Rupert Resources Ltd (TSX-V: RUP) is the 100% owner of the Pahtavaara project in Northern Finland.
The latest set of fantastic results stem from four further holes from the Ikkari discovery in Area 1 (please see figure 1 in the news release), including two new holes from the eastern end of the currently identified 550m of strike. They include headline intercepts of 4.2g/t gold over 167m (including 8.9g/t over 22m) and 3.6g/t over 65m. These are the best exploration results from Area 1 so far, even better than those issued on 14th September 2020.
Importantly, these results demonstrate the significant grade potential of Ikkari, with higher grade zones developing within a broad mineralised envelope. And a higher average grade would of course increase any resource estimate, that the company intends to issue next year.
Currently, if one makes assumptions on strike (550m), width (100m), and depth (300m), one would get to approx. 48Mt of ore. At an estimated average grade of between 2.0g/t to 2.5g/t, this would imply a possible resource of between 3.1 Moz. and 3.8 Moz. However, these sort of assumptions are really only as good as the last hole drilled. Ultimately, the key statement in all of Rupert's news releases thus far is that the Ikkari mineralisation remains open in all directions and that three diamond rigs continue an aggressive drill programme. There is therefore plenty of upside with regards to resource potential.
The company is spending CAD 1.5 million per month, most of that on drilling, and has over CAD 30 million in the treasury. Also, a large part of the outstanding warrants and options are in-the-money and therefore represent a further source of funding over the next 18 months. In other words, if you want shares, you'll have to go into the open market...
Three rigs are now turning at Ikkari with assays from 17 holes pending.
Please also see the second attachment. This is slide number 5 from the company's updated investor presentation. It shows the top 30 gold drilling intercepts in Europe since 2019. It is interesting to note, that over 75% of these top 30 intercepts come from projects in Finland, and that the majority of the top 10 intercepts were produced by Rupert Resources. Today's fantastic results from Ikkari rank at the No. 2 position of the chart.
For the full presentation, please consult: https://rupertresources.com/presentations/
Rupert Resources Drills 4.2g/t Gold Over 167m From 213m and 3.6g/t Gold Over 65.3m From 184m at the Ikkari Discovery, Demonstrating Continuity and High Grades
TORONTO -- (Business Wire) --
Rupert Resources Ltd ("Rupert" or "the Company") reports new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201001005556/en/
Figure 1. New discoveries and base of till anomalies at Area 1 (Graphic: Business Wire)
The Company has demonstrated further scale to the significant gold-hosting structural zone at the Ikkari discovery. The new results released here also demonstrate the significant grade potential of Ikkari, with higher grade zones developing within a broad mineralised envelope. The target was identified using base of till sampling at Area 1, a 5km long highly prospective section of a regional domain-bounding structure (figure 1), 20km of which is contained within Rupert's contiguous land holding. Three diamond rigs are currently active at Ikkari, targeting areas that could expand the currently identified envelope of mineralisation.
Highlights
- Hole 120071 intersected 4.2g/t gold over 167m from 213m(160m vertical) including 8.9g/t gold over 22m*. 19 individual assays are greater than 10.0g/t gold. The hole targeted strike continuity of previously reported hole 120061 (see release June 30, 2020) and confirms the high-grade mineralised zone over thick widths (full assay log of this intercept in table 4).
- Hole 120074B intersected 3.6g/t gold over 65.3m from 184m(160m vertical),and is a scissor hole to 120071, confirming grade continuity across a broad zone (figure 2)
- Three rigs are now turning at Ikkari with assays from 17 holes pending.
* highlights only - see tables 3 and 4 for details
James Withall, CEO of Rupert Resources commented "Ikkari continues to demonstrate increasingly elevated grades of gold mineralisation that persist over broad widths. Significantly, the holes reported today show that the +100m wide mineralisation already outlined in the western sections in fact also persists eastwards, and with higher grades. Drilling is ongoing with the aim of showing increased strike extent to the east and further expand the broader mineralised envelope."
