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Rupert Resources Reports New Results From Winter Drilling Campaign at Heinä South Including 10.5G/t Au Over 24.4M Including 112.5G/t Over 2M

01.05.2024  |  Business Wire

Rupert Resources Ltd. ("Rupert" or the "Company") reports follow-up assay results from the Heinä South satellite target (located 1km from Ikkari, Figure 1) and project drilling at Ikkari. The results from exploration drilling at Heinä South extend the broader mineralised zone to over 250m strike length and 200m vertical extent and include high-grade intercepts such as #124061 which intersected 10.5g/t Au over 24.40m including 112.5g/t Au over 2m (Figure 2). Project drilling at Ikkari continues to provide intercepts of exceptional width and grade continuity, increasing confidence in the ~4Moz Indicated Resource (see press release 28th November 2023).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501738451/en/

Figure 1. Schematic structural interpretation of Ikkari and surrounding high-priority exploration targets showing the location of the new drilling at Heinä South. Black box shows the location of more detailed plan map, Figure 2 (Graphic: Business Wire)

Highlights

Heinä South

  • #124061 intersected 24.40m at 10.5g/t Au from 65m downhole (40m vertical) including 2m at 112.5g/t Au. This is the highest-grade intercept to date within the broader, more continuous mineralised trend and suggests that mineralisation sub-crops below the ~10-15m of glacial overburden present at Heinä South (Figure 3).
  • #124027 intersected 29m at 1.9g/t Au from 231m including 1m at 26.7g/t Au and #124023 intersected 23m at 1.4g/t Au from 58m including 1m at 8.2g/t Au both within the same mineralised zone that has been successfully defined over 250m of strike length and to a depth of 200m below surface, it remains open in all directions (Figure 4).

Ikkari

  • Project drilling at Ikkari continues to produce exceptional intercepts which confirm the high-grade core such as #124038: 24m at 11.4g/t Au, including 3m at 37.0g/t Au and the broader mineralisation present at the deposit typified by #124036: 139.80m at 2.0g/t Au. (Figure 5 and Figure 6).

James Withall, CEO of Rupert Resources commented "These exciting results from Heinä South demonstrate the potential for higher-grades within the more continuous mineralisation which we have now traced over a strike length of 250m. Exploration, focussed on Heina South, along with extensional and project drilling at Ikkari, has been the focus of our winter drilling campaign. During the winter season we have followed-up promising intercepts, at shallow depths, to the west of the Heinä South trend which has the potential to become a satellite ore body to the 4Moz Ikkari deposit. Project drilling at Ikkari continues to both increase confidence in the Mineral Resource Model and provide additional material ahead of the next round of metallurgical test work which will feed into future, more advanced engineering studies."

Heinä South

Drilling at the Heinä South target continues to identify a broader style of mineralisation than was in evidence from drilling undertaken in previous years and #124061 which intersected 24.40m at 10.5g/t Au including 2m at 112.5g/t Au demonstrates the potential for high-grade mineralisation within the broader more continuous trend (Figure 3). Previously intercepts of this nature such as #124019: 25m 16.5g/t Au from 83m including 1m at 363g/t Au (see press release 3rd March 2024) were encountered to the north of this trend.

#124023 and #124027 tested the vertical extent of the mineralisation up-dip and down-dip of #124019 which also intersected 14m at 1.2g/t Au from 201m in the southernmost breccia (see press release 3rd March 2024). #124023 intersected 23m at 1.4g/t Au from 58m and #124027 returned 29.0m at 1.9g/t Au from 231m including 1.0m at 26.7g/t Au with the intercepts from both holes occurring in the continuation of the sulphide rich breccia unit demonstrating continuity of mineralisation over 200m down-dip (Figure 4).

Follow-up drilling has continued at Heinä South with three further holes completed before the spring thaw and work continues to identify the control on the high-grade mineralisation present at the deposit.

