99 metres in drillhole 122038 and 1 metre of 378 grams gold starting from 190 metres.  

“These results are very significant as they continue to show the sheer quality of the project and contribute to the increased confidence in our resource, as we move the inferred up to the next stage,” James Withall, the company’s CEO told The Northern Miner in an interview.  

“At the moment, we are working towards two elements, putting together a preliminary economic assessment in the third quarter of this year… and then towards a prefeasibility study in the following year.”  

The CEO added that results from Heina South indicated the presence of a “significant scale mineralizing system” in the broader Area 1 exploration target, which has an average drill depth of 250 metres, with 79% of all holes yielding results in excess of a 0.6 gram gold cut-off grade. 

The company acquired the Rupert Lapland project, which covers about 735 sq. km., in 2016. In addition to the Ikkari and Heina South deposits, the project also includes the Pahtavaara mine which produced about 450,000 oz. of gold over 16 years under three different periods of ownership, the company said.  

Ikkari hosts an inferred resource of 49 million tonnes grading 2.5 grams gold per tonne for contained metal of 4 million oz. gold.  

Withall believes that the project is unique due to the length and continuity of the mineralization. “It’s mineralized through their lengths rather than just being high grade veins,” said Withall, adding that the project is expected to be “easier and straightforward” to mine compared to other properties.  

Rupert Resources has planned about 80,000 metres of drilling 2022, with 60% of it focused on upgrading and expanding the Ikkari resource, with the remaining allocated to regional exploration.  

Earlier in March Agnico Eagle Mines (TSX: AEM; NYSE: AEM) exercised warrants issued in Rupert’s February 2020 private placement to acquire 11.5 million common shares of the company. Following the transaction Agnico holds 28.6 common shares or 15.1% of the issued ordinary shares in Rupert. 

At presstime in Toronto, Rupert Resources was trading at $5.30 per share within a 52-week trading range of $6.08 and $3.44. The company has 190.04 million common shares outstanding for a market cap of $1 billion.