Summary
Ongoing drilling at the Ikkari discovery has now demonstrated broad zones of high-grade mineralisation in the eastern part of the prospect, with similar intersections to those previously announced on the western side. The mineralised intercepts reported here occur within intensely altered and structurally deformed mafic-ultramafic rocks, in contrast to the intercepts previously reported from the western part of the prospect (see release September 14, 2020), which were predominantly hosted within brittle-fractured felsic sedimentary rocks. This drilling demonstrates that the broad mineralised zone persists eastwards, controlled by structures that cut across lithological boundaries. Structural geometry of this zone is complex, with extensive faulting and folding, particularly within the ultramafics. Stratigraphic dips are variable and accurate structural relationships to mineralisation cannot yet be determined (figure 2).
Within the mafic-ultramafic lithologies, gold is hosted by stockwork quartz-carbonate veins and veinlets and associated with zones of strong foliation and, in places, brecciation. Mineralisation is often concentrated at the margins of more felsic intercalations where zones of intense veining are developed, likely resulting from competency contrasts within the rock package and localised decoupling zones at these margins.
The Ikkari mineralisation remains open in all directions. Drilling continues to progress along the 550m of currently defined strike and drilling has also begun to target along trend base of till anomalies to the east, where the strike of the anomaly extends for more than 1 km in total (figure 3).
Table 1. Headline assay results from Ikkari
Hole ID | Date reported | From (m) | To (m) | Interval (m) | Grade Au g/t |
120071 | 1 October 2020 | 213.0 | 380.0 | 167.0 | 4.2 |
120074B | 184.0 | 249.3 | 65.3 | 3.6 | |
120072 | 14 September 2020 | 9.1 | 210.0 | 200.9 | 1.5 |
120070 | 70.4 | 214.0 | 143.6 | 2.1 | |
120069 | 19.8 | 191.0 | 171.2 | 3.0 | |
120067 | 20 August 2020 | 10.1 | 182.5 (EOH) | 172.4 | 1.3 |
120066 | 14.8 | 86.0 | 71.2 | 2.0 | |
120066 | 166.0 | 296.5 (EOH) | 130.5 | 1.2 | |
120065 | 53.0 | 84.0 | 31.0 | 2.1 | |
120061 | 30 June 2020 | 167.0 | 191.0 | 24.0 | 0.9 |
120061 | 212.0 | 233.0 | 21.0 | 1.2 | |
120061 | 273.0 | 320.0 | 47.0 | 4.1 | |
120059 | 121.0 | 134.0 | 13.0 | 15.2 | |
120042 | 12 May 2020 | 10.8 | 148.0 | 137.2 | 1.8 |
120038 | 25.0 | 79.0 | 54.0 | 1.5 |
Notes to table: No upper cut-off grade and a 0.4g/t Au lower cut-off applied. Unless specified, true widths cannot be accurately determined from the information available. Full breakdown of new holes with "includings" in Table 3. Refer to previous releases at https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH – End of Hole. In hole 120073, a total of 25.7m of core was lost in the intensely weathered upper part of the hole and assigned zero grade.
To date, 8,866 metres have been drilled in 36 holes, with results reported for 19 holes. Three drills continue to target expansion of Ikkari in all directions. Hole 120073 was drilled on the western part of the prospect, and identifies further mineralisation towards the south, although there was significant core loss within the upper part of the hole. The results from this hole represent upper and lower zones of mineralisation flanking a barren ultramafic unit.
Mineralisation at Ikkari is characterised by intense alteration and deformation. Gold is associated with fine-grained disseminated pyrite within planar quartz-carbonate veins and / or disseminated in the host rocks, commonly as fine-grained visible gold. Host rocks observed thus far include sedimentary rocks overprinted by albite-sericite alteration, and strongly foliated chlorite-altered mafic-ultramafic rocks. A broader, variably mineralised alteration zone comprising magnetite ± hematite ± tourmaline ± K-feldspar ± fuchsite is also present. Holes demonstrate strong foliation, shearing, and veining that is predominantly parallel to the dominant structural fabric and gold appears to be concentrated in sedimentary intercalations associated with zones of structural disruption at lithological boundaries, represented by irregular, cross-cutting vein associations and brittle fracture in albite-altered rocks. The regional structural data collected so far suggest a subvertical, broad and linear structure, within which cross-cutting fractures and variably dipping lithologies, as well as possibly folded bedding, appear to have controlled the introduction of gold-bearing fluids and associated alteration zones. In general, alteration and structure appear to be sub-vertical, with lithologies dipping ~70 degrees north.
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