Ikkari

A project drilling program was initiated at Ikkari during spring 2024 serving multiple purposes: increasing confidence in the ~4Moz Indicated Mineral Resource Estimate (see press release 28th November 2023); providing additional material for metallurgical test work feeding into future, more advanced engineering studies and providing further geotechnical data for the optimisation of mine planning. Results from the first 5-holes of the program are presented here (Figure 5) and include wide intercepts through the deposit such as #124036 (139.80m at 2.0g/t Au, Figure 6) and #124037 (81.90m at 2.5g/t Au) and holes that targeted the high-grade core of the deposit such as #124038 (24m at 11.4g/t Au including 3m at 37g/t Au). These intercepts, each 20m from the closest drill hole, serve to increase confidence in the resource model at Ikkari and provide substantial material for future metallurgical test work as the project continues to be de-risked. Project engineering and permitting continues with a prefeasibility study now targeted for delivery in the second half of calendar 2024.

Geological interpretation of Heinä South

The Heina South target was reappraised based on results from a new higher resolution geophysical survey flown in later 2023 which identified a south-west extension which had been untested in previous years due to a lack of base of till anomalism. Gold mineralisation in the west of Heinä South is associated with multi-phase sulphide mineralisation consisting of pyrite+-pyrrhotite+-chalcopyrite, principally occurring as the matrix to an earlier brecciated (iron)-carbonate phase. The earlier veins occur primarily within altered carbonaceous sediments folded between more homogenous gabbroic units. Gold mineralisation in the east of Heinä South is hosted within quartz-pyrite and massive pyrite veins and as lenses, as part of a stockwork of quartz-carbonate veins. Zones of massive pyrite contain the highest grades (>10g/t Au) with disseminated sulphide zone containing anomalous (<0.5g/t) gold. Early quartz-carbonate veins are overprinted by extensional veins that include coarse-grained pyrite and form sub-parallel trends, broadly related to lithological contacts between sediments and mafic-intermediate intrusives, although mineralisation also occurs within both lithologies. Further drilling is required to allow a resource to be published for the occurrence.

Geological interpretation of Ikkari

Ikkari was discovered using systematic regional exploration that initially focused on geochemical sampling of the bedrock/till interface through glacial till deposits of 5m to 40m thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.

The Ikkari deposit occurs within rocks that have been regionally mapped as 2.05-2.15 billion years ("Ga") old Savukoski group greenschist-metamorphosed mafic-ultramafic volcanic rocks, part of the Central Lapland Greenstone Belt ("CLGB"). Gold mineralisation is largely confined to the structurally modified unconformity at a significant domain boundary. Younger sedimentary lithologies are complexly interleaved, with intensely altered ultramafic rocks, and the mineralized zone is bounded to the north by a steeply N-dipping cataclastic zone. Within the mineralised zone lithologies, alteration and structure appear to be sub-vertical in contrast to wider Area 1 where lithologies generally dipping at a moderated angle to the north.

The main mineralized zone is strongly altered and characterised by intense veining and foliation that pervasively overprints original textures. An early phase of finely laminated grey ankerite/dolomite veins is overprinted by stockwork-like irregular siderite ± quartz ± chlorite ± sulphide veins. These vein arrays are often deformed with shear-related boudinage and in situ brecciation. Magnetite and/or haematite are common, in association with pyrite. Hydrothermal alteration commonly comprises quartz-dolomite-chlorite-magnetite (±haematite). Gold is hosted by disseminated and vein-related pyrite. Multi-phase breccias are well developed within the mineralised zone, with early silicified cataclastic phases overprinted by late, carbonate- iron-oxide- rich, hydrothermal breccias which display a subvertical control. All breccias frequently host disseminated pyrite, and are often associated with higher gold grades, particularly where magnetite or haematite is prevalent. In the sedimentary lithologies, albite alteration is intense and pervasive, with pyrite-magnetite (± gold) hosted in veinlets in brittle fracture zones.

Figures & tables

Figures and tables featured in the Appendix at end of release include:

  • Figure 1. Location of new drilling in the context of the schematic structural interpretation of Ikkari and surrounding high-priority exploration targets.
  • Figure 2. Plan map showing location of new drilling and intercepts at Heinä South.
  • Figure 3: Long Section on the southern margin Heinä South showing the new results in the context of previously released drillholes
  • Figure 3. Cross Section through Heinä South showing the New Results from drillholes 124027 and 124023 in the context of previously released 124019.
  • Figure 4. Plan map showing the location of new drilling and at Ikkari.
  • Figure 5. Cross section showing the results of hole 124036 in relation to the mineral resource block model at Ikkari.
  • Table 1. Collar locations of the new drill holes, Heinä South
  • Table 2. New Intercepts from Exploration Drill Holes, Heinä South
  • Table 3. Collar locations of the new drill holes, Ikkari
  • Table 4. New Intercepts from Infill Drill Holes, Ikkari

Review by Qualified Person, Quality Control and Reports

Craig Hartshorne, a Chartered Geologist and a Fellow of the Geological Society of London, is the Qualified Person, as defined by National Instrument 43-101, responsible for the accuracy of scientific and technical information in this news release.

The majority of samples are prepared by ALS Finland in either Sodankylä or Outokumpu. Fire assays are subsequently completed at ALS Romania whilst multielement analysis is completed in ALS Ireland or Sweden. A minority of samples are prepared by Eurofins Laboratory in Sodankylä and Fire Assay is carried out on site. A pulverised sub-sample is then sent to ALS Ireland for multi-element analysis. All samples are under watch from the drill site to the storage facility. Samples at both laboratories are assayed using 50g fire assay method with aqua regia digest and analysis by AAS for gold. Over limit analysis (>100 ppm Au) are conducted using fire assay and gravimetric finish. For multi-element assays, Ultra Trace Level Method by 4-Acid digest (HF-HNO3-HClO4 acid digestion, HCl leach) and a combination of ICP-MS and ICP-AES are used. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at appropriate intervals. Approximately five percent (5%) of samples have the pulp reject resubmitted for check assaying at a second laboratory.

Results presented for #124027, 124034 and 124061 include results from screen fire assay as indicated in Table 2. Screen fire assays were requested due to the presence of coarse gold in the drill core and were performed by ALS Romania. Screen fire assays involve the screening of 1kg at 106 microns to separate the sample into a coarse fraction (>106?m) and a fine fraction (<106?m). After screening, two 50g sub-samples of the fine fraction are analysed using the normal 50g fire assay method with aqua regia digest and analysis by AAS for gold. The entire coarse fraction is assayed to determine the contribution of the coarse gold using fire assay and gravimetric finish. The "total" gold calculation for the 1kg sample is based on the weighted average of the coarse and fine fractions and is reported for the indicated samples.

Base of till samples are prepared in ALS Sodankylä by dry-sieving method prep-41 and assayed for gold by fire assay with ICP-AES finish. Multi-elements are assayed in ALS laboratories in either of Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert maintains a strict chain of custody procedure to manage the handling of all samples. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication and external check assays.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the TSX Exchange under the symbol "RUP." The Company is focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential. The Company's principal focus is Ikkari1, a new high quality gold discovery in Northern Finland. Ikkari is part of the Company's "Rupert Lapland Project," which also includes the Pahtavaara gold mine, mill, and exploration permits ("Pahtavaara").

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

This press release contains statements which, other than statements of historical fact constitute "forward-looking statements" within the meaning of applicable securities laws, including statements with respect to: results of exploration activities and mineral resources. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended February 28, 2023 available here. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company does not intend, and does not assume any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

1 November 2023 Updated Mineral Resource Estimate for the Ikkari Project.

The Mineral Resource Estimate for the Ikkari project has been prepared in accordance with NI 43-101 and following the requirements of Form 43-101F1. The methodology used to determine the Mineral Resource Estimate is consistent with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November 2019) and was classified following CIM Definition Standards for Mineral Resources & Mineral Reserves (May 2014). Readers are cautioned that Mineral Resources are not Mineral Reserves, and do not demonstrate economic viability. There is no certainty that all, or any part, of this Mineral Resource will be converted into Mineral Reserve. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Numbers may be affected by rounding.

The QP for the Ikkari Mineral Resource estimate is Mr. Brian Thomas, P.Geo., an independent QP, as defined under NI43-101 and an employee of WSP Canada Inc. based in Sudbury, Ontario, Canada.

The effective date of the 2023 Mineral Resource Estimate for Ikkari is 24th October 2023. The Mineral Resource Estimate at Ikkari is interpolated using Ordinary Kriging (OK) and is reported both within a Whittle optimized open pit shell and as a potential underground operation outside that. Underground mineral resources are constrained within the estimation domains to meet the RPEEE criteria for UG mining. The Mineral Resource Estimate at Ikkari is reported using a cutoff grade of 0.4g/t Au for mineralisation potentially mineable by open pit methods and 0.9g/t Au for mineralisation potentially extractable by underground methods. The open pit and underground cut off-grades are calculated using a gold price at $1700 per ounce; 95% Au Metallurgical recovery; open pit mining costs at $2.9/t; underground mining cost at $29/t; process costs at $11.3/t; G&A, Rehab and Closure $4.8/t and a royalty of 0.75%. The calculated cutoff grade is rounded up to 0.4g/t for reporting. The calculated underground cutoff grade is rounded up to 0.9g/t.

- Ends -

APPENDIX

Table 1. Collar locations of new drill holes, Heinä South

Hole ID

Prospect

Easting

Northing

Elevation

Azimuth

Dip

EOH (m)

124021

Heinä South

452508.2

7497414.0

226.0

154.1

-50.7

226.90

124023

Heinä South

452315.023

7497228.1

226.9

153.8

-50.5

253.30

124027

Heinä South

452264.401

7497336.8

226.4

154.0

-50.9

292.10

124028

Heinä South

452317.999

7497316.8

226.6

153.0

-49.3

250.70

124030

Heinä South

452227.808

7497320.9

226.3

152.8

-50.6

251.00

124031

Heinä South

452055.359

7497223.8

226.6

158.0

-51.2

153.40

124032

Heinä South

452154.69

7497288.4

226.4

155.8

-49.2

242.50

124034

Heinä South

452300.433

7497354.2

226.3

157.5

-49.8

299.00

124061

Heinä South

452390.6

7497239.1

227.0

178.8

-45.2

200.00

Table 2. New Intercepts from Heinä South

Hole ID

From (m)

To (m)

Interval (m)

Grade Au (g/t)

124021

196.00

197.00

1.00

0.6

124023

58.00

81.00

23.00

1.4

including

67.00

68.00

1.00

8.2

88.60

91.00

2.40

7.8

including

88.60

90.00

1.40

12.6

124027

57.00

59.00

3.00

0.4

75.00

76.00

1.00

1.5

93.00

94.00

1.00

3.4

98.00

100.00

2.00

0.8

109.00

110.00

1.00

0.9

120.00

121.00

1.00

3.3

126.00

130.00

4.00

7.3

including

126.00

127.00

1.00

26.3

141.00

142.00

1.00

0.7

151.00

152.00

1.00

0.5

161.00

173.00

12.00

1.1

including

164.00

165.00

1.00

2.4

and

170.00

171.00

1.00

3.6

219.00

224.00

5.00

0.9

including

220.00

221.00

1.00

2.0

231.00

260.00

29.00

1.91

including

251.00

252.00

1.00

26.7

269.00

276.00

7.00

0.9

including

275.00

276.00

1.00

2.0

124028

132.60

133.75

1.15

0.4

135.80

137.00

1.20

0.7

155.00

156.00

1.00

0.6

169.00

170.00

1.00

0.5

203.00

225.00

22.00

0.7

including

206.40

212.00

5.60

1.2

124030

49.00

50.00

1.00

6.3

71.00

77.00

6.00

2.0

including

74.00

75.00

1.00

9.6

82.00

84.00

2.00

12.2

including

82.00

83.00

1.00

23.8

100.00

101.00

1.00

0.40

111.00

112.80

1.80

0.51

115.00

116.00

1.00

0.40

158.00

159.00

1.00

0.7

175.00

178.00

3.00

1.3

including

175.00

176.00

1.00

2.8

205.00

206.00

1.00

1.0

211.00

212.00

1.00

1.1

224.00

233.00

9.00

1.9

including

228.00

229.00

1.00

12.5

239.00

240.35

1.35

0.5

124031

26.00

27.00

1.00

0.8

32.00

33.00

1.00

5.0

41.00

42.50

1.50

2.0

50.00

51.00

1.00

0.5

58.00

60.00

2.00

0.7

124032

73.00

74.00

1.00

2.6

84.00

103.00

19.00

1.0

including

88.00

89.00

1.00

5.7

106.00

107.00

1.00

0.8

124.00

125.00

1.00

0.7

127.00

135.00

8.00

0.9

140.00

141.00

1.00

0.6

124034

91.00

93.00

2.00

3.51

101.00

106.00

5.00

1.2

111.00

112.00

1.00

0.4

151.00

152.00

1.00

0.5

172.00

173.00

1.00

0.5

174.00

175.00

1.00

0.4

189.00

191.00

2.00

0.6

236.00

246.00

10.00

0.70

254.00

272.00

18.00

0.50

including

254.00

255.00

1.00

2.40

276.00

277.00

1.00

0.50

287.00

288.00

1.00

1.30

124061

58.00

60.00

2.00

0.75

65.00

89.40

24.40

10.501

including

68.00

69.00

1.00

6.801

and

70.00

72.00

2.00

112.501

and

84.00

85.00

1.00

6.00

1Assays include results from Screen Fire Assay, all other results from standard 50g fire assay.

No upper cut-off grade has been applied. 0.4g/t Au lower cut-off applied, a maximum of 5m internal dilution has been allowed when calculating intercepts unless otherwise stated. All intervals over the cut-off grade are presented here. Italic intervals indicate intercepts included within the wider intercept. Unless specified, true widths cannot be accurately determined from the information available. Bold intervals referred to in text of release. Refer to https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH- End of Hole. NSI - No significant intercept

Table 3. Collar locations of new drill holes, Ikkari

Hole ID

Prospect

Easting

Northing

Elevation

Azimuth

Dip

EOH (m)

124033

Ikkari

453846.766

7496726.1

223.0

331.5

-51.2

120.00

124035

Ikkari

454282.306

7496832.0

224.2

332.8

-53.2

200.20

124036

Ikkari

453891.859

7496913.9

223.5

159.2

-51.6

221.60

124037

Ikkari

453884.613

7496831.4

223.6

155.0

-60.9

182.50

124038

Ikkari

453978.419

7496916.7

223.1

155.4

-50.6

181.10

Table 4. New Intercepts from Ikkari

Hole ID

From (m)

To (m)

Interval (m)

Grade Au (g/t)

124033

20.90

122.00

91.10

1.5

Including

20.90

35.00

14.10

2.9

and

53.00

54.00

1.00

5.4

and

80.00

83.00

3.00

6.0

124035

63.00

73.00

10.00

3.4

Including

64.00

65.00

1.00

24.9

and

70.85

71.30

0.45

12.4

85.00

86.00

1.00

6.1

97.00

107.00

10.00

1.2

Including

105.00

106.00

1.00

3.1

148.00

160.00

12.00

1.5

Including

149.00

150.00

1.00

4.4

and

159.00

160.00

1.00

6.9

124036

61.20

201.00

139.80

2.0

Including

125.00

138.00

13.00

5.6

also includes

135.00

136.00

1.00

27.0

and

153.00

156.00

3.00

8.2

and

170.00

175.00

5.00

8.5

124037

12.10

94.00

81.90

2.5

Including

19.00

23.00

4.00

4.8

and

41.00

42.00

1.00

7.5

and

45.00

46.00

1.00

5.2

and

75.00

80.00

5.00

8.4

and

85.00

86.00

1.00

8.9

120.00

146.00

26.00

2.8

Including

123.00

124.00

1.00

7.3

and

135.00

136.00

1.00

28.7

and

138.00

139.00

1.00

8.0

152.00

162.00

10.00

2.1

Including

158.00

159.00

1.00

12.3

124038

65.00

66.00

1.00

1.0

75.00

78.00

3.00

0.7

84.00

97.80

13.00

0.5

105.00

125.00

20.00

1.1

Including

107.00

109.00

2.00

4.8

and

123.00

124.00

1.00

2.6

138.00

162.00

24.00

11.4

Including

157.00

160.00

3.00

37.0

No upper cut-off grade has been applied. 0.4g/t Au lower cut-off applied, a maximum of 5m internal dilution has been allowed when calculating intercepts unless otherwise stated. All intervals over the cut-off grade and greater than 1gram-meter are presented here. Italic intervals indicate intercepts included within the wider intercept. Unless specified, true widths cannot be accurately determined from the information available. Bold intervals referred to in text of release. Refer to https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH- End of Hole. NSI - No significant intercept



Contact

For further information, please contact:

James Withall
Chief Executive Officer
jwithall@rupertresources.com

Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com

Rupert Resources Ltd.
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004 Web: http://rupertresources.com/


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